Sandvine receives approval for stock buyback program and announces establishment of automatic share repurchase plan
09 Oct, 2014, 07:00 ET
WATERLOO, ON, Oct. 9, 2014 /CNW/ - Sandvine Corporation (TSX:SVC) ("Sandvine") today announced that it has received acceptance from the Toronto Stock Exchange (the "TSX") of Sandvine's notice of intention to make a Normal Course Issuer Bid ("NCIB"), as announced on September 9. Under the NCIB, during the one-year period commencing October 13, 2014 and ending October 12, 2015, Sandvine can purchase for cancellation up to 13,894,102 of its common shares ("Shares"), representing approximately ten percent of its public float as of October 8, 2014. The purchase program will be administered through the facilities of the TSX, or alternative trading systems, if eligible, and will conform to their regulations.
The actual number of Shares purchased, the timing of purchases and the price at which the Shares are bought will depend upon future market conditions, and upon potential alternative uses for Sandvine's cash resources. Any purchases will be made by Sandvine at the prevailing market price of the Shares at the time of purchase and will be subject to a maximum daily purchase volume of 121,248 Shares except as otherwise permitted under the TSX NCIB rules. All Shares purchased under the NCIB will immediately be cancelled. As at October 8, 2014, Sandvine had 150,469,805 Shares issued and outstanding.
Sandvine also announced that it has entered into an automatic share purchase plan ("ASPP") with a broker in order to facilitate repurchases of its Shares under its NCIB. Under Sandvine's ASPP, commencing October 14th, Sandvine's broker may repurchase Shares under the NCIB at any time including without limitation when Sandvine would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Sandvine's broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement. The ASPP will be put in place for the one-year period of the NCIB. The automatic share purchase plan has been reviewed by the TSX.
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 INFORMATION
Certain statements contained in this news release constitute forward-looking information within the meaning of securities laws.
Forward-looking information may relate to our future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.
These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.
Forward looking-information is also subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially from what we currently expect. These factors include changes in market and competition, governmental or regulatory developments and general economic conditions.
For further information: INVESTOR CONTACT, Rick Wadsworth, Sandvine, +1 519 880 2400 ext. 3503, [email protected]; MEDIA CONTACT, Dan Deeth, Sandvine, +1 519 880 2232, [email protected]
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