SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of report (Date of earliest event reported): June 7, 1999
MITEL CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Canada 1-8139 None
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(State or Other Juris- (Commission File No.) (IRS Employer
diction of Incorporation) Identification No.)
350 Legget Drive, P.O. Box 13089
Kanata, Ontario, Canada K2K 2W7
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(Address of Principal Executive Offices) (Postal Code)
Registrant's telephone number, including area code: (613) 592-2122
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. Other Events.
On June 7, 1999, Mitel Corporation (the "Company") issued a press release
reporting that its board of directors had authorized the Company to repurchase
up to 5,835,645 shares of its common stock, representing 5% of the Company's
116,712,906 issued and outstanding shares of common stock. These purchases are
expected to take place on the open market through the stock exchanges of New
York, London, Toronto and Montreal over a twelve-month period starting on June
9, 1999 and ending on June 8, 2000 or on such earlier date as the company may
complete its purchases pursuant to the notice of intention to make a normal
course issuer bid filed with the Toronto and Montreal stock exchanges. A copy of
the press release is attached to this Form 8-K as Exhibit 99.1 and is
incorporated by reference herein.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibits:
99.1 Press Release dated June 7, 1999
2
<PAGE>
Signatures:
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MITEL CORPORATION
By: /s/Jean-Jacques Carrier
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Name: Jean-Jacques Carrier
Title: Senior Vice President of Finance
and Chief Financial Officer
Date: June 11, 1999
3
EXHIBIT 99.1
Monday June 7, 12:14 pm Eastern Time
Company Press Release
Mitel Announces Stock Repurchase Program
KANATA, ONTARIO -- Mitel today announced that its Board of Directors has
authorized the repurchase of up to 5,835,645 common shares, representing five
percent of the 116,712,906 issued and outstanding common stock of the Company.
These purchases are expected to take place on the open market through the stock
exchanges of New York, London, Toronto and Montreal over a twelve-month period
starting on June 9, 1999 and ending on June 8, 2000 or on such earlier date as
the company may complete its purchases pursuant to the notice of intention to
make a normal course issuer bid filed with the Toronto and Montreal stock
exchanges.
"The board's decision reflects continuing confidence in the growth potential of
our business" said Kirk K. Mandy, Mitel CEO and President. "It also underscores
the company's commitment to increase shareholder value, including the use of its
corporate funds to repurchase stock when market conditions warrant it."
Mitel, which intends to cancel the repurchased shares, believes that at present
no director, senior officer or insider of the company intends to sell any common
shares under this program.
Headquartered near the capital city of Ottawa in Canada, Mitel (NYSE:MLT - news;
TSE:MLT - news) is a global designer, manufacturer and marketer of networked
systems and specialty semiconductors for the communications industry. Mitel
Communications Systems provides enterprises with voice and data communications
systems; complete private networks including remote teleworking solutions;
unified messaging and call-center applications; CTI systems and applications;
and it supplies competitive carriers with public network access products. Mitel
Semiconductor specializes in connectivity solutions for the communications and
medical industries with a product range which includes components for both wired
and wireless networks; microelectronics for enabling the convergence of voice
and data; optoelectronic devices for high-speed Internet systems; and
applications-specific integrated circuits (ASICs) for medical applications such
as pacemakers and hearing aids.
Contact:
Mitel Corporation
Connie Cochran
Investor & Public Relations
(613) 592-2122
(613) 592-4170
E-mail: [email protected]
Website: www.mitel.com
