Wi-LAN Inc. (WILN) Announces 6.18 Million Share Buyback Plan
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Wi-LAN Inc. (NASDAQ: WILN) today announced that its Board of Directors has approved the adoption of a normal course issuer bid to purchase for cancellation up to 6,183,347 common shares ("Shares"), being 5% of its issued and outstanding Shares as of November 30, 2011, through the facilities of the Toronto Stock Exchange ("TSX").
The share buyback program is subject to obtaining requisite regulatory approvals including filing notice with the TSX. The NCIB is expected to commence on December 14, 2011 after WiLAN receives regulatory approval and will expire on March 3, 2012.
As of November 30, 2011, the total number of issued and outstanding Shares was 123,666,942. The average daily trading volume for the six months ending on November 30, 2011 was 1,052,309 Shares. Daily purchases will be limited to 263,077 Shares, other than block purchase exceptions.
The share buyback program is subject to obtaining requisite regulatory approvals including filing notice with the TSX. The NCIB is expected to commence on December 14, 2011 after WiLAN receives regulatory approval and will expire on March 3, 2012.
As of November 30, 2011, the total number of issued and outstanding Shares was 123,666,942. The average daily trading volume for the six months ending on November 30, 2011 was 1,052,309 Shares. Daily purchases will be limited to 263,077 Shares, other than block purchase exceptions.
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