VANCOUVER, BC, Aug. 18, 2021 /PRNewswire/ – BBTV Holdings Inc. (TSX: BBTV) (OTCQX: BBTVF) (“BBTV” or the “Company”), today announced that it will commence its previously announced Normal Course Issuer Bid (“NCIB”) with the Toronto Stock Exchange (“TSX”).
BBTV believes that share purchases pursuant to the NCIB will contribute to the facilitation of an orderly market and be in the best interests of the Company and its shareholders. BBTV believes that its subordinate voting shares (“Subordinate Voting Shares”) may, from time to time, trade at prices that do not adequately reflect their underlying value based on BBTV’s business prospects and financial position, and therefore, BBTV intends to purchase the Subordinate Voting Shares pursuant to the NCIB depending on future price movements and other factors. In these instances, BBTV believes that its outstanding Subordinate Voting Shares represent an attractive investment and a desirable use of a portion of its corporate funds. BBTV intends to appoint Eight Capital as its broker to conduct the NCIB on its behalf.
Under the NCIB, the Company may acquire, over a 12-month period, up to an aggregate of 714,649 Subordinate Voting Shares, representing up to an aggregate of 5% of the 14,292,987 Subordinate Voting Shares of the Company issued and outstanding as of August 10, 2021. The average daily trading volume for the last 6 calendar months is 70,325, and the daily purchase restriction for the NCIB will be 17,581 Subordinate Voting Shares. The Company received TSX approval for the NCIB, and the NCIB shall commence August 20, 2021 and terminate on August 19, 2022. There have been no previous purchases in the preceding 12-month period.
Purchases subject to this NCIB will be carried out pursuant to open market transactions through the facilities of the TSX and any other available markets and alternative trading systems in Canada by a broker on behalf of the Company in accordance with applicable regulatory requirements. All Subordinate Voting Shares purchased by the Company under the NCIB will be returned to treasury and cancelled.
To the knowledge of the Company, no director, senior officer or other insider of the Company or any of their associates currently intends to sell any Subordinate Voting Shares under this bid. However, sales by such persons through the facilities of the TSX or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Subordinate Voting Shares are purchased would be the same as the benefits available to all other holders whose Subordinate Voting Shares are purchased.
BBTV HOLDINGS INC.
Per: “Shahrzad Rafati”
Shahrzad Rafati
Chief Executive Officer
About BBTV
BBTV is a global media and technology company headquartered in Vancouver, Canada. The Company’s mission is to help content creators become more successful. With creators ranging from individuals to global media brands, BBTV provides comprehensive, end-to-end Solutions to increase viewership and drive revenue powered by its innovative technology, while allowing creators to focus on their core competency – content creation. In January 2021, BBTV had the second most unique monthly viewers among digital platforms with more than 600 million globally, who consumed more than 50 billion minutes of video content, the most among media companies [1]. (www.bbtv.com)
[1] Calculations and classifications made by BBTV based on data from Comscore’s “Top 12 Countries = January 2021 comScore Video Metrix Media Trend – Multi-Platform – Top 100 Video Properties Report”; Top 12 countries represent ~50% of world’s digital population.
Notice Regarding Forward Looking Statements
This news release contains forward-looking information within the meaning of applicable securities legislation, including statements with regard to the expectation that the Company will conduct a NCIB and purchase up to the maximum number of Subordinate Voting Shares permissible thereunder as described in this news release. Forward-looking information is based on a number of assumptions, including the assumption that trading of the Subordinate Voting shares may take place at prices that do not adequately reflect their underlying value, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Forward-looking information is qualified in its entirety by the inherent risk and uncertainties surrounding the NCIB, including that the Company’s assumption may be incorrect and the Company may not actually purchase any of its shares or may purchase less than the maximum number authorized, and the general risk factors disclosed in the Company’s periodic reports publicly filed and available at www.sedar.com. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
For further information
Media Relations
Dan Gamble
Head of PR & Corporate Communications
778-873-0422
[email protected]
Investor Relations
[email protected]
Ron Shuttleworth
Partner
Oak Hill Financial Inc
(647)-500-7371
[email protected]
BBTV-C
SOURCE BBTV Holdings Inc.