Celestica announces TSX approval of previously announced Normal Course Issuer Bid
TORONTO, July 29, 2010 /PRNewswire via COMTEX/ --
Celestica Inc. (NYSE, TSX: CLS), a global leader in the delivery of end-to-end product lifecycle solutions, today announced it has received the approval of the Toronto Stock Exchange (the TSX) to launch its previously announced Normal Course Issuer Bid (the Bid).
Under the Bid, the company may repurchase on the open market, at its discretion during the period commencing on August 3, 2010 and ending on the earlier of August 2, 2011 and the completion of purchases under the Bid, up to 17,955,647 subordinate voting shares, representing approximately 9% of the company's outstanding subordinate voting shares and approximately 10% of the "public float" of the subordinate voting shares (within the meaning of the rules of the TSX), subject to the normal terms and limitations of such bids. Under the TSX rules, daily purchases will be limited to 175,908 subordinate voting shares, other than block purchase exceptions. The actual number of subordinate voting shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by the management of the company, subject to applicable law and the rules of the TSX. In accordance with the TSX rules, the maximum number of subordinate voting shares which may be repurchased for cancellation under the Bid will be reduced by the number of subordinate voting shares purchased for employee equity-based incentive programs.
Purchases are expected to be made through the facilities of the New York Stock Exchange and the Toronto Stock Exchange, or such other permitted means (including through other published markets), at prevailing market prices or as otherwise permitted. The share repurchase program will be funded using existing cash resources and any subordinate voting shares repurchased by the company under the Bid will be cancelled.
As of July 22, 2010, the company had 211,215,580 issued and outstanding subordinate voting shares and a "public float" (within the meaning of the rules of the TSX) of 179,556,474 subordinate voting shares.
The company believes that the purchases are in the best interest of the company and constitute a desirable use of its funds.
About Celestica ---------------
Celestica is dedicated to delivering end-to-end product lifecycle solutions to drive our customers' success. Through our simplified global operations network and information technology platform, we are solid partners who deliver informed, flexible solutions that enable our customers to succeed in the markets they serve. Committed to providing a truly differentiated customer experience, our agile and adaptive employees share a proud history of demonstrated expertise and creativity that provides our customers with the ability to overcome any challenge.
Safe Harbor and Fair Disclosure Statement -----------------------------------------
Statements contained in this press release which are not historical facts are forward-looking statements. Such forward-looking statements are predictive in nature, and may be based on current expectations, forecasts or assumptions involving risks and uncertainties that could cause actual outcomes and results to differ materially from the forward-looking statements themselves. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," or similar expressions, or may employ such future or conditional verbs as "may", "will", "should," or "would," or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. Forward-looking statements include the Company's expectations regarding the Bid. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities legislation. Forward-looking statements are not guarantees of future performance. Risks and uncertainties, as well as other information related to the Company, are discussed in the Company's various public filings at www.sedar.com and www.sec.gov, including our Annual Report on Form 20-F and subsequent reports on Form 6-K filed with the U.S. Securities and Exchange Commission and our Annual Information Form filed with the Canadian securities regulators. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes.
We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable law.
SOURCE Celestica Inc.