Descartes Announces Renewed Normal Course Issuer Bid For Common Shares
WATERLOO, Ontario, Dec. 21, 2010 (GLOBE NEWSWIRE) -- Descartes Systems Group (TSX:DSG) (Nasdaq:DSGX) announced acceptance by the Toronto Stock Exchange (the "TSX") of Descartes' Notice of Intention to make a Normal Course Issuer Bid (the "NCIB"). Pursuant to the NCIB, Descartes proposes to purchase through the facilities of the TSX and/or the NASDAQ Global Select Market ("NASDAQ") or such other permitted means, from time to time, if it is considered advisable, up to an aggregate of 4,997,322 common shares of Descartes, representing approximately 10% of the public float (within the meaning of the rules of the TSX), being 49,973,220 common shares as of December 13, 2010. As of December 13, 2010, Descartes had 61,595,077 issued and outstanding common shares.
Purchases of common shares under the NCIB may commence on December 23, 2010 and will conclude on the earlier of the date on which purchases under the bid have been completed and December 22, 2011. Other than block purchase exceptions, daily purchases on the TSX will be limited to 29,868 common shares. The NCIB does not require Descartes to purchase a minimum number of shares, and it may be modified, suspended or terminated at any time without prior notice. The specific timing and amount of share purchases will vary based on market conditions, regulatory requirements and other factors. All purchases are expected to be made through the facilities of the TSX and/or NASDAQ in accordance with its respective rules and policies or through other permitted means (including through other published markets) at the prevailing market price of such shares on NASDAQ or the TSX at the time of the acquisition or as otherwise permitted. All common shares purchased by Descartes pursuant to the NCIB will be cancelled.
The Board of Directors of Descartes believes that the proposed purchases are in the best interests of Descartes and are a desirable use of Descartes' funds.
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