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RDM Corporation Announces TSX Acceptance of Normal Course Issuer Bid
WATERLOO, ON, May 9 /PRNewswire-FirstCall/ - RDM Corporation (TSX: RC), a leading developer of specialized software and hardware products for electronic payment processing, announced today a Notice of Intention to make a Normal Course Issuer Bid (the "Bid") has been filed with and accepted by the Toronto Stock Exchange (the "TSX"). Pursuant to the Bid, RDM may purchase of up to 1,074,391 common shares, representing approximately 5 per cent of the issued and outstanding common shares as of May 1, 2008. The purchases may commence on May 13, 2008 and will terminate on May 12, 2009, or on such earlier date that RDM completes its permitted purchases pursuant to the Notice or provides notice of termination of the Bid. All purchases will be made through the facilities of the TSX at prevailing market prices in accordance with regulatory requirements. Subject to any block purchases made in accordance with TSX rules, RDM will be subject to a daily repurchase restriction of 8,168 common shares. RDM will cancel any common shares purchased pursuant to the normal course issuer bid.
RDM's Board of Directors believes the Company's common shares are currently an attractive investment and that normal course purchases at recent market prices represent an attractive investment and a desirable use of its available funds. As at May 1, 2008, the Company had 21,487,826 issued and outstanding common shares.
About RDM Corporation
RDM Corporation is headquartered in Waterloo, Ontario and trades on the Toronto Stock Exchange under the symbol RC. RDM is a leading provider of specialized software and hardware products for electronic payment processing. RDM has pioneered electronic check conversion systems and web based image and transaction management services for banks, retailers, payment processors and government agencies as well as print quality control and image quality systems for a variety of global customers. For further information, visit RDM's website at www.rdmcorp.com.
SOURCE RDM Corporation