As of July 29, 2016, BlackBerry had US$1,250,000,000 principal amount of Debentures outstanding and the average daily trading volume for the 6 months prior to July 31, 2016 was US$184,182. Under the NCIB, daily purchases will be limited to US$46,045, other than block purchases.
“We intend to take advantage of our strong cash position to repurchase convertible debentures in order to reduce both our interest expense and potential future dilution of our shareholders,” said John Chen, Executive Chairman and CEO, BlackBerry.
The price that BlackBerry will pay for any shares under the share repurchase program will be the prevailing market price at the time of purchase. The actual principal amount of Debentures to be purchased and the timing and pricing of any purchases under the NCIB will be determined by BlackBerry. There is no assurance that any Debentures will be purchased under the NCIB and BlackBerry may elect to modify, suspend or discontinue the NCIB at any time without prior notice.
BlackBerry had a normal course issuer bid in place which terminated on June 28, 2016, pursuant to which BlackBerry purchased 12,606,978 of its common shares at a weighted average price of US$7.35.
The TSX has neither reviewed nor accepts responsibility for the adequacy or accuracy of this news release.
BlackBerry is securing a connected world, delivering innovative solutions across the entire mobile ecosystem and beyond. We secure the world’s most sensitive data across all end points – from cars to smartphones – making the mobile-first enterprise vision a reality. Founded in 1984 and based in Waterloo, Ontario, BlackBerry operates offices in North America, Europe, Middle East and Africa, Asia Pacific and Latin America. The Company trades under the ticker symbols “BB” on the Toronto Stock Exchange and “BBRY” on the NASDAQ. For more information, visit www.BlackBerry.com.