Calian Announces its Intention to Make A Normal Course Issuer Bid
November 21 2012 - 3:09PM
Marketwired
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.
About Calian
Calian employs over 2,400 people with offices and projects that
span Canada, U.S. and international markets. The company's
capabilities include the provision of business and technology
services to industry and government in the health, operations and
maintenance, IT services and training domains as well as the
design, manufacturing and maintenance of complex systems to the
communications and defence sectors. Our goal is to be the best
company to work for, buy from and invest in. The Business and
Technology Services (BTS) Division is headquartered in Ottawa. This
division augments customer workforces with flexible short and
long-term placements of individuals and teams, provides access to
critical recruiting capabilities and delivers outsourcing services
for a variety of technical and professional functions. Our strength
lies in understanding clients' needs, recruiting highly qualified
personnel who understand and meet those needs, and then effectively
managing those personnel within our customers' framework. Calian's
Systems Engineering Division (SED) plans, designs and implements
complex communication systems for many of the world's space
agencies and leading satellite manufacturers and operators. SED
also provides contract manufacturing services for both private
sector and military customers in North America.
For further information, please visit our website at
www.calian.com, or contact us at ir@calian.com
DISCLAIMER
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. Factors which
could cause results or events to differ from current expectations
include, among other things: the impact of price competition; the
dependence on new product development; the impact of rapid
technological and market change; the ability of Calian to integrate
the operations and technologies of acquired businesses in an
effective manner; general industry and market conditions and growth
rates; international growth and global economic conditions,
particularly in emerging markets and including interest rate and
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, see
the 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.
Contacts: Ray Basler President and Chief Executive Officer
306-931-3425 Jacqueline Gauthier Chief Financial Officer
613-599-8600