Calian Announces its Intention to Make A Normal Course Issuer Bid (Not to exceed 638,963 Common Shares)
Ottawa, Ontario Nov 21, 2012 - Calian Technologies Ltd. (TSX:CTY) today announced its intention to make a normal course issuer bid through the facilities of the Toronto Stock Exchange (TSX). Repurchases will not exceed 638,963 common shares, representing 10% of Calian's public float of common shares, as of November 20, 2012. The number of common shares of Calian outstanding as of November 20, 2012 was 7,638,657 and the number of shares in Calian's public float as of November 20, 2012 was 6,389,627. The issuer bid will commence on November 23, 2012 and will not extend beyond November 22, 2013.
All purchases of common shares under the normal course issuer bid will be made on the open market through the facilities of the TSX at market prices in accordance with TSX rules. The common shares so purchased will be cancelled. Other than block purchase exceptions, daily purchases will be limited to 25% of the average daily trading volume (which based on our calculations is currently 1,470 common shares).
The Company also established an automatic plan under which its broker, Desjardins Securities Inc., may purchase common shares of Calian pursuant to the normal course issuer bid (NCIB). The plan defines a prearranged set of critieria in accordance with which its broker may make share purchases. The plan will enable the purchase of Calian's common shares at any time, including when Calian would not ordinarily be active in the market because of internal trading blackout periods, insider trading rules or otherwise. The plan will terminate on the earliest of: the date on which the purchase limits specified in the plan have been attained, the date on which the normal course issuer bid terminates or the date on which the plan is terminated by a party in accordance with its terms
Calian believes the purchase of its common shares constitute an appropriate use of its general funds in order to increase shareholder value. The current strong cash position of Calian allows Calian to implement the repurchase plan without adversely impacting Calian's operations. In the past 12 months, Calian repurchased 89,500 common shares through a normal course issuer bid at an average price of $18.38.
Calian sells technology services to industry and government in Canada and around the world. Calian provides customers with ready access to an exceptional team of engineers, telecommunications and technology professionals, health care professionals and other highly qualified staff. The Business and Technology Services Division augments customer workforces with flexible short and long-term placements, recruitment and outsourcing of engineering, health care professionals and other skilled professionals. The Systems Engineering Division plans, designs and implements solutions for many of the world's space agencies and leading communications satellite manufacturers and operators, as well as providing contract manufacturing services for customers in North America.
For further information, please contact us at [email protected] or phone us at 613-599-8600 Ray Basler President and Chief Executive Officer 306-931-3425 Jacqueline Gauthier Chief Financial Officer 613-599-8600
Certain information included in press releases on this site is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as "intend", "anticipate", "believe", "estimate", "expect" or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on firm fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company's most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
Information posted on this website was accurate at the time of posting, but may be superceded by subsequent information.