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Quarterhill Announces Completion of Substantial Issuer Bid
Quarterhill Announces Completion of Substantial Issuer Bid Canada NewsWire KITCH...
About this update from Quarterhill Inc
[{"type":"text","content":"\n\n\n\nQuarterhill Announces Completion of 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, July 17, 2020\n\n\n\nKITCHENER, ON, July 17, 2020 /CNW/ - Quarterhill Inc. (\"Quarterhill\") (TSX: QTRH) (OTCQX: QTRHF), announced today the final results of its \"modified Dutch auction\" substantial issuer bid for its outstanding common shares (the \"Shares\") from shareholders for cash (the \"Offer\"). The Offer expired at 5:00 p.m. (Toronto, Ontario time) on July 7, 2020.\nIn accordance with the terms and conditions of the Offer and based on the final count by Computershare Trust Company of Canada, as depositary for the Offer (the \"Depositary\"), Quarterhill has taken up and paid for 2,687,981 Shares that were properly tendered and not withdrawn at a purchase price of $2.15 per Share (the \"Purchase Price\"), for an aggregate purchase price of approximately $5.78 million excluding fees and expenses relating to the Offer.\nThe Shares purchased for cancellation under the Offer represent approximately 2.26% of the Shares issued and outstanding before giving effect to the Offer. After giving effect to the Offer, approximately 116,177,352 Shares are issued and outstanding.\nQuarterhill has made payment for the Shares validly tendered by tendering the aggregate purchase price to the Depositary in accordance with the Offer and applicable laws, and payment to tendering shareholders will be effected by the Depositary. Payment for the Shares will be made in cash, without interest. Any Shares invalidly tendered will be returned to the tendering shareholder(s) promptly by the Depositary.\nFor Canadian federal income tax purposes, a deemed dividend equal to $0.52 per Share arises on the Offer. For purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation, Quarterhill designates the entire deemed dividend arising on each Share as an \"eligible dividend\". The \"specified amount\" of each Share (for purposes of subsection 191(4...