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Press release from CNW Group


Wednesday, March 02, 2011

DHX MEDIA ANNOUNCES NORMAL COURSE ISSUER BID08:55 EST Wednesday, March 02, 2011www.dhxmedia.comTSX: DHXHALIFAX, March 2 /CNW/ - DHX Media Ltd (TSX: DHX), a leading independent international producer and distributor of mostly children's television programming and interactive content announces that it has been authorized to purchase at market price up to 3,629,576 common shares of the Company being approximately 10% of its public float of 36,295,762 common shares as of February 28, 2011, and representing approximately 5.9% of its issued share capital, by way of a normal course issuer bid (the "Bid") through the facilities of the Toronto Stock Exchange (TSX). As of February 28, 2011, there were 61,617,565 common shares issued and outstanding. DHX is making the bid to reduce the number of outstanding shares in the corporation and to improve earnings per share.  The Bid will commence on March 4, 2011, and end no later than March 3, 2012, observing the purchasing restrictions during 'black out' or 'close' periods. The Company intends to implement an automatic share purchase plan to allow it to purchase shares under the Bid while in such 'black out' or 'close' periods.  The Bid will be funded from the Company's existing cash resources. Any shares purchased under the Bid will be cancelled. The TSX rules permit DHX to purchase daily, through TSX facilities, a maximum of approximately 26,467 common shares under the Bid, being 25% of the average daily trading volume of 105,870 over the last six months.David Regan, Executive Vice-president, Corporate Development and Investor Relations commented, "While DHX Media continues to pursue value enhancing acquisition opportunities, the board has approved a limited amount of our current cash balance be allocated to buy back shares at points when they become undervalued.  We do not expect this normal course issuer bid to limit DHX Media's growth prospects."In the opinion of the Company's board of directors and senior management, DHX shares may occasionally trade in a price range which does not adequately reflect the value of underlying assets based on the Company's business and financial position. Consequently, the Company may, from time to time, purchase common shares of the Company under the Bid. DHX has not purchased any shares of the Company pursuant to a normal course issuer bid during the preceding 12 months.About DHX Media Ltd.DHX Media Ltd. is a leading international leader in television production and distribution, interactive content and entertainment licensing, with an emphasis on children, family and youth markets. With offices in Toronto, Halifax, Vancouver and Los Angeles and three award-winning production facilities, including the recently acquired Wildbrain Entertainment, DHX Media is the producer or co-producer of over 40 original television series and maintains a library of over 2,300 half-hours of television productions that spans both animated and live action programming.   Live action series include That's So Weird, How to be Indie and This Hour Has 22 Minutes; animated series include Animal Mechanicals, Kid vs Kat, dirtgirlworld, Franny's Feet, Martha Speaks and new preschool show Rastamouse. DHX Media Ltd. shares are listed on the TSX, the Toronto Stock Exchange.  www.dhxmedia.comDisclaimerThis press release contains forward looking statements with respect to the Company. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, such statements involve risks and uncertainties and are based on information currently available to the Company. Actual results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause actual results or events to differ materially from current expectations, among other things, include risks related to market factors, customer contract interpretation, application of accounting policies and principles, and production related risks, and other factors discussed in materials filed with applicable securities regulatory authorities from time to time including matters discussed under "Risk Factors" in the Company's short form prospectus dated April 9, 2010 and in the Company's Amended Annual Information Form incorporated by reference therein. These forward-looking statements are made as of the date hereof, and the Company assumes no obligation to update or revise them to reflect new events or circumstances.For further information: DHX Media Ltd.  +1 902-423-0260 David A. Regan - EVP, Corporate Development & IR