Blackberry 2016 Annual Report Download - page 49

Table of Contents
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and NASDAQ during the previous fiscal year are set out in the following table:
Common Shares – TSX Common Shares – NASDAQ
Month Price Range (CDN $) Average Daily Volume Price Range (US $) Average Daily Volume
March 2015 $10.93-$14.23 2,517,597 $8.59-$11.45 12,206,405
April 2015 $11.17-$12.67 1,464,493 $8.85-$10.46 7,126,611
May 2015 $11.68-$13.28 1,668,164 $9.71-$11.09 7,962,857
June 2015 $10.01-$12.40 1,796,345 $8.04-$9.94 9,887,489
July 2015 $9.30-$10.56 1,402,794 $7.15-$8.28 8,208,593
August 2015 $8.56-$10.28 1,256,211 $6.41-$7.81 6,103,417
September 2015 $8.02-$10.35 1,789,418 $5.96-$7.82 7,677,283
October 2015 $7.99-$9.94 1,321,034 $6.03-$7.56 5,389,311
November 2015 $9.50-$10.95 1,353,999 $7.15-$8.25 6,500,604
December 2015 $9.86-$13.12 2,393,709 $7.28-$9.46 9,490,353
January 2016 $9.21-$12.86 2,473,962 $6.33-$9.22 9,150,024
February 2016 $8.94-$10.67 1,660,080 $6.39-$7.89 4,816,563
In addition, the Debentures have been listed on the TSX since May 2014, under the symbol “BB.DB.U”. There is limited
trading in the Debentures. During fiscal 2016, an aggregate of $68,866,135 principal amount of Debentures was traded on only
seven days on the TSX, at prices ranging from $115.00 to $125.50.
NORMAL COURSE ISSUER BID
Pursuant to a Notice of Intention to Make a Normal Course Issuer Bid dated June 25, 2015, the Company commenced a normal
course issuer bid (“NCIB”) to purchase up to 12 million common shares of the Company, representing approximately 2.5% of
the public float of common shares outstanding as of June 22, 2015. The purpose of the NCIB is to offset dilution from the
Company’s employee share purchase plan and an amendment to the Company’s equity incentive plan increasing the number of
shares available thereunder, both as approved by the shareholders of the Company on June 23, 2015.
Daily purchases are limited to 578,619 common shares, other than block purchases. The NCIB commenced on June 29, 2015
and will terminate on June 28, 2016 or on such earlier date as the Company may complete its purchases under the NCIB.
On September 24, 2015, the Board authorized an increase in the number of common shares that may be purchased for
cancellation under the NCIB by up to 15 million common shares, subject to regulatory approval. On January 29, 2016 the
Company sought and received regulatory approval from the TSX to increase the maximum number of common shares that may
be repurchased from 12 million common shares to 27 million common shares, or 5.8% of the public float as of June 22, 2015.
The Company also announced that it had entered into an automatic purchase plan with its designated broker to allow for
purchases of up to 2,685,524 common shares in connection with the NCIB.
During the year ended February 29, 2016, the Company repurchased 12,606,978 million common shares at a cost of
approximately $93 million. All common shares repurchased by the Company pursuant to the NCIB have been canceled.
The actual number of shares to be purchased and the timing and pricing of any additional purchases under the NCIB will
depend on future market conditions and upon potential alternative uses for cash resources. There is no assurance that any
additional shares will be purchased under the NCIB and the Company may elect to modify, suspend or discontinue the program
at any time without prior notice.
DIRECTORS AND EXECUTIVE OFFICERS
As at the date hereof, the Company currently has a Board comprised of eight persons. Pursuant to a special resolution of
shareholders, the directors are authorized from time to time to increase the size of the Board and to fix the number of directors,
up to the maximum of 15 persons, as currently provided under the articles of the Company, without the prior consent of the
shareholders.
The Board has determined that each member of the Board except Mr. Chen is “independent” under the NASDAQ rules and
applicable securities law requirements.