TSE Accepts Wi-LAN Inc.'s Notice of Intention to Make Normal Course Issuer Bid

The Toronto Stock Exchange has accepted Wi-LAN Inc.’s (TSX:WIN) notice of intention to make a normal course issuer bid.
According to the press release:

Pursuant to the notice, Wi-LAN may purchase for cancellation up to 11,762,446 issued and outstanding Wi-LAN common shares, representing approximately 10 per cent of the 117,624,467 common shares in the public float as of Jan. 31, 2016, through the facilities of the TSX and/or alternative Canadian trading platforms.
The normal course issuer bid is expected to commence on Feb. 12, 2016, and will expire on Feb. 11, 2017.
As of Jan. 31, 2016, the total number of issued and outstanding common shares was 120,842,448. The average daily trading volume for the six months ending on Jan. 31, 2016, was 564,628 common shares. Daily purchases under the normal course issuer bid will be limited to 141,157 common shares, other than block purchase exceptions. During any of the company’s blackout periods, purchases under the normal course issuer bid may continue under an automatic securities purchase plan between Wi-LAN and its broker.
Wi-LAN and its board of directors believe that the common shares are trading in a price range that does not fully reflect their underlying value. Accordingly, the acquisition of common shares under the normal course issuer bid may represent an attractive investment and a desirable use of Wi-LAN’s available funds. This would permit the company to reduce its total number of issued and outstanding common shares, thereby benefiting all shareholders by increasing their relative equity interests in Wi-LAN.
The actual number of common shares purchased, the timing of purchases and the price at which the common shares are bought will depend on future market conditions and on potential alternative uses for the company’s cash resources. Any purchases will be subject to trading restrictions and will be made by Wi-LAN at the prevailing market price of the common shares at the time of purchase.

Click here to read the full press release.