Business
Intouch Insight Ltd. announces annual renewal of normal course issuer bid
Intouch Insight Ltd. announces annual renewal of normal course issuer bid Intouch ...
About this update from Intouch Insight Ltd.
[{"type":"text","content":"\n\n\n\nIntouch Insight Ltd. announces annual renewal of normal course issuer bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nIntouch Insight Ltd. announces annual renewal of normal course issuer bid\nCanada NewsWire\nOTTAWA, Dec. 2, 2016\n\n\n\nOTTAWA, Dec. 2, 2016 /CNW/ - Intouch Insight Ltd. (\"Intouch\" or the \"Company\") (TSXV: INX) announced today that the Board of Directors authorized the annual renewal of the Company's normal course issuer bid (the \"Bid\", or \"NCIB\"), subject to the approval of the TSX Venture Exchange (\"TSXV\").\n\nUnder its current NCIB, which entered into effect on December 17, 2015 and is set to expire on December 17, 2016, Intouch has repurchased, as of December 3, 2016, 395,500 common shares at an average price of $0.39 per share. All repurchased common shares have been cancelled.\n\nUnder the renewed NCIB the Company may, over a twelve-month period, purchase for cancellation a maximum of 736,000 common shares representing approximately 5% of its current 14,729,478 common shares outstanding. No more than 2% being 295,000 common shares may be purchased in any 30-day period.\n\nFuture repurchase decisions will be based on market conditions, share price and other factors at Management's discretion.\n\nThe Company has appointed Leede Jones Gable Inc., a Member of the TSXV, as the broker that will conduct the Bid on behalf of Intouch. The Bid is expected to commence on December 17, 2016, and will terminate on December 16, 2017, or on such earlier date as the Bid is complete or at the option of Intouch. \n\nThe Bid will be made through the facilities of the TSXV and the purchase and payment for the securities will be made in accordance with TSXV requirements at the market price of the common shares at the time of acquisition. All common shares purchased by Intouch under the Bid will be cancelled.\n\n\"Management of Intouch continues to believe that the current market price of the Company's common shares may not reflect their underlying value given the ongoing investment in new products and future potential of the company.\...