Stingray Group Inc. (TSX: RAY.A; RAY.B)
(“
Stingray”), an industry leader in music and
video content distribution, business services, and advertising
solutions, today announced that the Toronto Stock Exchange
(“
TSX”) has approved the renewal of its normal
course issuer bid (“
NCIB”), authorizing Stingray
to repurchase up to an aggregate 3,542,716 subordinate voting
shares and variable subordinate voting shares (collectively,
“
Subordinate Shares”), representing approximately
10% of the “public float” (as defined in the TSX Company Manual) of
Subordinate Shares as at September 13, 2024.
The net average daily trading volume for the
six-month period preceding September 1, 2024 represents 28,459
Subordinate Shares. In accordance with TSX requirements, Stingray
is entitled to purchase, on any trading day, up to a total of 7,114
Subordinate Shares representing 25% of this average daily trading
volume.
Stingray believes that the purchase of up to
3,542,716 Subordinate Shares under the NCIB is an appropriate use
of its funds and a desirable investment for Stingray and,
therefore, would be in the best interests of Stingray. By making
such repurchases, the number of Subordinate Shares in circulation
will be reduced and the proportionate interest of all remaining
shareholders in the share capital of Stingray will be increased on
a pro rata basis.
Stingray may repurchase Subordinate Shares on
the open market through the facilities of the TSX as well as
through other alternative Canadian trading systems, from time to
time, over the course of twelve months commencing September 27,
2024 and ending at the latest on September 26, 2025.
The actual number of Subordinate Shares
purchased under the NCIB, the timing of purchases and the price at
which the Subordinate Shares are bought will depend upon management
discretion based on factors such as market conditions. All shares
repurchased under the NCIB will be cancelled upon their
repurchase.
In connection with the NCIB, Stingray has
established an automatic securities purchase plan with a designated
broker whereby shares may be repurchased at times when such
purchases would otherwise be prohibited pursuant to regulatory
restrictions or self-imposed blackout periods. Under the automatic
securities purchase plan, before entering a self-imposed blackout
period, Stingray may, but is not required to, ask the designated
broker to make purchases under the NCIB. Such purchases will be
made at the discretion of the designated broker, within parameters
established by Stingray prior to the blackout periods. Outside the
blackout periods, purchases are made at the discretion of
Stingray’s management. The automatic securities purchase plan
constitutes an “automatic plan” for purposes of applicable Canadian
securities legislation and has been pre-cleared by the TSX.
As of September 13, 2024, Stingray had
repurchased a total of 977,800 Subordinate Shares through the
facilities of the TSX as well as through other alternative Canadian
trading systems pursuant to its last NCIB (which will expire on
September 26, 2024 and allows the repurchase of up to 2,765,903
Subordinate Shares) at a weighted average price of $6.60 per share.
As of the close of business on September 13, 2024, there were an
aggregate of 55,431,229 Subordinate Shares issued and outstanding
of which 35,427,168 Subordinate Shares comprised the “public
float”.
About StingrayStingray Group
Inc. (TSX: RAY.A; RAY.B), a global music, media, and technology
company, is an industry leader in TV broadcasting, streaming,
radio, business services, and advertising. Stingray provides an
array of global music, digital, and advertising services to
enterprise brands worldwide, including audio and video channels,
over 100 radio stations, subscription video-on-demand content, FAST
channels, karaoke products and music apps, and in-car and on-board
infotainment content. Stingray Business, a division of Stingray,
provides commercial solutions in music, in-store advertising
solutions, digital signage, and AI-driven consumer insights and
feedback. Stingray Advertising is North America’s largest retail
audio advertising network, delivering digital audio messaging to
more than 30,000 major retail locations. Stingray has close to
1,000 employees worldwide and reaches 540 million consumers in 160
countries. For more information, visit
www.stingray.com.
Forward-Looking InformationThis
news release contains forward-looking information within the
meaning of applicable Canadian securities law. Such forward-looking
information includes, but is not limited to, information with
respect to Stingray's goals, beliefs, plans, expectations,
anticipations, estimates and intentions. Forward-looking
information is identified by the use of terms and phrases such as
"may", "would", "should", "could", "expect", "intend", "estimate",
"anticipate", "plan", "foresee", "believe", and "continue", or the
negative of these terms and similar terminology, including
references to assumptions. Please note, however, that not all
forward-looking information contains these terms and phrases.
Forward-looking information is based upon 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 that are
disclosed in or implied by such forward-looking information. These
risks and uncertainties include, but are not limited to, the risk
factors identified in Stingray's Annual Information Form for the
year ended March 31, 2024, which is available on SEDAR+ at
www.sedarplus.ca. Consequently, all of the
forward-looking information contained herein is qualified by the
foregoing cautionary statements, and there can be no guarantee that
the results or developments that Stingray anticipates will be
realized or, even if substantially realized, that they will have
the expected consequences or effects on Stingray's business,
financial condition or results of operation. Unless otherwise noted
or the context otherwise indicates, the forward-looking information
contained herein is provided as of the date hereof, and Stingray
does not undertake to update or amend such forward-looking
information whether as a result of new information, future events
or otherwise, except as may be required by applicable law.
Contact Information:
Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray Group Inc.
(514) 664-1244, ext. 2362
mpeloquin@stingray.com
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