WATERLOO, ON, Jan. 22, 2013 /CNW/ - Sandvine Corporation (SVC.TO) (SAND.L) ("Sandvine") today announced that its Board of Directors has approved the adoption of an open market stock buyback program for the purchase of up to approximately 12.5 million common shares ("Shares") over a one-year period, expected to commence in February, through a normal course issuer bid over the Toronto Stock Exchange. The program is subject to obtaining requisite regulatory approvals.
The actual number of Shares purchased, the timing of purchases and the price at which the Shares are bought will depend upon future market conditions, and upon potential alternative uses for Sandvine's cash resources. Any purchases will be made by Sandvine at the prevailing market price of the Shares at the time of purchase. As at January 21, 2013 , Sandvine had 138,551,030 Shares issued and outstanding.
Sandvine also announced that it has entered into an automatic share purchase plan effective today with a broker in order to facilitate repurchases of its Shares under its existing normal course issuer bid which covers the period from February 1, 2012 to January 31 , 2013. Under Sandvine's automatic share purchase plan, Sandvine's broker may repurchase Shares under the normal course issuer bid at any time including without limitation when Sandvine would ordinarily not be permitted to repurchase Shares due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Sandvine's broker based upon the parameters prescribed by the TSX and the terms of the parties' written agreement. The automatic share purchase plan has been reviewed by the TSX. Sandvine expects that it will enter into a similar automatic purchase plan under the new normal course issuer bid announced today, once the necessary approvals are in place to proceed with that program.
As of January 21, 2013 , Sandvine has not made any purchases of Shares in the preceding 12 month period.