Vecima Files Notice of Intention for Normal Course Issuer Bid
VICTORIA, BC – (January 2, 2020) – 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.
Vecima Networks Inc.
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