Business
Evertz Technologies Limited Announces Normal Course Issuer Bid
TORONTO, March 18 /CNW/ - Evertz Technologies Limited ("Evertz") Board of Directors has authorize...
About this update from Evertz Technologies Limited
[{"type":"text","content":"\n\n\n\nTORONTO, March 18 /CNW/ - Evertz Technologies Limited ("Evertz") Board of\nDirectors has authorized the purchase of up to 3,621,590 of its Common Shares\nby way of normal course purchases on Toronto Stock Exchange ("TSX"), subject\nto regulatory approval. These Common Shares represent 5% of the common shares\noutstanding on March 17, 2008.\n\n\nEvertz believes that its Common Shares currently trade in a price range\nthat does not adequately reflect their underlying value based on Evertz\nbusiness and strong financial position. As a result, depending upon future\nprice movements and other factors, Evertz believes that its outstanding Common\nShares represent an attractive investment and a desirable use of a portion of\nits corporate funds.\n\n\nThe purchases may commence on the date that is two trading days after the\nlatest of (i) the date of acceptance by TSX of Evertz notice of intention in\nfinal executed form, and (ii) the date that Evertz issues the press release\nrequired by TSX. It is expected that the purchases will terminate not more\nthan one year after the purchases commence, or on such earlier date as Evertz\nmay complete its purchases.\n\n\nPurchases will be made by Evertz in accordance with applicable regulatory\nrequirements and the price which Evertz will pay for any such Common Shares\nwill be the market price of such shares at the time of acquisition. Purchased\nShares will be cancelled. Evertz has not previously entered into a normal\ncourse issuer bid.\n\n\nTo the knowledge of Evertz, no director, senior officer or other insider\nof Evertz currently intends to sell any Common Shares under this bid. However,\nsales by such persons through the facilities of the TSX may occur if the\npersonal circumstances of any such person change or any such person makes a\ndecision unrelated to these normal course purchases. The benefits to any such\nperson whose shares are purchased would be the same as the benefits available\nto all other holders whose shares are purchased.\n\n\nForward-Looking Statements\n\n\nThe report contains forward-looking statements reflecting Evertz'\nobjectives, estimates and expectations. Such forward looking statements use\nwords such as "may", "will", "expect", "believe", "anticipate", "plan",\n"intend&q...