EXFO Inc (TSX:EXF) announces a share repurchase program. Under the program, the company will repurchase up to 7,142,857 shares, representing 24.99% of its issued and outstanding shares, for CAD 30 million. The shares will be purchased at a price not less than CAD 4.20 per share and not more than CAD 4.60 per share, in increments of CAD 0.05 per share.

The purchase price paid for each share properly tendered and not withdrawn will be based on the number of shares tendered and the prices specified by shareholders making tenders, and will be the lowest price that will allow company to purchase up to CAD 30 million. Shareholders will paid in cash for shares tendered by them. All shares purchased by company will be purchased at the same price, even if shareholders have selected a lower price.

If the number of shares tendered at or below the purchase price would result in an aggregate purchase price in excess of CAD 30 million those shares will be purchased on a pro rata basis. The corporation will fund the purchases under the offer from available cash on hand. The company believes that the recent trading price of its shares does not fully reflect the value of the corporation's business and future prospects, therefore purchase of shares under the offer represents an attractive investment for company and an efficient means of providing value to its shareholders and is in the best interests of the corporation.

The offer is not conditional upon any minimum number of shares being tendered, but it is subject to certain other conditions. The offer will expire on February 13, 2015, unless withdrawn, extended or varied by the company. As of January 7, 2015, the company has 28,582,933 shares issued and outstanding and 24,111,926 shares in public float.