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Tundra Semiconductor Announces Share Repurchase Program
Tundra Semiconductor Announces Share Repurchase Program.
About this update from Tarku Resources Ltd
[{"type":"text","content":"\n\n\n\nTSX Approves Tundra's Normal Course Issuer Bid\n\n\nOTTAWA, March 27 /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 1,722,000 common shares (representing approximately 10% of\nTundra's public float). The normal course issuer bid will commence on\nMarch 29, 2007 and will terminate on March 28, 2008 or on such earlier date as\nTundra has purchased the maximum number of shares permitted under the bid.\nTundra currently has 19,996,429 common shares outstanding and its public float\nis 17,224,412 common shares.\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 has not previously entered into a normal course\nissuer bid.\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 share repurchase program reflects the\nCompany's confidence in the fundamentals of Tundra's business and opportunity.\n\n\n"In addition to our on-going strategic plans for investments in mergers\nand acquisitions and in research and development to build organic growth, we\nanticipate that initiating a share repurchase program at this time will be an\neffective use of the Company's financial resources," said Daniel Hoste,\nPresident and Chief Executive Officer of Tundra.\n\n\nAbout Tundra\n\n\nTundra Semiconductor Corporation (TSX:TUN) supplies the world's leading\ncommunications, computing and storage companies with smart System Interconnect\nproducts, intellectual property (IP) and design services backed by world-class\ncustomer service and technical support. Tundra's track record of product\nleadership includes over a decade of ...