VICTORIA, Jan. 2, 2020 /CNW/ - Vecima Networks Inc.
("Vecima" or the "Corporation") (TSX:VCM), announced
today that it has filed a notice of intention with the Toronto
Stock Exchange (the "TSX") to acquire for cancellation, by
way of normal course issuer bid (the "Bid"), up to 600,000
Common Shares of the Corporation (the "Shares"), which, at
the date hereof, represents approximately 2.7% of the issued and
outstanding Shares and approximately 9.0% of the total public float
of the Corporation. This Bid was approved by the TSX. The directors
of Vecima believe the underlying value of the Corporation's common
shares may not be reflected in the current or future market price
of its common shares and has therefore decided to undertake the
Bid.
As of January 2, 2020 the
Corporation had 22,435,037 issued and outstanding common shares.
Vecima's average daily trading volume for the 6-month period ending
November 30, 2019, excluding common
shares repurchased by the Corporation, was 8,783. Daily purchases
will be limited to 2,195 common shares other than block purchases.
Vecima anticipates the Bid will commence on January 6, 2020 and terminate on January 5, 2021. An automatic purchase plan has
been put into place and will be effected at the commencement of the
Bid. During its last normal course issuer bid which ended
December 19, 2019 the Corporation was
approved to purchase up to 600,000 of its common shares but
purchased 10,356 of its common shares at an average price of
$8.34; all of these shares were
purchased solely through the facilities of the TSX.
Purchases pursuant to the Bid will be effected solely through
the facilities of the TSX and other Canadian trading platforms,
purchases and payment for the Shares will be made by the
Corporation in accordance with TSX requirements and the price which
Vecima will pay for any Shares acquired under the Bid will be the
market price for the common shares at the time of acquisition.
About Vecima Networks
Vecima Networks Inc. is a global
leader focused on developing integrated hardware and scalable
software solutions for broadband access, content delivery, and
telematics. We enable the world's leading innovators to advance,
connect, entertain, and analyze. We build technologies that
transform content delivery and storage, enable high-capacity
broadband network access, and streamline data analytics. For more
information, please visit our website at www.vecima.com.
SOURCE Vecima Networks Inc.