Mitel has announced that its Board of Directors has authorised a share buyback program. In a filing with the Toronto Stock Exchange the TSX has accepted the company’s Notice of Intention to Make a Normal Course Issuer Bid.
Mitel may purchase up to 7,816,574 Mitel Common Shares, representing approximately 10% of its public float. As of February 28, 2017, Mitel had 122,036,009 issued and outstanding Common Shares, including a public float of 78,165,743.
“Mitel is committed to delivering shareholder value,” said Richard McBee, Chief Executive Officer. “This share buyback program provides us with another lever to realize and maximize that value.”
Mitel may purchase its Common Shares, from time to time, if it believes that the market price of its Common Shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of the Corporation.
Mitel believes that having the ability to acquire Common Shares under the Normal Course Issuer Bid will present an attractive opportunity to utilize Mitel’s available funds.
The Bid will commence on March 9, 2017.