Business
Enterprise Group Announces Renewal of Normal Course Issuer Bid
St. Albert, Alberta--(Newsfile Corp. - August 24, 2023) - Enterprise Group, Inc. (TSX: E) ("...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Enterprise Group Announces Renewal of Normal Course Issuer BidSt. Albert, Alberta--(Newsfile Corp. - August 24, 2023) - Enterprise Group, Inc. (TSX: E) (\"Enterprise\" or the \"Company\") announces that the Toronto Stock Exchange (\"TSX\") has accepted its notice of intention to renew its normal course issuer bid to purchase outstanding common shares of the Company (\"Shares\") on the open market in accordance with the rules of the TSX.The Company is authorized to purchase up to 2,932,361 Shares under the normal course issuer bid, representing 10% of its public float, as of August 16, 2023. As of that date, there were 49,694,874 Shares issued and outstanding. The average daily trading volume of the Shares for the six months ended July 31, 2023, calculated in accordance with the rules of the TSX, was 31,551 Shares. Enterprise is subject to a daily repurchase limit of 25% of such volume, being 7,887 Shares, except where such purchases are made in accordance with the block purchase exemption under TSX rules.Enterprise intends to renew the normal course issuer bid effective August 30, 2023 and continue the bid until August 29, 2024 or such earlier time as the bid is completed or terminated at the option of the Company. All Shares purchased under this bid will be purchased in the open market through the facilities of the TSX or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled. During the past 12 months, the Company has purchased an aggregate of 2,326,000 Shares (of a maximum of 2,401,064 Shares) at a weighted average price of $0.42 per Share. Enterprise's Board of Directors has authorized the normal course issuer bid as it is believed that the purchase of the Shares pursuant to the normal course issuer bid is in the best interest of shareholders as the Shares may become available at prices that make an attractive investment and appropriate use of the Company's funds.About Enterprise Group, Inc.Enterprise Group, Inc is a consolidator of services-including specialized equipment rental to the energy/resource sector. The Company works with particular emphasis on systems and technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for itself and its clients. The Company is well known to local Tier One and inter...