VANCOUVER, CANADA – November 4, 2009 – Absolute® Software Corporation (the “Company”) announced today that it is proceeding with a normal course issuer bid for up to 3,337,617 common shares of the Company, representing approximately 10% of the public float of the Company. On November 3, 2009, the Company had 46,175,636 common shares outstanding. The Company has received approval from the TSX to commence this bid on November 6, 2009. Purchases will be made on the TSX at the market price at the time of acquisition.
The Company’s previous normal course issuer bid will expire on November 5, 2009, and under such bid the Company purchased and cancelled 3,257,000 of its common shares at an average price of $3.27 per common share. The Company’s new normal course issuer bid will terminate on November 5, 2010 or earlier if the number of shares sought in the issuer bid have been obtained. The Company reserves the right to terminate the bid earlier if it feels it is appropriate to do so.
The Company believes that its common shares are undervalued at current market prices based on its current earnings and future prospects and that the repurchase of common shares at current market prices is an appropriate use of corporate funds.
All shares will be purchased on the open market through the facilities of the TSX, and payment for the shares will be in accordance with TSX policies. The price paid for the shares will be the market price at the time of purchase. Purchasing may be suspended at any time. No purchases will be made other than by means of open market transactions during the term of the normal course issuer bid. The maximum number of shares that may be purchased on a daily basis is 20,475 shares, except where purchases are made in accordance with “block purchases” exemptions under applicable TSX policies. The shares purchased by the Company will be cancelled.
Should any director, senior officer or other insider of the Company intend to sell any common shares during the term of the Bid, the Company will suspend purchases under the Bid until such person’s sales are completed. Sales by such persons through the facilities of the TSX may occur if the person makes a decision unrelated to the Company’s normal course purchases.