Dec 8 2010
QLT Inc. (Nasdaq:QLTI) (TSX:QLT) ("QLT" or the "Company") announced today that its board of directors has approved the repurchase of up to 3,622,495 common shares of QLT, representing 10% of the public float, over the next 12 months on the NASDAQ Stock Market ("NASDAQ") and the Toronto Stock Exchange ("TSX"), pending required approvals.
"We continue to be confident in our cash flows and enthusiastic about our ocular pipeline and believe that this share repurchase program is in the best interest of our shareholders and is an appropriate use of our funds," stated Bob Butchofsky, President and Chief Executive Officer.
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 December 16, 2010, or such other date as permitted by the TSX and NASDAQ, purchase up to 3,622,495 common shares through the facilities of the NASDAQ and TSX. 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 shares repurchased will be the market price 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.
Under QLT's previously approved normal course issuer bid, during the 12 month period commencing November 3, 2009, QLT purchased an aggregate 3,744,972 common shares at an average price of US$5.59, for a total cost of US$20.9 million. Since the Company began repurchasing shares in 2005, an aggregate 43.8 million shares have been repurchased for a total cost of US$231.9 million. All such shares have been cancelled.
In accordance with TSX Rules, "public float" is the Company's outstanding common shares as at the date of the TSX approval of the normal course issuer bid, less any shares held by the Company's senior officers and directors and by shareholders that own 10% or more of the common shares as at that date. As of November 30, 2010, there were 51,146,905 common shares of QLT outstanding.
Source QLT Inc.