MONTREAL, Sept. 23, 2022 (GLOBE NEWSWIRE) — Stingray Group Inc (TSX: RAY.A; RAY.B) (“Ray), a leading distributor of audio and video music brands around the world, today announced that the Toronto Stock Exchange (“TSX”) approved the renewal of its normal course issuer bid (“ORCN”), authorizing Stingray to repurchase up to an aggregate of 2,868,124 Subordinate Voting Shares and Variable Subordinate Voting Shares (collectively, “Subordinated shares), representing approximately 10% of the “public float” (as defined in the TSX Company Handbook) of Restricted Shares as of September 13, 2022.
The average daily net trading volume for the six-month period to September 1, 2022 is 37,616 restricted shares. In accordance with TSX requirements, Stingray has the right to purchase, on any trading day, up to an aggregate of 9,404 Restricted Shares representing 25% of such average daily trading volume.
Stingray believes that the purchase of up to 2,868,124 subordinate shares under the tender offer constitutes an appropriate use of its funds and a desirable investment for Stingray and, therefore, would be in the best interest of Stingray. By effecting such repurchases, the number of subordinate shares outstanding will be reduced and the proportionate ownership of all remaining shareholders in the capital stock of Stingray will be increased over a pro rata base.
Stingray may redeem Restricted Shares on the open market through the facilities of the TSX as well as through other Canadian alternative trading systems, from time to time, during a twelve month period commencing September 27, 2022 and ending no later than September 26, 2023.
The actual number of Restricted Shares purchased under the Issuer Bid, the timing of purchases and the price at which Restricted Shares are purchased will depend on management’s discretion based on factors such as market conditions. All the shares repurchased within the framework of the OPRA will be canceled at the time of their repurchase.
As part of the OPRCA, Stingray has established an automatic securities purchase program with a designated broker whereby shares may be purchased at times when such purchases would otherwise be prohibited under regulatory restrictions or blackout periods. self-imposed ban. Pursuant to the automatic securities purchase program, prior to entering a voluntary blackout period, Stingray may, but is not required to, instruct the Designated Broker to make purchases under the Tender Offer . Such purchases will be made at the discretion of the Designated Broker, within parameters established by Stingray prior to the 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 purposes of applicable Canadian securities laws and has been pre-cleared by the TSX.
As of September 13, 2022, Stingray has repurchased a total of 1,409,900 Restricted Shares through the facilities of the TSX as well as through other Canadian alternative trading systems pursuant to its latest issuer bid (which will expire on September 26, 2022). September 2022 and allows for the repurchase of up to 3,222,901 subordinate shares) at a weighted average price of $6.7729 per share. As of the close of business on September 13, 2022, there were a total of 51,774,302 subordinate shares issued and outstanding, of which 28,681,245 subordinate shares constituted the “public float”.
Based in Montreal, Stingray Group Inc. (TSX: RAY.A; RAY.B) is a leading music, media and technology company with more than 1,000 employees worldwide. Stingray is a premium provider of 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.
This press release contains forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, information regarding Stingray’s objectives, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of words and phrases such as “may”, “should”, “should”, “could”, “expect”, “intend”, “believe “, “anticipate”, “plan”, “expect”, “believe”, and “continue”, or the negative form of these terms and similar terminology, including references to assumptions. 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 Stingray’s control. 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, but are not limited to, the risk factors identified in Stingray’s Annual Information Form for the fiscal year ended March 31, 2022, which is available on SEDAR at www.sedar.com. Accordingly, all forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no assurance that the results or developments Stingray anticipates will materialize or, even if materially party, that they will have the intended consequences. or effects on the business, financial condition or results of operations of Stingray. Unless otherwise stated or the context indicates otherwise, the 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 new information, future events or otherwise. , except as required by applicable law.
Senior Vice President, Marketing and Communications
Stingray Group Inc.
(514) 664-1244, extension 2362