WiLAN Board Approves Plan for Normal Course Issuer Bid
OTTAWA, Canada – May 27, 2014 – Wi-LAN Inc. (“WiLAN” or the “Company”) (TSX:WIN) (NASD:WILN) today announced that its Board of Directors has approved the adoption of a normal course issuer bid (“NCIB”) to purchase for cancellation up to 11,676,510 issued and outstanding common shares (“Shares”) representing approximately 10% of the 116,765,100 Shares in the public float as of May 25, 2014 through the facilities of the Toronto Stock Exchange (“TSX") and other Canadian trading platforms.
The NCIB is subject to obtaining requisite regulatory approvals including filing notice with the TSX. The NCIB is expected to commence on May 29, 2014 after WiLAN receives regulatory approval and will expire on May 28, 2015.
As of May 25, 2014 the total number of issued and outstanding Shares was 119,974,315. The average daily trading volume for the six months ending on May 25, 2014 was 462,572 Shares. Daily purchases will be limited to 115,643 Shares, other than block purchase exceptions. During any of the Company’s blackout periods, purchases under the NCIB may continue under an automatic securities purchase plan between WiLAN and its broker which will be put in place during the NCIB.
WiLAN and its Board of Directors believe that this NCIB is in the best interests of its shareholders and the repurchases made under this NCIB will be made, in part, to offset the dilutive effect of Shares expected to be issued upon the exercise of stock options under the Company's stock option plan.
The actual number of Shares purchased, the timing of purchases and the price at which the Shares are bought will depend on future market conditions and on potential alternative uses for WiLAN’s cash resources. Any purchases will be subject to trading restrictions and will be made by WiLAN at the prevailing market price of the Shares at the time of purchase.
For the past twelve months, WiLAN has repurchased an aggregate of 1,461,800 Shares at a weighted average price of $3.7660 per Share. |
