WATERLOO, ON, Oct. 16, 2015 /CNW/ - Sandvine Corporation (TSX: SVC) ("Sandvine"), a leading provider of intelligent network policy control solutions for fixed and mobile operators, announces that the Brad Siim Trust, a trust of which one of Sandvine's officers, Brad Siim, is the beneficiary has cancelled its automatic securities disposition plan (an "ASDP") and that Brad Siim has adopted an ASDP with respect to the sale of common shares of Sandvine owned by him personally.
Canadian securities legislation permits insiders to adopt written ASDPs to dispose of shares in the future pursuant to the terms of the ASDP on an automatic basis. Once an ASDP is established, the insider is not permitted to exercise any further discretion or influence over how dispositions will occur under the ASDP, subject to certain exceptions.
Sandvine recognizes that insiders may decide to dispose of shares for personal reasons unrelated to their assessment of Sandvine's current or future prospects. Sandvine also recognizes that many of its insiders and employees have a substantial portion of their personal net worth represented by securities of Sandvine. Sandvine is of the view that an ASDP is an effective vehicle to deal with such situations.
The form of ASDP being utilized by Mr. Siim includes the following characteristics:
- The ASDP is required to be adopted at a time when there is no undisclosed material information regarding Sandvine in his possession;
- The ASDP includes a "cooling-off" period of 30 days between the adoption of the ASDP and the date on which the first disposition under the ASDP may be made;
- The ASDP has meaningful restrictions on the ability of the insider to modify or terminate the ASDP;
- The ASDP provides for regular sales of smaller amounts (relative to Mr. Siim's holdings) over a period of time rather than large sales during a short period of time after adoption of the ASDP; and
- The ASDP is subject to a daily volume limit on sales to be made under the ASDP. Sales under the ASDP shall not exceed 5% of the average daily volume of shares traded for the preceding five days.
Mr. Siim's ASDP provides for the sale of up to 625,000 common shares of Sandvine from the date hereof until April 14, 2017, subject to certain limit order prices and volumes.
Dispositions under the ASDP will be reported in accordance with applicable Canadian securities laws. Each such filing will bear a notation to advise readers that the dispositions have been made pursuant to an ASDP.
Sandvine's network policy control solutions add intelligence to fixed, mobile and converged communications service provider networks to enable services that can increase revenue and reduce network costs. Powered by Sandvine's Policy Engine and SandScript policy language, Sandvine's networking equipment performs end-to-end policy control functions including traffic classification, and policy decision and enforcement across the data, control and business planes. Sandvine's products provide actionable business insight, the ability to deploy new subscriber services and tools to optimize traffic while enhancing subscriber Internet quality of experience.
Sandvine's network policy control solutions are deployed in more than 250 networks in over 90 countries, serving hundreds of millions of data subscribers worldwide, www.sandvine.com.
Caution Regarding Forward-Looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
In particular, this news release contains forward-looking statements relating to, among other things, the utilization of the ASDP for the sale of Sandvine common shares, estimates of the number of common shares that may and will be sold under the ASDP and compliance by the executive with the terms of the ASDP. Management of Sandvine believes the expectations reflected in such forward-looking statements are reasonable as of the date hereof but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Various material factors and assumptions are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Those material factors and assumptions are based on information currently available to Sandvine, including information obtained from third party sources.
Forward-looking statements are not a guarantee of future performance and are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Sandvine, which may cause the actual results, level of activity and sales of common shares by the executive to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. Sandvine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, or to explain any material difference between sub-sequent actual events and such forward-looking statements, except to the extent required by applicable law.
For further information: INVESTOR RELATIONS CONTACT, Rick Wadsworth, Sandvine, +1 519 880 2400 ext. 3503, [email protected]