Sandvine Receives Approval For Stock Buyback Program
Waterloo, Ontario January 30, 2012 – Sandvine Corporation (TSX:SVC; AIM:SAND) (“Sandvine”) today announced that it has received acceptance from the Toronto Stock Exchange (the “TSX”) of Sandvine’s notice of intention to make a Normal Course Issuer Bid (NCIB). Under the NCIB, Sandvine can purchase for cancellation up to 12,523,405 of its common shares (“Shares”), representing approximately ten percent of its public float, during the one year period commencing February 1st, 2012 and ending January 31, 2013. The purchase program will be administered through the facilities of the TSX, or alternative trading systems, if eligible, and will conform to their regulations.
The actual number of Shares purchased, the timing of purchases and the price at which the Shares are bought will depend upon future market conditions, and upon potential alternative uses for Sandvine’s cash resources. Any purchases will be made by Sandvine at the prevailing market price of the Shares at the time of purchase and will be subject to a maximum daily purchase volume of 76,901 Shares except as otherwise permitted under the TSX NCIB rules. All Shares purchased under the NCIB will immediately be cancelled. As at January 30, 2012, Sandvine had 138,121,457 Shares issued and outstanding.
Sandvine’s network policy control solutions focus on protecting and improving the quality of experience on the Internet.
Our award-winning network equipment and software helps DSL, FTTx, cable, fixed wireless and mobile operators better understand network traffic, manage network congestion, create new services and revenues, mitigate traffic that is malicious or undesirable to subscribers, deliver QoS-prioritized multimedia services and increase subscriber satisfaction. With well over 200 service provider customers in more than 85 countries serving hundreds of millions of broadband and mobile data subscribers, Sandvine is enhancing the Internet experience worldwide. For more information, please visit www.sandvine.com
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