Vancouver, Canada: October 21, 2015– Absolute® Software Corporation (TSX: ABT) the industry standard for persistent endpoint security and data risk management solutions, today announced the preliminary 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.
All the terms and conditions of the Offer have been complied with and, based on a preliminary count by CST Trust Company, as depositary for the Offer (the “Depositary”), Absolute expects to take up and pay for approximately 6,250,000 Shares at a purchase price of C$8.00 per Share (the “Purchase Price”).
The Shares expected to be purchased under the Offer represent approximately 14.1% 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 is expected to be approximately 38,075,000.
Approximately 13,466,700 Shares were properly tendered to the Offer and not withdrawn. As the Offer was oversubscribed, Absolute will purchase Deposited Shares (as defined in the Offer) on a pro rata basis following determination of the final results of the Offer, except that “odd lot” tenders (of holders beneficially owning fewer than 100 Shares) will not be subject to pro-ration. Absolute expects that tendering shareholders subject to pro-ration will have approximately 93.8% of their tendered Shares purchased by Absolute under the Offer.
The number of Shares to be purchased under the Offer, the pro-ration factor and the Purchase Price are preliminary and are subject to verification by the Depositary. Absolute expects to be able to release the final results of the Offer, including the final Purchase Price and pro-ration factor, on or about October 23, 2015.
A complete description of the Offer is contained in the offer to purchase and issuer bid circular dated August 26, 2015 and other related documents and schedules, including any amendments thereto, filed with the applicable Canadian Securities Administrators. The Offer documents are available free of charge on SEDAR at www.sedar.com. Payment for the purchased Shares will be made 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.