Oct 27 2009
QLT Inc. (NASDAQ: QLTI; TSX: QLT) ("QLT" or the "Company") today announced that its board of directors has authorized the repurchase of up to 5% of QLT's outstanding common shares ("Common Shares") over the next 12 months on the NASDAQ Stock Market ("NASDAQ") and the Toronto Stock Exchange ("TSX"), pending required approvals.
"As we announced this morning, we now have $194 million in cash and we feel that repurchasing stock is a prudent use of our cash and in the best interest of shareholders," stated Bob Butchofsky, President and Chief Executive Officer. "It also reflects our confidence in our future cash flow and in our ability to develop the Company's ocular business, particularly our punctal plug drug delivery program."
QLT has filed with the TSX a draft notice of intention to make a normal course issuer bid. The notice provides that QLT may, during the 12 month period commencing on or about November 3, 2009, or such other date as permitted by the TSX and NASDAQ, purchase through the facilities of the NASDAQ and TSX up to 2,731,534 Common Shares in total, being 5% of the issued and outstanding Common Shares. The purchases will be made by QLT in accordance with TSX Rules and Policies and Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended. The price that QLT will pay for any Common Shares repurchased will be the market price of such shares on the TSX or NASDAQ, as the case may be, at the time of acquisition. QLT will make no purchases of Common Shares other than open-market purchases. The actual number of Common Shares that may be purchased pursuant to the normal course issuer bid and the timing of any such purchases will be determined by QLT in the context of the market at the time, subject to compliance with applicable law. All Common Shares purchased pursuant to the normal course issuer bid will be cancelled.
During the preceding twelve month period, QLT purchased for cancellation an aggregate 20,000,000 Common Shares at a price of US$2.50 per share for a total cost of US$50 million through the facilities of the NASDAQ and TSX through a modified "Dutch Auction" tender offer. As at October 27, 2009, there were approximately 54,630,692 Common Shares of QLT outstanding.