Business
CIBT Provides Update on Its Normal Course Issuer Bid (Share Buy-Back)
VANCOUVER, BC / ACCESSWIRE / November 9, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MB...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT Provides Update on Its Normal Course Issuer Bid (Share Buy-Back)VANCOUVER, BC / ACCESSWIRE / November 9, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) (\"CIBT\" or the \"Company\") is pleased to provide an update on the Company's normal course issuer bid (\"NCIB\"). From March 12, 2020, to November 2, 2020, the Company purchased 2,122,200 of its common shares through a normal course issuer bid at a weighted average price of $0.55 per share. These purchases were effected through the TSX and other Canadian market places/alternative market places. The Company has cancelled an aggregate of 9,128,800 common shares purchased through its NCIB since 2015, including the shares referred to above.\"This year has been a turbulent one with the global economy facing a headwind of economic uncertainty,\" said Toby Chu, Chairman, President, and Chief Executive Officer of CIBT Education Group. \"Despite the harsh environment, we continue to believe in the underlying fundamentals of our businesses, and as a result, we spent the better part of 2020 buying back a total of 2,122,200 common shares in CIBT. By doing so, our shareholders will benefit from a reduced share count and a larger ownership percentage in our company.\"CIBT management remains confident in the business model, its prospects and earning potential. Management has adjusted operations by modifying its education delivery format, re-engaged the domestic student market for rental accommodations and diversified its customer base. During the year, CIBT and its subsidiary limited partnerships raised nearly $29 million, completed $203 million in mortgage and construction financing, and bought two more buildings at a discounted market price.\"We did not shy away from continuing to invest in the growth of CIBT this year,\" continued Toby Chu. \"By having readily available cash to deploy, we were able to take advantage of discounted real estate and expand our growing housing portfolio. Our five-year plan is to continue acquiring properties in Metro Vancouver with a target to achieve a $3 billion portfolio by 2025.\"About CIBT Education Group:CIBT Education Group Inc. is one of the largest education, and student housing investment companies in Canada, focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rent...