May 20 2010
QLT Inc. (Nasdaq:QLTI) (TSX:QLT) ("QLT" or the "Company") today announced that, subject to regulatory approval, the Board of Directors has approved an increase in the number of common shares that QLT may purchase under its normal course issuer bid over the twelve month period that commenced on November 3, 2009, from 2,731,534 common shares, representing 5% of the outstanding common shares on October 28, 2009, to 4,700,060 common shares, representing 10% of the public float as at that date. The increase represents up to an additional 1,968,526 common shares available for purchase under the bid. The bid will terminate on November 2, 2010.
"We are pleased to announce that we will increase our share repurchase program to approximately 9% of our outstanding shares," stated Bob Butchofsky, President and Chief Executive Officer of QLT. "This increase reflects our continued confidence in our future cash flows and ocular pipeline."
QLT has filed with the Toronto Stock Exchange ("TSX") an amendment to its notice of intention to conduct a normal course issuer bid through the facilities of the TSX and the NASDAQ Stock Market ("NASDAQ"), which was originally approved by the TSX on October 28, 2009. The ability to make certain purchases under the amended bid through the NASDAQ is subject to QLT obtaining exemptive relief from the Canadian securities regulatory authorities. The price that QLT will pay for any common shares repurchased will be the market price of such shares on the TSX or NASDAQ, as the case may be, at the time of acquisition. QLT will make no purchases of common shares other than open-market purchases. The purchases will be made by QLT in accordance with TSX Rules and Policies and Rule 10b-18 of the U.S. Securities Exchange Act of 1934, as amended. In accordance with TSX Rules, daily purchases made by QLT on the TSX will not exceed 14,433 common shares, or 25% of QLT's average daily trading volume of 57,732 common shares on the TSX for the six calendar months preceding the date of the acceptance of the original notice, subject to certain prescribed exemptions. Rule 10b-18 contains similar restrictions on daily purchases that may be made by QLT on NASDAQ based on the average daily trading volume of QLT's common shares on NASDAQ, subject to certain exemptions for block purchases. The actual number of common shares that may be purchased pursuant to the normal course issuer bid and the timing of any such purchases will be determined by QLT in the context of the market at the time, subject to compliance with applicable law. All common shares purchased pursuant to the normal course issuer bid will be cancelled.
In accordance with TSX Rules, "public float" is the Company's outstanding common shares as at October 28, 2009, less any shares held by the Company's senior officers and directors and by shareholders that own 10% or more of the common shares as at that date. Since the commencement of the bid, QLT has purchased an aggregate of 1,475,390 common shares at an average price of US$5.09 per share, for a total cost of US$7.5million. As at October 28, 2009 and May 19, 2010, there were 54,630,692 common shares and 53,193,356 common shares of QLT issued and outstanding, respectively.
AGM Presentation Webcast Information
QLT Inc. will hold its annual general meeting of shareholders ("AGM") today, May 20, 2010 at 10:00 a.m. PT in Vancouver, British Columbia. The presentation of the Company's President and Chief Executive Officer at the AGM will be recorded and replayed via the Internet at www.qltinc.com after 2:00 p.m. PT.