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Quarterhill Announces Preliminary Results of Substantial Issuer Bid
Quarterhill Announces Preliminary Results of Substantial Issuer Bid Canada NewsWir...
About this update from Quarterhill Inc
[{"type":"text","content":"\n\n\n\nQuarterhill Announces Preliminary Results 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 8, 2020\n\n\n\nKITCHENER, ON, July 8, 2020 /CNW/ - Quarterhill Inc. (\"Quarterhill\") (TSX: QTRH) (OTCQX: QTRHF), announced today the preliminary 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 preliminary count by Computershare Trust Company of Canada, as depositary for the Offer (the \"Depositary\"), Quarterhill expects to take up and purchase for cancellation approximately 2,685,210 Shares (including Shares tendered by notice of guaranteed delivery) at a purchase price of $2.15 per Share (the \"Purchase Price\"). The Shares expected to be purchased 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 116,180,123 Shares are expected to be issued and outstanding.\n\"We are pleased to have completed our Substantial Issuer Bid,\" said Paul Hill, Quarterhill's President & Chief Executive Officer. \"Quarterhill will continue to pursue reasonable opportunities to return capital to our shareholders. In that regard, we will proceed with our previously announced intention to apply to the TSX for a new Normal Course Issuer Bid in August 2020.\"\nThe full details of the Offer are described in the offer to purchase and issuer bid circular dated June 1, 2020, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com.\nThe number of Shares to be purchased under the Offer and the Purchase Price are preliminary, subject to verification by the Depositary and assume that all Shares tendered through notice of guaranteed delivery will be delivered withi...