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Sylogist Ltd. Announces Intention to Make a Normal Course Issuer Bid
Sylogist Ltd. Announces Intention to Make a Normal Course Issuer Bid Canada NewsWi...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\nSylogist Ltd. Announces Intention to Make a 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, AB, July 9, 2020\n\n\n\nCALGARY, AB, July 9, 2020 /CNW/ - Sylogist Ltd. (\"Sylogist\" or the \"Company\") - (TSXV: SYZ), a provider of enterprise information management solutions, announced today that it intends to give the TSX Venture Exchange Inc. (\"TSXV\") its Notice of Intention to have a normal course issuer bid (\"NCIB\") in place effective July 15, 2020. The NCIB will commence only on acceptance and approval of the TSXV. 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.\n\n \n \n \n \n \n \n\n \nAs of the date hereof, there are 23,766,644 Common Shares issued and outstanding, 21,412,283 of which shares constitute the public float. Under the NCIB, Sylogist is seeking approval to purchase up to 2,141,228 Common Shares, which is 10% of the public float. Sylogist, through its broker at BMO Nesbitt Burns, will purchase the Common Shares on the open market through the facilities of the TSXV. The price which Sylogist will pay for any Common Shares purchased will be the prevailing market price of such Common Shares on the TSXV at the time of purchase. Decisions regarding purchases of Common Shares pursuant to the NCIB will be made by Sylogist. The NCIB, if approved, will terminate on the earlier of: (i) one year from inception; or (ii) when permitted purchases thereunder are completed. Sylogist may otherwise elect to terminate the NCIB at any time.\nAbout Sylogist\nSylogist is a software company that, through strategic acquisitions, investments and operations management, provides comprehensive, mission-critical ERP and CRM solutions, including fund accounting, case management, grant management and payroll, to public servic...