CALGARY, Alberta, Aug. 19, 2011 (GLOBE NEWSWIRE) -- SMART Technologies Inc. (Nasdaq:SMT) (TSX:SMA), a leading provider of collaboration solutions, today announced that its Board of Directors has approved a share repurchase plan and normal course issuer bid. Under the terms of the plan and subject to the receipt of regulatory approval from the Canadian securities administrators, SMART is authorized to purchase up to 4,000,000 of its Class A Subordinate Voting Shares (the "Class A Shares"), or approximately 9% of its public float of 41,612,849 Class A Shares in the open market at prevailing market prices over a 12-month period commencing August 25, 2011 and ending August 24, 2012, as conditions warrant. As of August 18, 2011, there were 44,308,596 Class A Shares issued and outstanding.
The share repurchase program is intended to be effected in accordance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934, which contains restrictions on the number of shares that may be purchased on a single day, subject to certain exceptions for block purchases, based on the average daily trading volumes of the Class A Shares on NASDAQ.
SMART also intends to effect share repurchases pursuant to the normal course issuer bid on the Toronto Stock Exchange (the TSX) and/or alternative trading systems in accordance with TSX rules and policies and has received TSX approval in connection therewith. The average daily trading volume of the Class A Shares on the TSX for the six month period preceding August 1, 2011 is 28,068 Class A Shares. In accordance with TSX rules, a maximum daily repurchase of 25% of this average may be made, representing 7,017 Class A Shares. During the past 12 months, no Class A Shares were repurchased by SMART.
SMART is making the normal course issuer bid because it believes that the market price of its Class A Shares does not reflect their underlying value and that the share repurchase program may provide value by reducing the number of Class A Shares outstanding at attractive prices. SMART's Board of Directors believes that a share repurchase plan at this time is in the best interests of SMART and its shareholders, and will not impact the Company's ability to execute its growth plans given its strong balance sheet and cash flow profile. Any Class A Shares purchased under the program will increase the proportionate interest of, and may benefit, all remaining shareholders of SMART.
There can be no assurance that any Class A Shares will be repurchased under the share repurchase plan and SMART may elect to amend, suspend or discontinue the plan at any time. Any Class A Shares purchased pursuant to the share repurchase plan will be cancelled.
About SMART
SMART Technologies Inc. is a leading provider of collaboration solutions that transform the way the world works and learns. We believe that collaboration and interaction should be easy. As the global leader in interactive whiteboards, we bring more than two decades of collaboration research and development to a broad range of easy-to-use, integrated solutions that free people from their desks and computer screens, so collaborating and learning with digital resources are more natural.
The SMART Technologies logo is available at www.globenewswire.com/newsroom/prs/?pkgid=7573.
Certain statements made in this press release are forward-looking statements within the meaning of the U.S. federal and applicable Canadian securities laws. Statements that include the words "expanding," "expect," "increasing," "intend," "plan," "believe," "project," "estimate," "anticipate," "may," "will," "continue," "further," "seek," and similar words or statements of a future or forward-looking nature identify forward-looking statements. In particular and without limitation, this press release contains forward-looking statements pertaining to the proposed share repurchase plan, including the number, timing and purchase price of Class A Shares that can be purchased thereunder and the receipt of necessary regulatory approvals required in connection with the adoption of the share repurchase plan.
All forward-looking statements address matters that involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors and assumptions that could cause our actual results and other circumstances and events to differ materially from those indicated in these statements. We believe that these factors and assumptions include, but are not limited to, the receipt of necessary regulatory approvals, future market conditions, alternative uses for our cash resources, those described under "Risk Factors" in our Annual Information Form and in our management's discussion and analysis for the twelve months ended March 31, 2011, which are included in our Annual Report on Form 40-F.
The forward-looking statements speak only as of the date they are made. Except as may be required by applicable law, we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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Please note that SMART is written in all capital letters.