VANCOUVER, British Columbia–(BUSINESS WIRE)–Absolute®
(TSX: ABT), the endpoint visibility and control company, today announced
that it is proceeding with a normal course issuer bid for up to
1,933,375 common shares of the Company (the “Bid”), representing
approximately 10 percent of the public float of the Company. On
September 19, 2018, the Company had 40,385,554 common shares
outstanding. The Company has received approval from the TSX to commence
the Bid on September 28, 2018. Purchases will be made on the Toronto
Stock Exchange (the “TSX”) and other Canadian marketplaces at the market
price at the time of acquisition. The Bid will terminate on September
27, 2019 or earlier if the number of common shares sought in the Bid has
been obtained. The Company reserves the right to terminate the Bid
earlier if it feels it is appropriate to do so.
The Company’s previous normal course issuer bid expired on September 20,
2018. Under this bid, the Company sought to purchase up to 2,538,721
common shares, and ultimately purchased 49,800 common shares through the
facilities of the TSX and alternative Canadian public markets at a
weighted average price of $6.41 per share.
The Company is commencing the Bid because it believes that, from time to
time, the market price of its common shares may not fully reflect the
underlying value of the Company’s business and its future business
prospects. The Company believes that at such times the purchase of
common shares would be in the best interests of the Company. Such
purchases are expected to benefit all remaining shareholders by
increasing their equity interest in the Company.
All shares will be purchased on the open market through the facilities
of the TSX and other Canadian marketplaces, and payment for the shares
will be in accordance with TSX policies. The price paid for the shares
will be the market price at the time of purchase. Purchasing may be
suspended at any time. No purchases will be made other than by means of
open market transactions during the term of the Bid. The maximum number
of shares that may be purchased on a daily basis is 12,224 common shares
representing 25% of the average daily trading volume of 48,896 shares,
except where purchases are made in accordance with “block purchases”
exemptions under applicable TSX policies. The shares purchased by the
Company will be either returned to treasury for potential use pursuant
to equity compensation plans or cancelled.
The Company has engaged Canaccord Genuity Corp. to act as broker and to
administer the Bid under an automatic share purchase plan on a blind
basis. In the event the automatic share purchase plan is suspended
during the term of the Bid and any director, senior officer or other
insider of the Company intends to sell any common shares during such
period, the Company will suspend purchases under the Bid until such
person’s sales are completed. However, sales by such persons through the
facilities of the TSX may occur if the personal circumstances of any
such person change or any such person makes a decision unrelated to
these normal course purchases. The benefits to any such person whose
shares are purchased would be the same as the benefits available to all
other holders whose shares are purchased. To the knowledge of the
Company, no director, senior officer or other insider of the Company
currently intends to sell any common shares under the Bid.
This press release contains
forward-looking statements that involve risks and uncertainties. These
forward-looking statements relate to, among other things, the expected
performance, functionality and availability of our services and
products, and other expectations, intentions and plans contained in this
press release that are not historical facts. When used in this press
release, the words “plan,” “expect,” “believe,” and similar expressions
generally identify forward-looking statements. These statements reflect
our current expectations. They are subject to a number of risks and
uncertainties, including, but not limited to, changes in technology and
general market conditions. In light of the many risks and uncertainties
you should understand that we cannot assure you that the forward-looking
statements contained in this press release will be realized.
Furthermore, the forward-looking statements contained in this press
release are made as at the date hereof and the Company does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by
applicable securities laws.
Absolute provides visibility and resilience
for every endpoint with self-healing endpoint security and
always-connected IT asset management to protect devices, data,
applications and users — on and off the network. Bridging the gap
between security and IT operations, only Absolute gives enterprises
visibility they can act on to protect every endpoint, remediate
vulnerabilities, and ensure compliance in the face of insider and
external threats. Absolute’s patented Persistence technology is already
embedded in the firmware of PC and mobile devices and trusted by over
12,000 customers worldwide. For the latest information, visit www.absolute.com and
follow us at @absolutecorp.
©2018 Absolute Software Corporation. All rights reserved. Absolute and
Persistence are registered trademarks of Absolute Software Corporation.
For patent information, visit www.absolute.com/patents.
The Toronto Stock Exchange has neither approved nor disapproved of the
information contained in this news release.