Vancouver, Canada: October 26, 2015– Absolute® Software Corporation (TSX: ABT) the industry standard for persistent endpoint security and data risk management solutions, today announced the final results of its substantial issuer bid (the “Offer”) to repurchase for cancellation up to C$50,000,000 of its common shares (the “Shares”), which expired at 5:00 p.m. (Eastern time) on October 20, 2015.
Based on the final count by CST Trust Company, as depositary for the Offer (the “Depositary”), Absolute has taken up and paid for 6,250,000 Shares at a purchase price of C$8.00 per Share (the “Purchase Price”) for an aggregate cost of C$50,000,000, excluding fees and expenses relating to the Offer.
The Shares purchased under the Offer represent 14.0872% of the Shares issued and outstanding prior to giving effect to the Offer. After giving effect to the Offer, the number of issued and outstanding Shares will be 38,116,505.
Based on the final count by the Depositary, a total of 13,453,088 Shares were properly tendered to the Offer and not withdrawn. As the Offer was oversubscribed, successfully tendering shareholders had 94.0394% of their successfully tendered Shares purchased by Absolute, other than “odd lot” tenders, which were not subject to pro-ration.
Payment for the purchased Shares will be effected by the Depositary in accordance with the Offer and applicable law. Any Shares tendered and not purchased will be returned to shareholders promptly by the Depositary.
Absolute designates the entire amount of the deemed dividend arising from its repurchase of the Shares as an eligible dividend which is an amount equal to C$6.49 per Share. Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.