EXHIBIT 99.2
Press Release:
Mitel Continues Stock Repurchase Program
OTTAWA, CANADA, June 5, 2000 - Mitel Corporation's (NYSE/TSE:MLT) Board of
Directors have authorized the continuation of its normal course issuer bid
program to repurchase up to 5,706,196 common shares, representing five percent
of the 114,123,921 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 and Toronto over a twelve-month period beginning on June
9, 2000 and ending on June 8, 2001, 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 Stock Exchange.
During the period from June 9, 1999 to June 5, 2000, Mitel repurchased and
cancelled 3,383,800 common shares at an average purchase price of $10.07 per
common share under its normal course issuer bid program that expires on June 8,
2000.
"The continuation of the normal course issuer bid program reflects Mitel's
confidence that the repurchase of its stock is a sound investment for its
corporate funds and supports the Company's commitment to increase shareholder
value," said Kirk K. Mandy, president and CEO, Mitel Corporation.
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.
Mitel Corporation is a growing global provider of communications systems and
semiconductors for converging voice and data networks in a rapidly evolving
Internet economy. Mitel generates annual revenue of $1.4 billion and employs
6,000 people worldwide.
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For further information contact:
Jacques Guerette Mike McGinn
Corporate Communications Investor Relations
613 592-2122 613 592-2122
[email protected] [email protected]
