OTTAWA, March 10, 2016 /CNW/ - Halogen Software Inc. ("Halogen" or the "Company") (TSX: HGN), a leading provider of cloud based talent management solutions, today announced that the Toronto Stock Exchange has accepted its Notice of Intention to make a normal course issuer bid. Halogen will have the right under the bid to purchase up to a maximum of 1,249,792 of its common shares (representing approximately 10.0% of the Company's public float of 12,497,928 common shares and approximately 5.7% of the Company's 21,734,675 issued and outstanding common shares as of March 3, 2016).
Subject to certain exceptions for block purchases, Halogen may not purchase more than 3,805 common shares (representing approximately 25% of the average daily trading volume of the Company's shares in the six month period prior to the bid) on any trading day. Purchases made pursuant to the normal course issuer bid will be made in the open market through the facilities of the Toronto Stock Exchange and alternative trading systems, if eligible. The normal course issuer bid will commence on March 14, 2016 and remain in effect until the earlier of March 13, 2017, the termination of the bid by Halogen or Halogen purchasing the maximum number of common shares permitted under the bid. Common shares purchased by the Company pursuant to the bid will be cancelled.
Management and the directors of Halogen believe that common shares of the Company may become available during the proposed purchase period at prices that would make such purchases in the best interests of the Company.
Halogen has established an automatic share purchase plan with a broker in order to facilitate repurchases of its common shares under its normal course issuer bid. Under the automatic share purchase plan, Halogen's broker may repurchase common shares under the normal course issuer bid at any time, including when Halogen would ordinarily not be permitted to do so due to regulatory restrictions, insider trading rules or self-imposed blackout periods. Purchases will be made by the broker based on the terms agreed to by Halogen and the broker.
During the previous year, Halogen authorized an automatic share purchase plan that commenced on March 13, 2015 and will expire on March 12, 2016. Pursuant to this plan, Halogen is permitted to make purchases of up to 600,000 of its Common Shares up to a maximum amount of CDN$5,000,000. Purchases under such plan are made through the facilities of the Toronto Stock Exchange (and alternative trading systems). As of March 3, 2016, a total of 568,343 Common shares with a weighted average price paid per Common Share of $7.87 have been purchased by Halogen pursuant to this plan.
About Halogen Software
Halogen Software (TSX: HGN) offers a cloud-based talent management suite that reinforces and drives higher employee performance across all talent programs — whether that is performance management, learning and development, succession planning, recruiting and onboarding, or compensation. With over 2,100 customers worldwide, Halogen Software has been recognized as a market leader by major business analysts and has garnered the highest customer satisfaction ratings in the industry. Halogen Software's powerful, yet simple-to-use solutions, which also include industry-vertical editions, are used by organizations that want to build a world-class workforce that is aligned, inspired and focused on delivering exceptional results. For more information, visit: http://www.halogensoftware.com. Subscribe to Halogen Software's TalentSpace blog: http://www.halogensoftware.com/blog/ or follow Halogen Software on Twitter: http://twitter.com/HalogenSoftware.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
SOURCE Halogen Software