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McCoy Global Inc. Announces Approval of Normal Course Issuer Bid
McCoy Global Inc. Announces Approval of Normal Course Issuer Bid Canada NewsWire ...
About this update from Mccoy Global Inc.
[{"type":"text","content":"\n\n\n\nMcCoy Global Inc. Announces Approval 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\n\nCanada NewsWire\nEDMONTON, May 31, 2019\n\n\n\nEDMONTON, May 31, 2019 /CNW/ - McCoy Global Inc. (\"McCoy\", \"McCoy Global\" or \"the Corporation\") (TSX:MCB) today announced that it has received approval from the Toronto Stock Exchange (the \"TSX\") to undertake a proposed normal course issuer bid (the \"Bid\") to purchase up to 1,371,422 common shares, representing approximately 5% of the issued and outstanding common shares of McCoy.\nMcCoy's management and Board of Directors believe that the current market price of its common shares does not represent the underlying value of the Company, and has determined that the repurchase of its common shares is a desirable use of funds and in the best interests of the Company and its shareholders.\nPurchases under the Bid will be made through the facilities of the TSX or any Canadian alternative trading system. The period of the Bid will extend from June 5, 2019 to June 4, 2020, or an earlier date should McCoy complete its purchases. All common shares purchased under the Bid will be cancelled. The actual number of common shares purchased, the time of purchases, and the price at which the common shares will be acquired will depend on future market conditions.\nAs at May 23, 2019, 27,428,439 common shares of McCoy were issued and outstanding. Under the rules of the TSX and subject to certain exemptions for block purchases, the maximum number of common shares that the Company may purchase on any one trading day is 1,910 common shares, representing 25% of the average daily trading volume of 7,641 common shares for the previous six calendar months.\nThe Company previously announced a normal course issuer bid (the \"Previous Bid\") on May 30, 2018, which expires on June 4, 2019. Under the Previous Bid, as at May 23, 2019 152,400 common shares were repurchased through the facilities of the TSX and subsequently cancelled.\nAbout McCoy Global Inc. \nMcCoy Global provides equipment and technologies designed to support...