Toronto, Ontario – (Newsfile Corp. – October 26, 2021) – Evertz Technologies Limited (TSX: ET) (“Evertz”) announces that it has applied for and received approval from the Toronto Stock Exchange (“TSX”) for make a Normal Course Issuer Bid to purchase up to 3,814,218 of its outstanding Common Shares from time to time in accordance with the TSX Normal Course Issuer Bid Procedures and the Laws on Applicable Canadian Securities (the âOPRAâ).
Pursuant to the public tender offer, Evertz may purchase for cancellation up to 3,814,218 of its outstanding common shares during the 12-month period beginning October 29, 2021 and ending October 28, 2022. The total number Total common shares that Evertz can purchase pursuant to the tender offer represents approximately 5% of the 76,284,366 issued and outstanding common shares of Evertz as of October 25, 2021.
The price that Evertz will pay for any Common Share purchased under the tender offer will be the market price at the time of such purchase. All purchases of Common Shares by Evertz will be made through the facilities of the TSX and other designated eligible stock exchanges or alternative trading systems in Canada. All shares purchased will be canceled.
Unless otherwise permitted under once-weekly bulk purchases in accordance with TSX rules, Evertz may purchase up to 4,097 common shares per day, which represents approximately 25% of Evertz’s average daily trading volume for the period beginning April 1. , 2021 and ending September 30, 2021.
Evertz believes that its common shares are currently trading within a price range that does not adequately reflect their underlying value based on Evertz’s business and financial condition. Accordingly, based on future price movements and other factors, Evertz believes its outstanding common stock is an attractive investment and a desirable use of a portion of its corporate funds. Pursuant to a previous notice of intention to conduct a public tender offer, pursuant to which Evertz requested and obtained approval from the TSX to purchase up to 3,819,437 of its common shares during the period from October 26, 2020 to October 25, 2021, Evertz has purchased, as of October 25, 2021, 41,380 common shares on the open market at a volume weighted average purchase price of $ 11.78 per share.
To Evertz’s knowledge, no director, senior officer or other insider of Evertz currently intends to sell any common shares in connection with the public tender offer. However, sales by such persons through the facilities of the TSX or other eligible designated exchanges and alternative trading systems in Canada may occur if the personal circumstances of such person change or if such person takes a decision. decision unrelated to these normal course purchases. The benefits for such a person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.
Evertz expects to enter into pre-defined automatic stock purchase plans with its designated buying broker from time to time during the NCIB.
This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that deal with activities, events or developments that Evertz thinks, expects or anticipates will or could happen in the future (including, without s (‘limit this, the statements relating to Evertz purchasing its ordinary shares within the framework of the public tender offer under an automatic buyback plan with its buying broker) constitute forward-looking information. This forward-looking information reflects Evertz’s current expectations or beliefs based on information currently available to Evertz as well as certain assumptions, including, without limitation, assumptions regarding the price of Evertz common shares. Forward-looking information is subject to a number of important risks and uncertainties and other factors that may cause Evertz’s actual results to differ materially from those discussed in the forward-looking information, and even if such actual results are achieved or substantially achieved, there can be no assurance that they will have the consequences or effects expected on Evertz. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, a significant appreciation in the price of Evertz common shares.
Any forward-looking information is only valid as of the date on which it is made and, except as required by applicable securities laws, Evertz disclaims any intention or obligation to update any forward-looking information, whatsoever subsequently. new information, events or future or other results. Although Evertz believes that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, therefore, one should not place undue reliance on such information because of the uncertainty inherent in such information. -this.
Evertz Technologies Limited (TSX: ET) designs, manufactures and markets video and audio infrastructure solutions for the television, telecommunications and new media industries. The Company’s solutions are purchased by content creators, broadcasters, specialty channels and television service providers to support their increasingly complex multi-channel, high and ultra-high definition digital television (“HDTV”). and “UHD”) and the next generation of high bandwidth low latency IP network environments and by telecommunications and new media companies. The Company’s products enable its customers to generate additional revenue while reducing costs through efficient content routing, distribution, monitoring and management, as well as process automation and orchestration. more streamlined and agile on-premise and cloud-based workflows.
For more information, please contact:
Evertz Technologies Limited
Doug Moore, CPA, CA
E-mail: [email protected]
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