COM DEV Announces Approval of
March 19, 2012
COM DEV International Ltd. announced the acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "Notice") through the facilities of the TSX and alternative trading systems.
Pursuant to the Notice, the Corporation proposes to repurchase up to an aggregate of 3,814,257 common shares during the 12 month period (the "Bid Period") commencing March 21, 2012 and ending March 20, 2013. The Corporation shall make available a maximum of $5,000,000 to fund the repurchase of common shares during the Bid Period. The Corporation will determine the number of common shares to be repurchased and the timing of such purchases subject to the normal course issuer bid policy of the TSX. All common shares repurchased by the Corporation during the Bid Period will be cancelled.
As of March 13, 2012, there were 76,285,146 common shares of the Corporation outstanding. The 3,814,257 common shares the Corporation intends to repurchase under the TSX normal course issuer bid represent 5% of the Corporation's issued and outstanding common shares, the maximum number of shares permitted to be purchased under the TSX's normal course issuer bid policy. Further, except for block purchase exceptions, pursuant to such policy the Corporation cannot acquire more than 17,375 shares on any given trading day, this number being 25% of the average daily trading volume of the Corporation's shares for the six calendar months ending on February 29, 2012.
The normal course issuer bid that is the subject of the Notice is a successor to the Corporation's normal course issuer bid that commenced on March 21, 2011 and will terminate on March 20, 2012 (the "Previous Bid"). To date, the Corporation purchased a total of 280,500 of its common shares at a weighted average price of $1.88 per common share under the terms of its Previous Bid.