29 Jan 2016
Earlier today BlackBerry announced it received approval from the Toronto Stock Exchange (TSX) to increase its’ holding up to an additional 15,000,000 shares.
“Under TSX rules, BlackBerry is allowed to purchase daily, through the facilities of the TSX, a maximum of 578,619 common shares representing 25% of the average daily trading volume, as calculated per the TSX rules. The average daily trading volume for the six months ended May 31, 2015 was 2,314,477 common shares. In addition, BlackBerry may make, once per week, a block purchase of common shares not directly or indirectly owned by insiders of BlackBerry, in accordance with TSX rules. All shares purchased pursuant to the NCIB are cancelled.”
Furthermore they announced, “During the period from June 29, 2015 to January 29, 2016, BlackBerry purchased and cancelled a total of 9,921,454 common shares, representing 2.1% of the public float as at June 22, 2015, at a weighted price of US$7.43 per share.”
BlackBerry’s Board of Directors believes that “the purchase by BlackBerry of its common shares represents attractive investment given current equity market conditions, and does not expect that the amended NCIB will have a significant impact on BlackBerry’s cash balance.”
The entire Press Release can be viewed here.