Tucows 2015 Annual Report Download - page 59

PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES
Price Range of Common stock
Our common stock is traded on the NASDAQ Capital Market under the symbol “TCX”. Our common stock is
also traded on the Toronto Stock Exchange under the symbol “TC”.
The following table sets forth the range of high and low sales prices for our common stock for the periods
indicated:
Year Fiscal Quarter Ended High Low
2015 March 31, 2015 19.75 17.29
June 30, 2015 29.73 17.37
September 30, 2015 32.23 22.29
December 31, 2015 28.60 19.60
2014 March 31, 2014 14.92 11.62
June 30, 2014 15.45 12.07
September 30, 2014 16.59 12.14
December 31, 2014 19.63 13.59
As of March 5, 2016, Tucows had 69 shareholders of record, excluding shareholders whose shares are held in
nominee or “street” name by brokers.
We have not declared or paid any cash dividends on our common stock during the fiscal years ended
December 31, 2015 and December 31, 2014, and we do not intend to do so in the immediate future, but we may decide to
do so in the future depending on ongoing market conditions. Our ability to pay any cash dividends on our common stock,
should our Board of Directors decide to do so, is also dependent on our earnings and cash requirements.
Purchases of equity securities by the issuer and affiliated purchasers
Modified Dutch Tender Offers:
On January 7, 2015, we successfully concluded a modified “Dutch auction tender offer” that was previously
announced in December 2014. Under the terms of the offer, we repurchased an aggregate of 193,907 shares of our
common stock at a purchase price of $18.50 per share, for a total of $3,587,280, excluding transaction costs of
approximately $70,000. The purchase price and all transaction costs were funded from available cash. All shares purchased
in the tender offer received the same price and all shares repurchased were immediately retired. As a result of the
completion of the tender offer, as of January 31, 2015, we had 11,186,028 shares issued and outstanding.
2016 Stock Buyback Program:
On February 9, 2016, the Company’s Board of Directors authorized the repurchase of up to $40 million of the
Company’s common stock at the Company’s discretion. The new $40 million buyback program commenced on February
10, 2016 and will terminate on or before February 9, 2017. Purchases for this program will be made exclusively through
the facilities of the NASDAQ Capital Market. All shares purchased by the Company under this program will be retired and
returned to treasury. The timing and exact number of common shares purchased will be at the Company’s discretion and
will depend on available cash and market conditions. The Company may suspend or discontinue the repurchases at any
time, including in the event the Company would be deemed to be making an acquisition of its own shares under Rule 13e-3
of the Exchange Act. Subject to applicable securities laws and stock exchange rules, all purchases will occur through the
open market and may be in large block purchases. The Company does not intend to purchase its shares from its
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