Wi-Lan board approves normal course issuer bid for 5% of convertibles

By Jennifer Chiou

New York, Nov. 11 - Wi-Lan Inc. announced that its board has authorized a normal course issuer bid for up to C$11.5 million, or 5%, of its C$230 million of 6% extendible unsecured convertible subordinated debentures.

The notes were issued in September in connection with the company's offer to acquire Mosaid Technologies Inc., which expired on Nov. 1.

As a result of the expiration, the maturity date of the debentures will be Jan. 31, 2012.

The company said that it will cancel any acquired securities during the bid, which will take place between Nov. 15 and Jan. 31.

From Sept. 8 to Oct. 31, the average daily trading volume of the debentures on the Toronto Stock Exchange was C$3,208,405. Wi-Lan said that it may make daily purchases up to 25% of that amount - C$802,101 - subject to the weekly "block purchase" exemption.

The bid is subject to necessary regulatory approvals, according to a news release.

Ottawa-based technology company Wi-Lan develops wireless networking technologies.

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