Calian Technology Announces Preliminary Results Of Issuer Bid
Kanata, Ontario, December 3, 2001 - Calian Technology Ltd (TSE.CTY) Calian Technology Ltd. ("Calian") today announced that the Corporation's offer to purchase up to $5 million worth of its common shares expired on Friday, November 30, 2001. Following the expiry of the bid, Calian announced on a preliminary basis that it is purchasing for cancellation 1,785,714 common shares, or approximately 18.3% of its outstanding shares, at a price per share of $2.80. All shareholders who tendered their shares at or below the purchase price will have approximately 99% of their shares bought back at the purchase price, except for those shareholders who would otherwise have returned to them an odd lot of shares. Such shareholders will have all of their shares purchased at the purchase price.
Calian and CIBC Mellon Trust Company, the depositary for the bid, expect the final purchase price, pro ration factor and exact number of shares to be taken up and paid for under the bid will be determined by December 7, 2001. Payment for shares tendered and accepted for purchase will be made by December 12, 2001. Return of shares not purchased will be made as promptly as possible.
Calian Technology Ltd. (TSE:CTY) sells systems engineering and staffing/outsourcing services to industry and government.
For further information, please contact:
Chief Financial Officer
Telephone: (613) 599-8600
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