KEW Receives TSX Approval to Proceed with Normal Course Issuer Bid
TORONTO--(BUSINESS WIRE)--Aug 20, 2018--KEW MEDIA GROUP INC. (“KEW” or the “Company”) (TSX:KEW and KEW.WT) today announced that the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to establish a normal course issuer bid (“NCIB”).
The NCIB will commence on August 24 , 2018 and will terminate on August 23, 2019, or on an earlier date in the event that the number of shares of the Company (the “Shares”) sought in the NCIB has been repurchased or if KEW feels that it is appropriate to do so. Under the NCIB, KEW is authorized to purchase up to 854,282 Shares (out of the 13,678,992 Shares outstanding as of August 17, 2018) representing approximately 10% of the public float as of August 17, 2018, by way of normal course purchases effected through the facilities of the TSX and/or alternative Canadian trading systems.
Purchases will be made by KEW in accordance with the requirements of the TSX and the price which KEW will pay for any such Shares will be the market price of any such Shares at the time of acquisition, or such other price as may be permitted by the TSX. For purposes of the TSX rules, a maximum of 4,421 Shares may be purchased by KEW on any one day under the NCIB, except where purchases are made in accordance with the “block purchase exception” of the TSX rules.
KEW has established the NCIB because it believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of KEW’s business and future prospects. KEW believes that, at such times, the repurchase of the Shares for cancellation would be in the best interests of shareholders. As KEW is presently exploring a number of potential acquisitions and financings, KEW will not commence purchases under the NCIB at this time. Any Shares purchased pursuant to the NCIB will be cancelled by KEW.
This news release may include forward-looking statements. All such statements constitute forward looking information within the meaning of securities law and are made pursuant to the “safe harbour” provisions of applicable securities laws. Forward-looking statements may include, but are not limited to, statements about future purchases of Shares under the NCIB. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and are identified by words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates” or similar expressions concerning matters that are not historical facts. Such statements are based on current expectations of the Company’s management and inherently involve numerous risks and uncertainties, known and unknown, including economic factors. Actual results may differ materially from those expressed, implied or forecasted in such forward-looking statements and there is no assurance that any Shares will be purchased under the NCIB.
About KEW MEDIA GROUP INC.
KEW MEDIA GROUP is a leading publicly-listed content company that produces and distributes multi-genre content worldwide. Companies included in the KEW family are the production companies: Architect Films, Awesome Media & Entertainment, Bristow Global Media, Campfire Film & Television, Collins Avenue Productions, Essential Media Group, Frantic Films, Jigsaw Productions, Media Headquarters, Our House Media, Sienna Films and Spirit Digital Media; and the distribution companies: Kew Media Distribution and TCB Media Rights.
With primary offices in London, Los Angeles, New York, Sydney and Toronto, the KEW MEDIA GROUP companies develop, produce and distribute more than 1,000 hours of content every year, as well as distribute a library of more than 13,000 hours, to almost every available viewing platform internationally. KEW aspires to offer great content from all over the world to viewers of all ages and tastes. The Company promotes transparency, equality, respect, and inclusiveness and plans to grow with the benefit of people from a wide range of perspectives and backgrounds.
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CONTACT: Investor Relations:
KEW MEDIA GROUP INC.
Chief Executive Officer
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: ENTERTAINMENT LICENSING (ENTERTAINMENT) TV AND RADIO FILM & MOTION PICTURES GENERAL ENTERTAINMENT MOBILE ENTERTAINMENT ONLINE
SOURCE: KEW MEDIA GROUP
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PUB: 08/20/2018 04:05 PM/DISC: 08/20/2018 04:05 PM