MONTREAL, September 23, 2022 (GLOBE NEWSWIRE) — Stingray Group Inc (TSX: RAY.A; RAY.B) (“Stingray”) today traded on the Toronto Stock Exchange (“TSX”) approved the renewal of the regular course publisher bid (“NCIB”), with Stingray holding up to a total of 2,868,124 Subordinated Voting Shares and Variable Subordinated Voting Shares (collectively, “Subordinated shares”), representing approximately 10% of the “public share count” (as defined in the TSX Company Manual) of the Subordinated Shares as of September 13, 2022.
Net average daily trading volume for the six months ended September 1, 2022 represented 37,616 shares of the Subordinated Shares. Pursuant to TSX requirements, Stingray is entitled to purchase up to a total of 9,404 shares of Subordinated Shares representing 25% of this average daily trading volume on any trading day.
Stingray believes that the purchase of up to 2,868,124 shares of subordinated stock under the NCIB is an appropriate use of its funds, a desirable investment for Stingray and therefore in Stingray’s best interests. Such repurchases will reduce the number of subordinated shares outstanding and increase all remaining shareholders’ proportional shares in Stingray’s share capital. proportionately Basic.
Stingray may from time to time repurchase the Subordinated Shares on the open market through TSX facilities and other Canadian alternative trading systems for a period of 12 months beginning September 27, 2022 and ending at the latest on September 26, 2022. 2023.
The actual number of Subordinated Shares purchased under the NCIB, the timing of any purchases, and the price at which the Subordinated Shares are purchased are subject to management’s discretion based on market conditions and other factors. All shares repurchased under the NCIB will be canceled upon repurchase.
In connection with NCIB, Stingray has established an automated securities purchase plan with designated brokers. This allows shares to be repurchased where such purchases would otherwise be prohibited pursuant to regulatory restrictions or voluntary blackout periods. Under the Automated Securities Purchase Plan, Stingray may, but is not required to, request his Designated Broker to make purchases under his NCIB prior to entering a self-imposed blackout period. Such purchases are made at the designated broker’s discretion within the parameters set by Stingray prior to the blackout period. Purchases outside blackout periods are at the discretion of Stingray management. The Automated Securities Purchase Plan constitutes an “Automatic Plan” for purposes of applicable Canadian securities laws and has been pre-approved by TSX.
As of September 13, 2022, Stingray is the last NCIB (expiring on September 26, 2022, up to 3,222,901 subordinated shares) with a weighted average price of $6.7729 per share. As of the close of business on September 13, 2022, a total of 51,774,302 shares of subordinated shares had been issued and outstanding, of which 28,681,245 shares of subordinated shares constituted “publicly offered shares.”
Montreal-based Stingray Group Inc. (TSX: RAY.A; RAY.B) is a leading music, media and technology company with more than 1,000 employees worldwide. Stingray is Audio TV Channels, 100+ Radio Stations, SVOD Content, 4K UHD TV Channels, FAST Channels, Karaoke Products, Digital Signage, In-Store Music, and Music Apps with over 160 Million Downloads. Stingray’s subscribers (or users) reach him 400 million in 160 countries.
This news release contains forward-looking information within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, information regarding Stingray’s goals, beliefs, plans, expectations, projections, estimates and intentions. Information regarding forward-looking statements is not Identified using terms and phrases such as “anticipate” and “plan”. , “foresee,” “believe,” and “continue,” or similar terms including references to the negatives and assumptions of these terms. Please note, however, that not all forward-looking statements contain these terms and expressions. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray’s control. These risks and uncertainties could cause actual results to differ materially from those disclosed or implied in such forward-looking information. These risks and uncertainties include the risk factors identified in Stingray’s Annual Information Form for the year ended March 31, 2022, available in his SEDAR at www.sedar.com. , but not limited to: Accordingly, all forward-looking information contained herein is qualified by the foregoing caution and cannot be expected even if Stingray’s anticipated results or developments will be achieved or materially achieved. There is no guarantee that it will result in any or any effect on Stingray’s business, financial condition or results of operations. Unless otherwise stated or the context dictates otherwise, the forward-looking information contained in this document is made as of the date hereof and Stingray does not make any statements as to new information, future events or otherwise. , or otherwise does not undertake to update or revise such forward-looking information. except as required by applicable law.
Senior Vice President, Marketing and Communications
Stingray Group Co., Ltd.
(514) 664-1244, ext. 2362
Stingray renews publisher bid for regular course, The Canadian Business Journal
Source link Stingray renews publisher bid for regular course, The Canadian Business Journal