12:09:04 EDT Sun 22 Apr 2018
Enter Symbol
or Name

Sierra Wireless Inc
Symbol C : SW
Shares Issued 30,593,751
Close 2013-02-05 C$ 11.59
Recent Sedar Documents

Sierra Wireless to buy back up to 1.52 million shares

2013-02-06 16:43 ET - News Release

Mr. David McLennan reports


Sierra Wireless Inc. has received approval from the Toronto Stock Exchange of its notice of intention to make a normal course issuer bid.

Pursuant to the bid, Sierra Wireless may purchase for cancellation up to 1,529,687 of its common shares, or approximately 5 per cent of the common shares outstanding, as of the date of this announcement (representing 5.1 per cent of the public float). As of Jan. 31, 2013, there were 30,593,751 common shares of Sierra Wireless issued and outstanding, and the public float consisted of 30,020,245 common shares.

The purchases will be made by Sierra Wireless through the facilities and in accordance with the rules of the TSX and Rule 10b-18 under the U.S. Securities Exchange Act of 1934, and the price which Sierra Wireless will pay for any such common shares will be the market price at the time of acquisition. Sierra Wireless will make no purchases of common shares other than open-market purchases or other means approved by the TSX. Other than block purchases allowable under the TSX rules, purchases will be subject to a daily restriction of 13,322 common shares, being 25 per cent of the average daily trading volume for the preceding six months. In addition, purchases of common shares through the facilities of the Nasdaq Stock Market will be made in compliance with Rule 10b-18, which contains similar restrictions on the number of shares that may be repurchased based on the average daily trading volumes of the common shares on Nasdaq, subject to certain exceptions for block purchases. In addition, purchases may also be made through other Canadian marketplaces.

The actual number of common shares of the company that are purchased for cancellation under the bid, if any, and the timing of such purchases will be determined by the company. The board of directors of Sierra Wireless believes that the proposed purchases are in the best interests of Sierra Wireless and are a desirable use of corporate funds.

To the knowledge of the company, no director, senior officer or other insider of Sierra Wireless currently intends to sell any common shares under this bid. However, sales by such persons through the facilities of the TSX or Nasdaq may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.

The bid will commence on Feb. 14, 2013, and will terminate on the earlier of: (i) Feb. 13, 2014; (ii) the date Sierra Wireless completes its purchases pursuant to the notice of intention filed with the TSX; or (iii) the date of notice by Sierra Wireless of termination of the bid.

Over the past 12 months, the company has purchased, pursuant to a normal course issuer bid, 800,000 common shares at a weighted average price of $7.89 per common share.

We seek Safe Harbor.

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