World News: 12:30 GMT Wednesday 14th August 2019. [Groupe Stingray Inc. via Globe Newswire via SPi World News]
MONTREAL, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Stingray Group Inc (TSX: RAY.A; RAY.B) (“”), a leading business-to-business multi-platform music and in-store media solutions provider, today announced that the Toronto Stock Exchange (“”) has approved its share repurchase program (the “”), authorizing Stingray to repurchase up to an aggregate 2,924,220 subordinate voting shares and variable subordinate voting shares (collectively, “”), representing approximately 5% of the 58,484,449 issued and outstanding Subordinate Shares as at August 7, 2019.
The net average daily trading volume for the six-month period preceding August 1, 2019 represents 64,016 Subordinate Shares. In accordance with TSX requirements, Stingray is entitled to purchase, on any trading day, up to a total of 16,004 Subordinate Shares representing 25% of this average daily trading volume.
Stingray believes that the purchase of up to 2,924,220 Subordinate Shares under the Program is an appropriate use of its funds and a desirable investment for Stingray and, therefore, would be in the best interests of Stingray. By making such repurchases, the number of Subordinate Shares in circulation will be reduced and the proportionate interest of all remaining shareholders in the share capital of Stingray will be increased on a basis.
Stingray may repurchase Subordinate Shares on the open market through the facilities of the TSX as well as through other alternative Canadian trading systems, from time to time, over the course of twelve months commencing August 16, 2019 and ending at the latest on August 15, 2020.
The actual number of Subordinate Shares purchased under the Program, the timing of purchases and the price at which the Subordinate Shares are bought will depend upon management discretion based on factors such as market conditions. All shares repurchased under the Program will be cancelled upon their repurchase.
In connection with the Program, Stingray has established an automatic securities purchase plan with a designated broker whereby shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackout periods. Under the automatic securities purchase plan, before entering a self-imposed blackout period, Stingray may, but is not required to, ask the designated broker to make purchases under the Program. Such purchases will be made at the discretion of the designated broker, within parameters established by Stingray prior to the blackout periods. Outside the blackout periods, purchases are made at the discretion of Stingray’s management. The automatic securities purchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.
Stingray has not repurchased any Subordinate Shares in the last 12 months.
Mathieu PéloquinSenior Vice-President, Marketing and CommunicationsStingray1 514 664-1244, extension 2362
Globe Newswire: 12:30 GMT Wednesday 14th August 2019
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