Aastra Announces Commencement of Normal Course Issuer Bid
TORONTO, ONTARIO--(Marketwire - Nov. 1, 2012) - Aastra Technologies Limited - (TSX:AAH) today announced that it has obtained regulatory approval and intends to commence a Normal Course Issuer Bid. Pursuant to the bid, Aastra intends to purchase up to 576,000 of its Common Shares, representing approximately 4.9% of its 11,529,114 Common Shares outstanding as at end of day on October 31, 2012. Daily repurchases will be limited to 2,311 Common Shares (representing 25% of the average daily trading volume for the six months prior to the commencement of the bid which is 9,246 Common Shares), other than block purchase exemptions. Aastra's management believes that the market price of its Common Shares is such that their purchase is an attractive and appropriate use of its corporate funds.
The purchases may commence on November 5, 2012 and will terminate on November 4, 2013 or on such earlier date as Aastra may complete its purchase pursuant to the Notice of Intention to Make a Normal Course Issuer Bid filed with the Toronto Stock Exchange ("TSX") or otherwise terminates its bid. Purchases will be made on the open market by Aastra through the facilities of the TSX in accordance with its rules and policies. The price which Aastra will pay for any such shares will be the market price of such shares at the time of acquisition. The shares purchased pursuant to the normal course issuer bid will be cancelled.
Aastra believes that the current market price of its Common Shares makes their purchase an attractive and appropriate use of corporate funds, in light of potential benefits to remaining shareholders.
In the past 12 months, Aastra had regulatory approval for its Normal Course Issuer Bid which commenced on November 3, 2012 and shall expire on November 2, 2012 (the "2011 NCIB"), and has purchased a total of 384,958 of its Common Shares at the weighted average price per Common Shares of $16.4688. Under its Substantial Issuer Bid announced on February 22, 2012 and expired on April 10, 2012, Aastra purchased a total of 2,173,913 of its Common Shares at the price of $23.00 per Common Share.
About Aastra Technologies Limited
Aastra Technologies Limited (TSX:AAH), is a global company at the forefront of the Enterprise Communication market. Headquartered in Concord, Ontario, Canada, Aastra develops and delivers innovative and integrated solutions that address the communication needs of businesses small and large around the world. Aastra enables Enterprises to communicate and collaborate more efficiently and effectively by offering customers a full range of open standard IP-based and traditional communications networking products, including terminals, systems, and applications. For more information on Aastra, visit our website at http://www.aastra.com.
From time to time, we make written or oral forward-looking statement within the meaning of applicable Canadian securities legislation. We may make such statements in this press release, in other filings with Canadian regulators, in reports to shareholders or in other communications. These forward-looking statements include, among others, statements with respect to our intention to purchase up to 576,000 of our Common Shares pursuant to the Notice of Intention to Make a Normal Course Issuer Bid filed with the Toronto Stock Exchange. By their very nature, forward-looking statements involve numerous factors and assumptions, and are subject to inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. Please refer to Aastra's filings on the website maintained by the Canadian Securities Administrators at www.sedar.com, including its Annual Information Form and its quarterly and annual Management Discussion and Analysis of Financial Condition and Results of Operations. We caution readers not to place undue reliance on these statements as our actual results may differ materially from our expectations if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Therefore, we cannot provide any assurance that forward-looking statements will materialize. Unless otherwise required pursuant to applicable Canadian securities legislation, we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.
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