Courtesy of Benzinga.
SMART Technologies Inc. (Nasdaq: SMT) today announced that its Board of Directors has approved a share repurchase plan and normal course issuer bid. Under the terms of the plan and subject to the receipt of regulatory approval from the Canadian securities administrators, SMART is authorized to purchase up to 4,000,000 of its Class A Subordinate Voting Shares, or approximately 9% of its public float of 41,612,849 Class A Shares in the open market at prevailing market prices over a 12-month period commencing August 25, 2011 and ending August 24, 2012, as conditions warrant. As of August 18, 2011, there were 44,308,596 Class A Shares issued and outstanding.
The share repurchase program is intended to be effected in accordance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934, which contains restrictions on the number of shares that may be purchased on a single day, subject to certain exceptions for block purchases, based on the average daily trading volumes of the Class A Shares on NASDAQ.
