Business
Calian Announces Intention to Launch Normal Course Issuer Bid
OTTAWA, ON / ACCESSWIRE / August 18, 2023 / Calian® Group Ltd. ("Calian" or the "Company") ...
About this update from Calian Group Ltd.
[{"type":"text","content":"Calian Announces Intention to Launch Normal Course Issuer BidOTTAWA, ON / ACCESSWIRE / August 18, 2023 / Calian® Group Ltd. (\"Calian\" or the \"Company\") (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, announces today that, subject to the approval of the Toronto Stock Exchange (\"TSX\"), it intends to launch a normal course issuer bid (\"NCIB\") to purchase for cancellation up to 10% of its public float of common shares (the \"Calian Shares\"). The Company intends to file a notice of intention (the \"Notice\") with the TSX in this regard.\"We believe that the market price of the Calian Shares no longer reflects their underlying value, and significantly undervalues the Company's future growth prospects. Accordingly, the Company intends to put in place a NCIB to facilitate the purchase of Calian Shares to enhance shareholder value,\" said Kevin Ford, Calian's Chief Executive Officer.The NCIB is expected to commence after the TSX has accepted the Notice and will continue for up to one year, unless earlier terminated. Subject to any required regulatory approvals, purchases under the NCIB may be made through the facilities of the TSX, and/or alternative Canadian trading platforms or by such other means as may be permitted by the applicable securities regulator, at prevailing market rates. The actual number of Calian Shares purchased under the NCIB, and the timing of such purchases (if any), will be determined by management of the Company, subject to applicable law and the rules of the TSX. Any Calian Shares purchased by the Company pursuant to the NCIB will be cancelled.From time to time, when the Company does not possess material non-public information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the repurchase of Calian Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the Company's broker will be adopted in accordance with applicable laws.About CalianWe keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integ...