Friday, February 20, 2009 11:01:10 AM
Tucows Commences Dutch Auction Tender Offer to Repurchase up to 4 Million Common Shares
TORONTO, Feb. 12 /PRNewswire-FirstCall/ -- Tucows Inc. (AMEX:TCXAMEX:TSX:TC) a global provider of domain names, email and other Internet services, announced today that it is commencing a modified "Dutch auction" tender offer to repurchase up to 4,000,000 shares of its common stock, representing approximately 5.5% of the Tucows' outstanding shares. The closing price of Tucows' common stock on the NYSE Alternext US on February 11, 2009 was $0.36 per share.
"We believe our shares to be an attractive investment and their repurchase by the Company to be a prudent use of cash that is consistent with our long-term objective to create shareholder value," said Stanley Stern, Chairman of the Board of Tucows.
Under the tender offer, shareholders will have the opportunity to tender some or all of their shares at a price within the $0.36 to $0.45 per share price range. Based on the number of shares tendered and the prices specified by the tendering shareholders, Tucows will determine the lowest per share price within the range that will enable it to buy 4,000,000 shares. If shareholders of more than 4,000,000 shares properly tender their shares at or below the determined price per share, Tucows will purchase shares tendered by such shareholders, at the determined price per share, on a pro rata basis. Additionally, if more than 4,000,000 shares are properly tendered, the number of shares to be repurchased by Tucows pursuant to the tender offer may, at the discretion of Tucows, be increased by up to 2% of Tucows' outstanding shares, or approximately 1,461,500 shares, without amending or extending the tender offer.
Shareholders whose shares are purchased in the offer will be paid the determined purchase price per share net in cash, without interest, after the expiration of the offer period. The offer is not contingent upon any minimum number of shares being tendered. The offer is subject to a number of other terms and conditions specified in the offer to purchase that is being distributed to shareholders. The offer will expire at 5:00 p.m., New York City time, on Friday, March 13, 2009, unless extended by Tucows.
The information agent for the offer is StockTrans, Inc. None of Tucows, its board of directors or the information agent is making any recommendation to stockholders as to whether to tender or refrain from tendering their shares into the tender offer. Shareholders must decide how many shares they will tender, if any, and the price within the stated range at which they will offer their shares for purchase by Tucows.
This press release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares of Tucows' common stock. The offer is being made solely by the offer to purchase and the related letter of transmittal. Investors are urged to read Tucows' tender offer statement on Schedule TO filed with the Securities and Exchange Commission in connection with the tender offer, which includes as exhibits, the offer to purchase and the related letter of transmittal, as well as any amendments or supplements to the statement when they become available, because they contain important information. Each of these documents has been or will be filed with the Securities and Exchange Commission, and investors may obtain them for free from the Securities and Exchange Commission at its website (http://www.sec.gov/) or from StockTrans, Inc., the information agent for the tender offer, by directing such request to: StockTrans, Inc., Attn: Re-Organization Dept., 44 West Lancaster Avenue, Ardmore, PA 19003, telephone (800) 733-1121.
Recent TCX News
- Form ARS - Annual Report to Security Holders • Edgar (US Regulatory) • 05/10/2024 09:17:07 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 05/10/2024 01:21:29 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 09:07:40 PM
- Tucows Reports Financial Results for First Quarter 2024 • PR Newswire (US) • 05/09/2024 09:05:00 PM
- Tucows Reports Financial Results for First Quarter 2024 • PR Newswire (Canada) • 05/09/2024 09:05:00 PM
- Wavelo adds global sales leader as demand for flexible telecom software increases • PR Newswire (US) • 05/02/2024 11:00:00 AM
- Tucows Announces Timing for Q1 2024 Financial Results News Release and Management Commentary • PR Newswire (US) • 04/25/2024 11:30:00 AM
- Tucows Announces Timing for Q1 2024 Financial Results News Release and Management Commentary • PR Newswire (Canada) • 04/25/2024 11:30:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 09:43:57 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 02:00:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/28/2024 09:43:17 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/26/2024 07:02:10 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/26/2024 06:58:35 PM
- Wavelo signs three new customers on the heels of 2023 revenue of $38.7 million • PR Newswire (US) • 02/23/2024 01:06:00 PM
- Wavelo signs three new customers on the heels of 2023 revenue of $38.7 million • PR Newswire (Canada) • 02/23/2024 01:06:00 PM
- Tucows Announces $40 Million Stock Buyback Program • PR Newswire (US) • 02/22/2024 10:06:00 PM
- Tucows Announces $40 Million Stock Buyback Program • PR Newswire (Canada) • 02/22/2024 10:06:00 PM
- Tucows Reports Financial Results for Fourth Quarter 2023 • PR Newswire (US) • 02/22/2024 10:05:00 PM
- Tucows Reports Financial Results for Fourth Quarter 2023 • PR Newswire (Canada) • 02/22/2024 10:05:00 PM
- Ting grows presence in Colorado, bringing 2-gigabit fiber internet to Thornton • PR Newswire (Canada) • 02/20/2024 12:04:00 PM
- Ting grows presence in Colorado, bringing 2-gigabit fiber internet to Thornton • PR Newswire (US) • 02/20/2024 12:04:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 09:33:01 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM