WiLAN Board Approves Plan for Normal Course Issuer Bid
Wi-LAN Inc. ("WiLAN" or the "Company") (TSX: WIN)(NASDAQ: WILN) today announced that its Board of Directors has approved the adoption of a normal course issuer bid ("NCIB") to purchase for cancellation up to 9,500,000 issued and outstanding common shares ("Shares") representing, together with the Shares it repurchased since December 14, 2011, approximately 10% of the 120,805,278 Shares in the public float as of November 30, 2011 through the facilities of the Toronto Stock Exchange ("TSX").
The share buyback program is subject to obtaining requisite regulatory approvals including filing notice with the TSX. The NCIB is expected to commence on March 15, 2012 after WiLAN receives regulatory approval and will expire on December 13, 2012.
As of November 30, 2011 the total number of issued and outstanding Shares was 123,666,942. The average daily trading volume for the six months ending on November 30, 2011 was 1,052,309 Shares. Daily purchases will be limited to 263,077 Shares, other than block purchase exceptions. During any of the Company's blackout periods, purchases under the NCIB may continue under an automatic securities purchase plan established by WiLAN with its broker.
WiLAN and its Board of Directors believe that this NCIB is in the best interests of its shareholders and the repurchases made under this NCIB will be made, in part, to offset the dilutive effect of Shares expected to be issued upon the exercise of stock options under the Company's stock option plan.
The actual number of Shares purchased, the timing of purchases and the price at which the Shares are bought will depend on future market conditions and on potential alternative uses for WiLAN's cash resources. Any purchases will be subject to trading restrictions and will be made by WiLAN at the prevailing market price of the Shares at the time of purchase.
For the past twelve months, WiLAN has repurchased an aggregate of 2,502,800 Shares at a weighted average price of $5.5613 per Share.
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