OTTAWA, Aug. 12, 2013 /CNW/ - Halogen Software (TSX: HGN) ("Halogen" or the "Company") announced today that it has been advised by Canaccord Genuity Corp. (Canaccord Genuity) and Stifel Nicolaus Canada Inc. (Stifel), the co-lead underwriters of Halogen's initial public offering (IPO), that they have agreed to a partial conditional release of the IPO lock-up arrangements for shareholders (the "Released Shareholders"), excluding Halogen executive officers and Board members and their respective immediate family members.
The lock-up arrangements previously restricted certain shareholders from selling any shares or options held by those shareholders as of May 10, 2013 until 180 days after the closing of the IPO. Under the partial conditional release, each Released Shareholder will, for a limited period of time and subject to certain conditions, be permitted to sell up to 40% of his or her total common shares (including common shares underlying vested options) that were subject to the lock-up arrangements, up to a maximum of 17,500 shares per Released Shareholder. These approximately 160 Released Shareholders will be permitted to sell a combined total of approximately 385,000 common shares (representing less than 2% of Halogen's total outstanding common shares) within a limited period of time.
Halogen believes that this partial conditional release will allow the released shares to enter the market in an orderly manner while potentially increasing liquidity for Halogen's common shares.
To facilitate an orderly process for those who wish to sell, all sales under the partial conditional release will be conducted through Canaccord Genuity. Any shareholder who may wish to sell under the partial conditional release should contact Canaccord Genuity at 416.687.5267 or via email at firstname.lastname@example.org as soon as possible, and must provide the required documentation to Canaccord Genuity prior to noon (EDT) on Monday, August 19, 2013 in order to be eligible to participate in any such sales. Any common shares or options in respect of which the required documentation is not received prior to noon (EDT) on Monday, August 19, 2013, will continue to be subject to the lock-up arrangements. Canaccord Genuity is not obligated to sell any of the released shares, and any such sale will be subject to market conditions.
About Halogen Software
Halogen Software (TSX: HGN) offers an organically built cloud-based talent management suite that reinforces and drives higher employee performance across all talent programs - whether that is recruiting, performance management, learning and development, succession planning or compensation. With over 1,750 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 Exploring Talent Management blog: http://www.halogensoftware.com/blog/ or follow Halogen Software on Twitter: https://twitter.com/HalogenSoftware.
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