Business
Constellation Software Inc. announces commencement of share purchases with respect to employee and director plans
Constellation Software Inc. announces commencement of share purchases with respect to employee and director plans.
About this update from Constellation Software Inc.
[{"type":"text","content":"\n\n\n\nTORONTO, April 2 /CNW/ - Constellation Software Inc. ("Constellation" or\nthe "Company") (TSX: CSU) today announced that it has paid employee bonuses\nand director compensation in respect of the 2006 fiscal year and will commence\npurchasing shares on behalf of the employees and independent directors as\nstipulated in its various compensation plans.\n\n\nAs outlined in the Company's Annual Information Form dated March 30,\n2007, Constellation requires certain of its employees and directors to\nreinvest portions of their annual compensation in common shares of the\nCompany. For fiscal 2006, the total bonus paid to all employees under this\nplan was approximately U.S.$19 million. The reinvestment obligations pursuant\nto the bonus plan, along with the granting of key employee loans and the\npayment of director's fees, requires the Company to purchase approximately\nCdn $5 million worth of Constellation shares in the open market. No shares of\nthe Company will be issued from treasury with respect to the noted\ncompensation plans.\n\n\nAll purchases will be made through an independent third party purchasing\nagent. It is anticipated that the share purchases will be made over the course\nof several months. The purchasing agent will execute the trades in accordance\nwith certain pre-established rules, which are intended to limit the impact on\nthe Company's share price.\n\n\nConstellation's Annual Information Form is available at www.sedar.com.\n\n\nAbout Constellation Software Inc.\n\n\nConstellation's common shares are listed on the Toronto Stock Exchange\nunder the symbol "CSU". Constellation Software is an international provider of\nmarket leading software and services to a number of industries across both the\npublic and private sectors. The Company acquires, manages and builds vertical\nmarket software businesses that provide mission-critical software solutions to\naddress the specific needs of its customers in those industries.\n\n\nForward Looking Statements\n\n\nCertain statements herein may be "forward looking" statements that\ninvolve known and unknown risks, uncertainties and other factors that may\ncause the actual results, performance or achievements of Constellation or the\nindustry to be materially different from any future results, performance or\nachievements expressed ...