Gennum Corporation (TSX: GND) announced today that it has received approval from the Toronto Stock Exchange to acquire for cancellation, by way of a normal course issuer bid, up to 3,408,224 common shares of the Corporation, which, at the date hereof, represent approximately 10% of the "public float", as defined under the rules of the TSX, of the Corporation.
As of September 29, 2008, the Corporation had 35,607,186 issued and outstanding Common Shares. The Bid will commence on October 2, 2008 and expire on October 1, 2009.
On June 28, 2007, the Corporation commenced a normal course issuer bid to purchase up to 3,458,782 Common Shares through the facilities of the TSX. Under that bid, which expired on July 2, 2008, the Corporation purchased and cancelled a total of 203,100 Common Shares at an average price of $10.07 per Common Share.
The directors of the Corporation believe that the proposed purchase of Common Shares pursuant to the Bid is in the best interests of the Corporation and that such purchases constitute a desirable use of the Corporation's funds.
Purchases of Common Shares pursuant to the Bid will be effected solely through the facilities of the TSX. Purchases and payment for the Common Shares will be made by the Corporation in accordance with TSX requirements and the price which Gennum will pay for any Common Shares acquired under the Bid will be the market price for the Common Shares at the time of acquisition. The maximum number of Common Shares that may be purchased by Gennum pursuant to the Bid in any trading day, as calculated in accordance with the rules of the TSX, is 9,230 Common Shares. -- www.cnxmarketlink.com
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