On Friday, Tucows announced the reinstatement of the stock buyback program that the company had previously put on suspension. The suspension was enacted when Tucow undertook its most recent Dutch Auction Tender, which was completed on January 20, 2012. The buyback program allows Tucows to repurchase its outstanding common shares.
Tucows, an Internet services company, manages millions of domain name and email boxes through its network of 12,000 web hosts and ISPs. The company controls subsidiaries Hover, Ting.com, and YummyNames, which deal in the sale of domain names and provision of mobile phone service.
The buyback program stipulates that Tucows is able to repurchase up to 3,840,000 shares of its common stock. This is equal to 10% of the public float of Tucows when the program had originally started. Any purchases made on the TSX may only total up to 1,000 shares per daily trading session.
Tucows does not intend to purchase its shares from its management team or other insiders, however sales by such persons through the facilities of NYSE AMEX or the TSX may occur if the circumstances of any such person or entity change or any such person or entity makes a decision unrelated to these normal course purchases.
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