Source: Stingray Group Inc.
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  • Stingray Group (RAY.A) has received approval to renew its normal course issuer bid
  • Between September 27, 2022, and September 26, 2023, Stingray will repurchase up to 2,868,124 subordinate voting shares and variable subordinate voting shares
  • Stingray believes that the NCIB will benefit shareholders by increasing their equity interest in the company’s assets
  • As of September 13, 2022, Stingray had repurchased a total of 1,409,900 subordinate shares under its previous NCIB
  • Stingray Group Inc. is a leading global music, media and technology company
  • Stingray Group Inc. (RAY.A) opened trading at C$5.36 per share

Stingray Group (RAY.A) has received approval to renew its normal course issuer bid.

Stingray will repurchase up to a total of 2,868,124 subordinate voting shares and variable subordinate voting shares, representing approximately 10 per cent of the public float as of September 13, 2022.

In accordance with TSX requirements, Stingray is entitled to purchase a maximum of 9,404 subordinate shares per trading day.

Stingray believes that the NCIB will benefit shareholders by increasing their equity interest in the company’s assets.

Stingray may repurchase subordinate shares between September 27, 2022, and September 26, 2023.

All shares repurchased under the NCIB will be cancelled upon their repurchase.

Stingray believes that the NCIB will benefit shareholders by increasing their equity interest in the company’s assets.

Stingray has established an automatic securities purchase plan with a designated broker. Under the automatic securities purchase plan, Stingray may ask the designated broker to make purchases under the NCIB. The automatic securities purchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.

As of September 13, 2022, Stingray had repurchased a total of 1,409,900 subordinate shares through the facilities of the TSX as well as through other alternative Canadian trading systems pursuant to its last NCIB (which will expire on September 26, 2022, and allows the repurchase of up to 3,222,901 Subordinate Shares) at a weighted average price of $6.7729 per share. As of the close of business on September 13, 2022, a total of 51,774,302 Subordinate Shares were issued and outstanding.

Stingray Group Inc. is a leading global music, media and technology company.

Stingray Group Inc. (RAY.A) opened trading at C$5.36 per share.


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