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Quarterhill Announces Commencement of $20 Million Substantial Issuer bid
Quarterhill Announces Commencement of $20 Million Substantial Issuer bid Canada Ne...
About this update from Quarterhill Inc
[{"type":"text","content":"\n\n\n\nQuarterhill Announces Commencement of $20 Million Substantial Issuer bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nKITCHENER, ON, June 1, 2020\n\n\n\nKITCHENER, ON, June 1, 2020 /CNW/ - Quarterhill Inc. (\"Quarterhill\" or the \"Company\") (TSX: QTRH) (OTCQX: QTRHF) announces that it has formally commenced its previously announced substantial issuer bid, pursuant to which the Company is offering to purchase for cancellation up to $20.0 million of its outstanding common shares (the \"Shares\") from shareholders for cash (the \"Offer\"). All dollar amounts are in Canadian dollars, unless otherwise stated.\nThe Offer is proceeding by way of a modified \"Dutch auction\", which allows shareholders to select the price, within the specified range, at which each shareholder is willing to sell all or a portion of the Shares that such shareholder owns. Shareholders who wish to participate in the Offer will be able to do so through (i) auction tenders in which they will specify the number of Shares being tendered at a price of not less than $1.95 per Share and not more than $2.15 per Share in increments of $0.05 per Share or (ii) purchase price tenders in which they will not specify a price per Share, but will rather agree to have a specified number of Shares purchased at the purchase price to be determined by the Company. Shareholders who validly deposit Shares without specifying the method in which they are tendering their Shares will be deemed to have made a purchase price tender. \nThe Offer will be for up to a maximum of 10,256,410 Shares or approximately 8.63% of Quarterhill's 118,865,333 Shares issued and outstanding based on full participation and a purchase price equal to the minimum purchase price of $1.95 per Share. The Company intends to fund the Offer with cash on its balance sheet. The directors and officers of the Company have advised that they will not tender any of their Shares pursuant to the Offer. \nThe Offer will expire at 5:00 p.m. (Toronto, Ontario time) on July 7, 2020, unless extended, varied or withdrawn by Quarterhill. The...