Zarlink announces 6% convertible debenture buyback program

By Jennifer Chiou

New York, Oct. 23 - Zarlink Semiconductor Inc. announced that the Toronto Stock Exchange has approved a notice of intention to repurchase for cancellation up to C$7.87 million of its 6% convertible unsecured subordinated debentures.

The amount makes up 10% of its public float of C$78.65 million of notes as of Wednesday.

Zarlink said it plans to repurchase up to 10% of its public float of convertibles using available cash during a 12-month period until Oct. 26, 2009.

The company added that the average daily trading volume of Zarlink's convertibles over the last six complete calendar months was C$67,509 in aggregate principal amount. Under the stock exchange's rules, Zarlink may purchase up to 25% of that amount, or C$16,877, per trading day.

Located in Ottawa, Zarlink designs, manufactures and distributes semiconductors in Europe, Asia Pacific, the United States and Canada.

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