QLT announces Toronto Stock Exchange approval of share repurchase program
October 28 2009 - 5:04PM
PR Newswire (US)
VANCOUVER, Oct. 28 /PRNewswire-FirstCall/ -- QLT Inc. (NASDAQ:
QLTI; TSX: QLT) ("QLT") announced that the Toronto Stock Exchange
("TSX") has accepted the notice of QLT's intention to make a normal
course issuer bid in the open market through the facilities of the
TSX and/or the NASDAQ Stock Market, which was originally announced
on October 27, 2009. The notice provides that QLT may, during the
period commencing November 3, 2009 and ending November 2, 2010,
purchase for cancellation up to 2,731,534 of its common shares,
being 5% of its issued and outstanding common shares as of October
27, 2009. The actual number of common shares that may be purchased
and the timing of any such purchases will be determined by QLT. The
purchases will be made by QLT in accordance with TSX rules and
policies and Rule 10b-18 of the U.S. Securities Exchange Act of
1934, as amended. In accordance with TSX rules, daily purchases
made by QLT on the TSX will not exceed 14,433 common shares, or 25%
of QLT's average daily trading volume of 57,732 common shares on
the TSX for the most recently completed six calendar months,
subject to certain prescribed exemptions. Rule 10b-18 contains
similar restrictions on daily purchases that may be made by QLT on
the NASDAQ based on the average daily trading volume of QLT's
common shares on NASDAQ, subject to certain exemptions for block
purchases. The price that QLT will pay for any such shares will be
the market price of such shares on the TSX or the NASDAQ, as the
case may be, at the time of acquisition. The board of directors of
QLT believes that the share repurchase is in the best interests of
QLT and that such purchases constitute a desirable use of QLT's
funds. During the preceding twelve month period, QLT purchased for
cancellation an aggregate of 20,000,000 common shares at a price of
US$2.50 per share for a total cost of US$50 million through the
facilities of the TSX and NASDAQ through a modified "Dutch Auction"
tender offer. As of October 27, 2009, there were 54,630,692 common
shares of QLT issued and outstanding. About QLT QLT Inc. is a
global biopharmaceutical company dedicated to the discovery,
development and commercialization of innovative ocular therapies.
We utilize two unique technology platforms, photodynamic therapy
(used with the Visudyne product) and punctal plugs, which are
currently under development for future product opportunities. For
more information, visit our website at http://www.qltinc.com/.
Visudyne is a registered trademark of Novartis AG. QLT Inc. is
listed on the NASDAQ Stock Market under the trading symbol "QLTI"
and on the Toronto Stock Exchange under the trading symbol "QLT".
Certain statements in this press release which are not historical
facts, are "forward-looking" statements as the term is defined in
the United States Private Securities Litigation Reform Act of 1995,
and "forward looking information" within the meaning of applicable
Canadian securities legislation. You can identify these
forward-looking statements and information by QLT's use of words
such as "expects," "plans," "estimates," "projects," "intends,"
"believes," and similar expressions that do not relate to
historical matters. Such forward-looking statements and information
include statements with respect to QLT's intention to purchase its
common shares. Forward-looking statements and forward looking
information are subject to risks and uncertainties which can cause
actual results to differ materially from those currently
anticipated, due to a number of factors, which include, but are not
limited to, the extent to which QLT repurchases its shares under
the normal course issuer bid may be impacted by market factors;
QLT's future operating results are uncertain and likely to
fluctuate; and other risk factors discussed in documents filed by
QLT with the Securities and Exchange Commission from time to time
including QLT's Annual Report on Form 10-K and QLT's Quarterly
Reports on Form 10-Q or filed with the Canadian securities
regulatory authorities. All forward-looking statements and
information in this press release are made as of today and based
upon information known to management as of the date hereof. QLT
assumes no obligation to update or revise any of its
forward-looking statements and information even if experience or
future changes show that indicated results or events will not be
realized. DATASOURCE: QLT Inc. CONTACT: QLT Inc., Vancouver,
Canada, Karen Peterson, Telephone: (604) 707-7000 or
1-800-663-5486, Fax: (604) 707-7001, ; The Trout Group Investor
Relations Contact: New York, USA, Christine Yang, Telephone: (646)
378-2929, ; or Marcy Nanus, Telephone: (646) 378-2927,
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