Business
Sylogist Ltd. announces normal course issuer bid
/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEM...
About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE\n SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\nCALGARY, Sept. 13, 2011 /CNW/ - (TSXV: SYZ) Sylogist Ltd. (\"Sylogist\") announced today that the TSX Venture Exchange Inc. (\"TSXV\") has accepted Sylogist's Notice of Intention to have a normal course\n issuer bid (\"NCIB\") in place.  The purchases pursuant to the NCIB will be for\n cancellation.  Sylogist believes that from time to time the market\n price of the Sylogist Common Shares may not reflect their underlying\n value and that, at such times, the purchase of Common Shares for\n cancellation will increase the proportionate interest of, and be\n advantageous to, all remaining holders of Common Shares.  Any purchases\n made by Sylogist will also afford increased liquidity to those holders\n of Common Shares of Sylogist who may wish to dispose of their Common\n Shares.\n\n\nAs of the date hereof, there are 19,684,699 Common Shares issued and\n outstanding, 12,145,106 of which shares constitute the public float.\n Under the NCIB, Sylogist may purchase up to 1,214,510 Common Shares,\n which is 10% of the public float. Sylogist, through its broker at BMO\n Nesbitt Burns, will purchase the Common Shares on the open market\n through the facilities of the TSXV.  The price which Sylogist will pay\n for any Common Shares purchased will be the prevailing market price of\n such Common Shares on the TSXV at the time of purchase.  Decisions\n regarding purchases of Common Shares pursuant to the NCIB will be made\n by Sylogist.\n\n\nThe NCIB will commence on September 15, 2011, and will terminate on\n September 14, 2012 or at such earlier times as the NCIB is completed or\n terminated at the option of Sylogist. Sylogist previously purchased\n 1,015,900 Common Shares pursuant to a normal course issuer bid which\n commenced on September 13, 2010 and concluded on September 12, 2011.\n The average price paid for such Common Shares was $2.02.\n\n\nAbout Sylogist\n\n\nSylogist provides IP technology solutions to public and private sector\n customers.  The Company's stock is traded on the TSX Venture Exchange\n under the symbol \"SYZ\".\n\n\n- Neither the TSX Venture Exchange nor its Regulation Services Provider\n (as that term is defined in the policies of the TSX Venture...