Sandvine Corporation Transaction in Own Shares (6441W)
January 30 2013 - 6:00AM
UK Regulatory
TIDMSAND
RNS Number : 6441W
Sandvine Corporation
30 January 2013
SANDVINE RECEIVES APPROVAL FOR STOCK BUYBACK PROGRAM AND
ANNOUNCES ESTABLISHMENT OF AUTOMATIC REPURCHASE PLAN
Waterloo, Ontario January 30, 2013 - Sandvine Corporation
(TSX:SVC; AIM:SAND) ("Sandvine") today announced that it has
received acceptance from the Toronto Stock Exchange (the "TSX") of
Sandvine's notice of intention to make a Normal Course Issuer Bid
("NCIB"). Under the NCIB, during the one year period commencing
February 1, 2013 and ending January 31, 2014, Sandvine can purchase
for cancellation up to 12,573,945 of its common shares ("Shares"),
representing approximately ten percent of its public float as of
January 25, 2013. The purchase program will be administered through
the facilities of the TSX, or alternative trading systems, if
eligible, and will conform to their regulations.
The actual number of Shares purchased, the timing of purchases
and the price at which the Shares are bought will depend upon
future market conditions, and upon potential alternative uses for
Sandvine's cash resources. Any purchases will be made by Sandvine
at the prevailing market price of the Shares at the time of
purchase and will be subject to a maximum daily purchase volume of
46,286 Shares except as otherwise permitted under the TSX NCIB
rules. All Shares purchased under the NCIB will immediately be
cancelled. As at January 25, 2013, Sandvine had 138,591,421 Shares
issued and outstanding. As of January 28, 2013, during the previous
12 months, Sandvine purchased a total of 50,000 Shares through a
normal course issuer bid expiring on January 31, 2013 at a volume
weighted average price of $1.8836.
Sandvine believes that, from time to time, the market price of
the Shares may be below what it regards as the fair market value of
such Shares and that the ongoing purchase of outstanding Shares may
represent an effective use of Sandvine's available capital.
Sandvine also announced that it has entered into an automatic
share purchase plan with a broker in order to facilitate
repurchases of its Shares under its normal course issuer bid. Under
Sandvine's automatic share purchase plan, Sandvine's broker may
repurchase Shares under the normal course issuer bid at any time
including without limitation when Sandvine would ordinarily not be
permitted to due to regulatory restrictions or self-imposed
blackout periods. Purchases will be made by Sandvine's broker based
upon the parameters prescribed by the TSX and the terms of the
parties' written agreement. Sandvine expects that it will put in
place automatic purchase plans for periods of one quarter at a time
during the course of the NCIB. The automatic share purchase plan
has been reviewed by the TSX.
ABOUT SANDVINE
Sandvine's network policy control solutions add intelligence to
fixed, mobile and converged communications service provider
networks to enable services that can increase revenue and reduce
network costs. Powered by Sandvine's Policy Engine and SandScript
policy language, Sandvine's networking equipment provides
end-to-end policy control functions including traffic
classification, and policy decision and enforcement across the
data, control and business planes. Sandvine's products provide
actionable business insight, the ability to deploy new subscriber
services and tools to optimize traffic while enhancing subscriber
Internet quality of experience.
Sandvine's network policy control solutions are deployed in more
than 200 networks in over 85 countries, serving hundreds of
millions of data subscribers worldwide, www.sandvine.com.
INVESTOR RELATIONS CONTACT AIM NOMAD
Rick Wadsworth Andrew Chubb/Simon Bridges
Sandvine Canaccord Genuity Limited
+1 519 880 2400 ext. 3503 +44 0207 050 8000
rwadsworth@sandvine.com
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute
forward-looking information within the meaning of securities
laws.
Forward-looking information may relate to our future outlook and
anticipated events or results and, in some cases, can be identified
by terminology such as "may", "will", "should", "expect", "plan",
"anticipate", "believe", "intend", "estimate", "predict",
"potential", "continue" or other similar expressions concerning
matters that are not historical facts.
These statements are based on certain factors and assumptions
including expected growth, results of operations, performance and
business prospects and opportunities. While we consider these
assumptions to be reasonable based on information currently
available to us, they may prove to be incorrect.
Forward looking-information is also subject to certain factors,
including risks and uncertainties, that could cause actual results
to differ materially from what we currently expect. These factors
include changes in market and competition, governmental or
regulatory developments and general economic conditions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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