Evertz Technologies Limited Announces TSX Approval of New Normal Course Issuer Bid
26 Agosto 2013 - 5:05PM
Marketwired
Attention Business/Financial Editors:
Evertz Technologies Limited ("Evertz") (TSX:ET) announces that
it has received acceptance from the Toronto Stock Exchange ("TSX")
of its Notice of Intention to make a Normal Course Issuer Bid
pursuant to the normal course issuer bid procedures of the TSX and
applicable Canadian securities laws (the "2013 NCIB"). Evertz
previously purchased for cancellation 201,440 common shares
pursuant to a normal course issuer bid that expired in accordance
with its terms on July 16, 2013 at prices averaging $13.18 per
share.
Pursuant to the 2013 NCIB, Evertz may purchase for cancellation
during the 12-month period commencing on September 3, 2013 and
ending on September 2, 2014 up to 3,700,397 or approximately 5% of
its 74,009,946 common shares outstanding as at the close of
business on August 23, 2013.
The price which Evertz will pay for any common shares purchased
under the 2013 NCIB will be the market price at the time of such
purchase. All purchases of common shares by Evertz will be made
through the facilities of TSX and other eligible designated
exchanges or alternative trading platforms in Canada. All purchased
shares will be cancelled.
Other than as otherwise permitted pursuant to once-a-week block
purchases in accordance with TSX rules, Evertz may purchase up to
5,022 common shares per day, which represents approximately 25% of
Evertz's average daily trading volume for the period beginning on
February 1, 2013 and ending on July 31, 2013, excluding purchases
made by the Corporation under its previous normal course issuer bid
during such period.
Evertz believes that its common shares currently trade in a
price range that does not adequately reflect their underlying value
based on Evertz's business and strong financial position. As a
result, depending upon future price movements and other factors,
Evertz believes that its outstanding common shares represent an
attractive investment and a desirable use of a portion of its
corporate funds.
To the knowledge of Evertz, no director, senior officer or other
insider of Evertz currently intends to sell any common shares under
the 2013 NCIB. However, sales by such persons through the
facilities of the TSX or other eligible designated exchanges and
alternative trading platforms in Canada may occur if the personal
circumstances of any such person change or any such person makes a
decision unrelated to these normal course purchases. The benefits
to any such person whose shares are purchased would be the same as
the benefits available to all other holders whose shares are
purchased.
Evertz expects to enter into pre-defined automatic securities
purchase plans with its appointed purchasing broker from time to
time during the course of the 2013 NCIB.
Forward-Looking Information:
This press release contains certain "forward-looking
information". All statements, other than statements of historical
fact, that address activities, events or developments that Evertz
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements relating to Evertz
purchasing its common shares under the 2013 NCIB and entering into
automatic repurchase plans with its purchasing broker) constitute
forward-looking information. This forward-looking information
reflects the current expectations or beliefs of Evertz based on
information currently available to Evertz as well as certain
assumptions including, without limitation, assumptions as to the
price of Evertz's common shares. Forward-looking information is
subject to a number of significant risks and uncertainties and
other factors that may cause the actual results of Evertz to differ
materially from those discussed in the forward-looking information,
and even if such actual results are realized or substantially
realized, there can be no assurance that they will have the
expected consequences to, or effects on Evertz. Factors that could
cause actual results or events to differ materially from current
expectations include, but are not limited to, a significant
appreciation in the price of Evertz's common shares.
Any forward-looking information speaks only as of the date on
which it is made and, except as may be required by applicable
securities laws, Evertz disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise. Although Evertz
believes that the assumptions inherent in the forward-looking
information are reasonable, forward-looking information is not a
guarantee of future performance and accordingly undue reliance
should not be put on such information due to the inherent
uncertainty therein.
About Evertz
Evertz Technologies Limited (TSX:ET) designs, manufactures and
markets video and audio infrastructure equipment for the
production, post production, broadcast and internet protocol
television ("IPTV") industry. Evertz's solutions are purchased by
content creators, broadcasters, specialty channels and television
service providers to support their increasingly complex
multi-channel digital and high definition television (HDTV)
broadcast environments and by telecommunications companies to
roll-out IPTV. Evertz's products allow its customers to generate
additional revenue while reducing costs through the more efficient
signal routing, distribution, monitoring and management of content
as well as the automation of previously manual processes.
Contacts: Evertz Technologies Limited Anthony Gridley, C.A.
Chief Financial Officer 905-335-7580 905-335-5785
(FAX)ir@evertz.com
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