Tundra Semiconductor Announces New Share Repurchase Program

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[{"type":"text","content":"\n\n\n\nTSX Approves Tundra's New Normal Course Issuer Bid\n\n\nOTTAWA, April 7 /CNW Telbec/ - Tundra Semiconductor Corporation\n(TSX:TUN), the leader in System Interconnect, announced today that the Toronto\nStock Exchange (TSX) has accepted the Company's notice of intention to make a\nnormal course issuer bid. The Tundra Board of Directors has approved Tundra's\npurchase of up to 983,530 common shares (representing approximately 5% of the\n19,670,613 outstanding Tundra common shares as of March 31, 2008). The normal\ncourse issuer bid will commence on April 9, 2008 and will terminate on\nApril 8, 2009 or on such earlier date as Tundra has purchased the maximum\nnumber of shares permitted under the bid.\n\n\nTundra expects to use cash, short term investments and future operating\ncash flows to fund the repurchase of shares. Purchases under the bid will be\nmade on the open market by Tundra through the facilities of the TSX at the\nprevailing market price at the time of the transaction. Purchases under the\nbid may be made at any time during the twelve month period subject to the\nrules and regulations of the TSX. All shares acquired by Tundra under the bid\nwill be cancelled. Tundra previously entered into a normal course issuer bid\nwhich commenced on March 27th, 2007 and terminated March 28th, 2008. Tundra\npurchased 416,200 common shares under its previous bid for an aggregate\npurchase price of $2,607,576. The average daily trading volume of the common\nshares of Tundra for the six months ended March 31, 2008 was 53,460 common\nshares. In accordance with the rules of the TSX, the maximum number of common\nshares that can be purchased on a daily basis by the Company is 13,365 common\nshares, subject to the block purchase exception.\n\n\nManagement and the Board of Directors of Tundra believe that the market\nprice of Tundra's common shares, from time to time, may not reflect the\ninherent value of the Corporation. The new share repurchase program reflects\nthe Company's continued confidence in the fundamentals of Tundra's business\nand opportunity.\n\n\n"Tundra continues to primarily focus investment on the execution of its\nshort and long term plans to drive organic growth. In addition Management and\nthe Board believe that strategic acquisitions and timely purchases of Tundra's\nshares continue to represent an effecti...

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