WiLAN Board Approves Plan for Normal Course Issuer Bid
May 27 2014 - 10:06AM
Marketwired
WiLAN Board Approves Plan for Normal Course Issuer Bid
OTTAWA, CANADA--(Marketwired - May 27, 2014) - Wi-LAN Inc.
("WiLAN" or the "Company") (TSX:WIN)(NASDAQ:WILN) today announced
that its Board of Directors has approved the adoption of a normal
course issuer bid ("NCIB") to purchase for cancellation up to
11,676,510 issued and outstanding common shares ("Shares")
representing approximately 10% of the 116,765,100 Shares in the
public float as of May 25, 2014 through the facilities of the
Toronto Stock Exchange ("TSX") and other Canadian trading
platforms.
The NCIB is subject to obtaining requisite regulatory approvals
including filing notice with the TSX. The NCIB is expected to
commence on May 29, 2014 after WiLAN receives regulatory approval
and will expire on May 28, 2015.
As of May 25, 2014 the total number of issued and outstanding
Shares was 119,974,315. The average daily trading volume for the
six months ending on May 25, 2014 was 462,572 Shares. Daily
purchases will be limited to 115,643 Shares, other than block
purchase exceptions. During any of the Company's blackout periods,
purchases under the NCIB may continue under an automatic securities
purchase plan between WiLAN and its broker which will be put in
place during the NCIB.
WiLAN and its Board of Directors believe that this NCIB is in
the best interests of its shareholders and the repurchases made
under this NCIB will be made, in part, to offset the dilutive
effect of Shares expected to be issued upon the exercise of stock
options under the Company's stock option plan.
The actual number of Shares purchased, the timing of purchases
and the price at which the Shares are bought will depend on future
market conditions and on potential alternative uses for WiLAN's
cash resources. Any purchases will be subject to trading
restrictions and will be made by WiLAN at the prevailing market
price of the Shares at the time of purchase.
For the past twelve months, WiLAN has repurchased an aggregate
of 1,461,800 Shares at a weighted average price of $3.7660 per
Share.
About WiLAN
WiLAN, founded in 1992, is a leading technology innovation and
licensing company. WiLAN has licensed its intellectual property to
over 280 companies worldwide. Inventions in our portfolio have been
licensed by companies that manufacture or sell a wide range of
communication and consumer electronics products including 3G and 4G
handsets, Wi-Fi-enabled laptops, Wi-Fi and broadband routers, xDSL
infrastructure equipment, cellular base stations and digital TV
receivers. For more information: www.wilan.com.
Forward-looking Information
This news release contains forward-looking statements and
forward-looking information within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and other United States
and Canadian securities laws. The phrases "is subject to obtaining
requisite regulatory approvals", "is expected to commence", "will
expire", "may continue", "which will be put in place", "will be
made", "expected to be issued", "believe", "will depend on future
market conditions", "potential alternative uses of WiLAN's cash
resources", "will be subject to trading restrictions", "will be
made by WiLAN at the prevailing market price of the Shares at the
time of purchase", and similar terms and phrases are intended to
identify these forward-looking statements. Forward-looking
statements and forward-looking information are based on estimates
and assumptions made by WiLAN in light of its experience and its
perception of historical trends, current conditions, expected
future developments and the expected effects of new business
strategies, as well as other factors that WiLAN believes are
appropriate in the circumstances. Many factors could cause WiLAN's
actual performance or achievements to differ materially from those
expressed or implied by the forward-looking statements or
forward-looking information. Such factors include, without
limitation, the risks described in WiLAN's February 3, 2014 annual
information form for the year ended December 31, 2013 (the "AIF").
Copies of the AIF may be obtained at www.sedar.com or www.sec.gov.
WiLAN recommends that readers review and consider all of these risk
factors and notes that readers should not place undue reliance on
any of WiLAN's forward-looking statements. WiLAN has no intention
and undertakes no obligation to update or revise any
forward-looking statements or forward-looking information, whether
as a result of new information, future events or otherwise, except
as required by law.
All trademarks and brands mentioned in this release are the
property of their respective owners.
For Media or Investor inquiries, please contact:Tyler
BurnsDirector, Investor RelationsO: 613.688.4330C: 613.697.0367E:
tburns@wilan.com
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