On December 18, 2008, EXFO Electro-Optical Engineering Inc. announced the final results of its "modified Dutch-auction" type substantial issuer bid to purchase for cancellation $30 million of its subordinate voting shares, which expired on December 16, 2008. EXFO confirmed that it had taken up and accepted for purchase and cancellation a total of 7,692,307 subordinate voting shares validly tendered to the Offer, for a total cost of $30 million. These 7,692,307 subordinate voting shares represent approximately 25.1% of the company's subordinate voting shares outstanding as of December 16, 2008. After giving effect to the purchase of the subordinate voting shares, EXFO will have approximately 22,926,984 subordinate voting shares outstanding. EXFO's normal course issuer bid, which was suspended with the announcement of the Offer, is expected to resume on January 19, 2009. EXFO was advised on this transaction by a team from Fasken Martineau that included Peter Villani, Frédéric Boucher and Jean-Michel Lapierre (securities) and Alain Ranger (tax) assisted by student-at-law Caitlin Rose.