Business
Sylogist Announces Intention to Make a Normal Course Issuer Bid
Calgary, Alberta--(Newsfile Corp. - November 15, 2022) - Sylogist Ltd.  (TSX: SYZ) ...
About this update from Sylogist Ltd.
[{"type":"text","content":"Sylogist Announces Intention to Make a Normal Course Issuer BidCalgary, Alberta--(Newsfile Corp. - November 15, 2022) - Sylogist Ltd. (TSX: SYZ) (\"Sylogist\" or the \"Company\"), a leading public sector SaaS company, announced today that the Toronto Stock Exchange (\"TSX\") has accepted its Notice of Intention to make a Normal Course Issuer Bid (\"NCIB\") in place effective November 17, 2022. Sylogist believes that from time to time the market price of the Sylogist Common Shares may not reflect their underlying or intrinsic value and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining holders of Common Shares.As of the date hereof, there are 23,915,877 Common Shares issued and outstanding, 22,811,771 of which shares constitute the public float. Under the NCIB, Sylogist is permitted to purchase up to 2,281,177 Common Shares, which is 10% of the public float. The average daily trading volume (\"ADTV\") for the six months prior to date of the NCIB (being May-October 2022) was 33,369 Common Shares and the daily purchase limit under the NCIB (being 25% of the ADTV) will be 8,342 Common Shares. Sylogist, through its broker at BMO Nesbitt Burns, will purchase the Common Shares on the open market through the facilities of the TSX and/or alternative Canadian trading systems. The price which Sylogist will pay for any Common Shares purchased will be the prevailing market price of such Common Shares at the time of purchase. Decisions regarding purchases of Common Shares pursuant to the NCIB will be made by Sylogist. The Common Shares acquired pursuant to the NCIB will be cancelled. The NCIB, if approved, will terminate on the earlier of: (i) November 16, 2023; or (ii) when permitted purchases thereunder are completed. Sylogist may otherwise elect to terminate the NCIB at any time.About SylogistSylogist provides mission-critical SaaS solutions to over 2,000 public sector customers globally across the government, nonprofit, and education verticals. The Company's stock is traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, inclusive of full financial statements together with Management's Discussion and Analysis, can be found at www.sylogist.com. This press release is not for distribution to United Sta...