Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Stingray Group Inc.
  6. News
  7. Summary
    RAY.A   CA86084H1001

STINGRAY GROUP INC.

(RAY.A)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Stingray : Renews Its Normal Course Issuer Bid

09/21/2021 | 07:01am EST

MONTREAL, Sept. 21, 2021 (GLOBE NEWSWIRE) -- Stingray Group Inc (TSX: RAY.A; RAY.B) (“Stingray”), a leading music, media and technology company, today announced that the Toronto Stock Exchange (“TSX”) has approved the renewal of its normal course issuer bid (“NCIB”), authorizing Stingray to repurchase up to an aggregate 3,222,901 subordinate voting shares and variable subordinate voting shares (collectively, “Subordinate Shares”), representing approximately 10% of the public float of Subordinate Shares as at September 13, 2021.

The net average daily trading volume for the six-month period preceding September 1, 2021 represents 48,521 Subordinate Shares. In accordance with TSX requirements, Stingray is entitled to purchase, on any trading day, up to a total of 12,130 Subordinate Shares representing 25% of this average daily trading volume.

Stingray believes that the purchase of up to 3,222,901 Subordinate Shares under the NCIB is an appropriate use of its funds and a desirable investment for Stingray and, therefore, would be in the best interests of Stingray. By making such repurchases, the number of Subordinate Shares in circulation will be reduced and the proportionate interest of all remaining shareholders in the share capital of Stingray will be increased on a pro rata basis.

Stingray may repurchase Subordinate Shares on the open market through the facilities of the TSX as well as through other alternative Canadian trading systems, from time to time, over the course of twelve months commencing September 27, 2021 and ending at the latest on September 26, 2022.

The actual number of Subordinate Shares purchased under the NCIB, the timing of purchases and the price at which the Subordinate Shares are bought will depend upon management discretion based on factors such as market conditions. All shares repurchased under the NCIB will be cancelled upon their repurchase.

In connection with the NCIB, Stingray has established an automatic securities purchase plan with a designated broker whereby shares may be repurchased at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self-imposed blackout periods. Under the automatic securities purchase plan, before entering a self-imposed blackout period, Stingray may, but is not required to, ask the designated broker to make purchases under the NCIB. Such purchases will be made at the discretion of the designated broker, within parameters established by Stingray prior to the blackout periods. Outside the blackout periods, purchases are made at the discretion of Stingray’s management. The automatic securities purchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.

As of September 13, 2021, Stingray had repurchased a total of 2,508,180 Subordinate Shares pursuant to its last NCIB (which will expire on September 24, 2021 and allows the repurchase of up to 3,485,155 Subordinate Shares) at a weighted average price of $6.9355 per share. As of the close of business on September 13, 2021, there were an aggregate of 53,259,202 Subordinate Shares issued and outstanding.

About Stingray
Montreal-based Stingray Group Inc. is a leading global music, media and technology company with over 1,000 employees worldwide. Stingray is a premium provider of curated direct-to-consumer and B2B services, including audio television channels, over 100 radio stations, SVOD content, 4K UHD television channels, FAST channels, karaoke products, digital signage, in-store music, and music apps, which have been downloaded over 160 million times. Stingray reaches 400 million subscribers (or users) in 160 countries. For more information: www.stingray.com.

Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's Annual Information Form for the year ended March 31, 2021, which is available on SEDAR at www.sedar.com. Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Contact Information:

Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray Group Inc.
(514) 664-1244, ext. 2362
mpeloquin@stingray.com


Primary Logo

Source: Stingray Group Inc.

2021 GlobeNewswire, Inc., source Press Releases

All news about STINGRAY GROUP INC.
11/29Stingray Partners with Hivestack to Power Audio Out of Home in Canada
CI
11/09TRANCHE UPDATE ON STINGRAY GROUP INC : RAY.A)'s Equity Buyback Plan announced on September..
CI
11/09Stingray Group Inc. Reports Earnings Results for the Second Quarter and Six Months Ende..
CI
11/09Stingray Group Inc. Declares Dividend, Payable on or Around December 15, 2021
CI
11/09Stingray Reports Second Quarter 2022 Results
AQ
10/27Stingray Teams Up with 8 Streaming Partners to Launch Ad-Supported TV Channels, SVOD, A..
MT
10/27Stingray Launches Ad-Supported TV Channels and Premium SVOD and AVOD Services
CI
10/27Stingray Accelerates Pivot to Streaming by Launching with 8 Streaming Partners Worldwid..
AQ
10/19Stingray Group Increases, Extends Credit Facilities; Falls Nearly 1% in Early Frankfurt..
MT
10/19Stingray Successfully Completes Long Term Refinancing of Credit Facilities Providing Fl..
GL
More news
Analyst Recommendations on STINGRAY GROUP INC.
More recommendations
Financials
Sales 2022 284 M 221 M 221 M
Net income 2022 37,2 M 28,9 M 28,9 M
Net Debt 2022 332 M 258 M 258 M
P/E ratio 2022 12,3x
Yield 2022 4,29%
Capitalization 494 M 386 M 385 M
EV / Sales 2022 2,91x
EV / Sales 2023 2,58x
Nbr of Employees 1 000
Free-Float 61,5%
Chart STINGRAY GROUP INC.
Duration : Period :
Stingray Group Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends STINGRAY GROUP INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 6
Last Close Price 6,99 CAD
Average target price 8,83 CAD
Spread / Average Target 26,4%
EPS Revisions
Managers and Directors
Eric Boyko President, Chief Executive Officer & Director
Jean-Pierre Trahan Chief Financial Officer
Mark L. Pathy Non-Executive Chairman
Mario Dubois Chief Technology Officer & Senior VP
Pascal R. Tremblay Independent Non-Executive Director
Sector and Competitors
1st jan.Capi. (M$)
STINGRAY GROUP INC.6.07%386
SIRIUS XM HOLDINGS INC.-2.51%24 837
CORUS ENTERTAINMENT INC.12.62%768
AUDACY, INC.-1.62%354
HT&E LIMITED-8.65%326
CUMULUS MEDIA INC.40.14%222