MONTREAL, Sept. 21, 2021 (GLOBE NEWSWIRE) – Groupe Stingray Inc (TSX: RAY.A; RAY.B) (“Ray“), a leading music, media and technology company, today announced that the Toronto Stock Exchange (“TSX“) approved the renewal of its public tender offer (“NCIB“), Authorizing Stingray to redeem up to a total of 3,222,901 Subordinate Voting Shares and Variable Subordinate Voting Shares (collectively,”Subordinated shares”), Representing approximately 10% of the free float of the restricted shares as of September 13, 2021.
The average daily net trading volume for the six-month period preceding September 1, 2021 represents 48,521 subordinate shares. In accordance with TSX requirements, Stingray has the right to purchase, on each trading day, up to a total of 12,130 subordinate shares representing 25% of this average daily trading volume.
Stingray believes that the purchase of up to 3,222,901 subordinate shares under the issuer bid constitutes an appropriate use of its funds and a desirable investment for Stingray and, therefore, would be in the best interests of Stingray. Stingray. By effecting such redemptions, the number of subordinate shares outstanding will be reduced and the proportionate interest of all remaining shareholders in the share capital of Stingray will be increased by one. pro rata based.
Stingray may redeem subordinate shares in the open market through the TSX and other Canadian trading systems from time to time during a twelve month period beginning September 27, 2021 and ending September 27, 2021. later on September 26, 2022.
The actual number of subordinate shares purchased under the issuer bid, the timing of the purchases and the price at which the subordinate shares are purchased will depend on the discretion of management based on factors such as market conditions. All shares repurchased under the public tender offer will be canceled upon repurchase.
In connection with the issuer bid, Stingray has established an automatic securities purchase plan with a designated broker under which the shares may be redeemed at times when such purchases would otherwise be prohibited under regulatory restrictions or self-imposed blackout periods. Under the Automatic Securities Purchase Plan, prior to entering a self-imposed blackout period, Stingray may, but is not obligated to, request the Designated Broker to make purchases under the public offering. redemption. Such purchases will be made at the discretion of the Designated Broker, within parameters established by Stingray prior to blackout periods. Outside of blackout periods, purchases are made at the discretion of Stingray management. The Automatic Securities Purchase Plan constitutes an “automatic plan” for the purposes of applicable Canadian securities legislation and has been previously authorized by the TSX.
As of September 13, 2021, Stingray had repurchased a total of 2,508,180 subordinate shares as part of its last issuer bid (which will expire on September 24, 2021 and allows for the redemption of up to 3,485,155 subordinate shares) at a weighted average price of $ 6.9355 per share. As of the close of business on September 13, 2021, there were a total of 53,259,202 subordinate shares issued and outstanding.
The Montreal-based Stingray Group Inc. is a leading global music, media and technology company with more than 1,000 employees worldwide. Stingray is a premium provider of organized direct-to-consumer and B2B services including audio TV channels, over 100 radio stations, SVOD content, 4K UHD TV channels, FAST channels, karaoke products , digital signage, in-store music and music apps, which have been downloaded over 160 million times. Stingray reaches 400 million subscribers (or users) in 160 countries. For more information: www.stingray.com.
This press release contains forward-looking information within the meaning of applicable Canadian securities laws. This forward-looking information includes, without limitation, information regarding Stingray’s objectives, beliefs, plans, expectations, expectations, estimates and intentions. Forward-looking information is identified by the use of terms and expressions such as “could”, “would”, “should”, “could”, “expect”, “intend”, “estimate”. “,” Anticipate “,” plan “,” foresee “,” believe “and” continue “or the negative of these terms and similar terminology, including references to hypotheses. Please note, however, that not all forward-looking information contains these terms and expressions. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the control of Stingray. These risks and uncertainties could cause actual results to differ materially from those disclosed or implied by such forward-looking information. These risks and uncertainties include, without limitation, the risk factors identified in Stingray’s Annual Information Form for the year ended March 31, 2021, which is available on SEDAR at www.sedar.com. Therefore, all forward-looking information contained in this document is subject to the foregoing cautionary statements, and there can be no assurance that the results or developments that Stingray anticipates will materialize or, even if they materialize, that they will materialize. will have the expected consequences or effects on the business, financial condition or results of operations of Stingray. Unless otherwise indicated or the context indicates to the contrary, forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or modify such forward-looking information, whether as a result of new information. , future events or otherwise. , unless required by applicable law.
Senior Vice-President, Marketing and Communications
Stingray Group Inc.
(514) 664-1244, ext. 2362