Business
Sylogist Ltd. announces normal course issuer bid and insider purchases
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About this update from Sylogist Ltd.
[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE\nSERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\n\nCALGARY, Aug. 27 /CNW/ - (TSXV - SYZ) Sylogist Ltd. ("Sylogist")\nannounced today that it is making a normal course issuer bid ("NCIB"). The\nTSXV Venture Exchange Inc. ("TSXV") has accepted Sylogist's Notice of\nIntention to have a NCIB in place. The purchases pursuant to the NCIB will be\nfor cancellation. Sylogist believes that from time to time the market price of\nthe Sylogist Common Shares may not reflect their underlying value and that, at\nsuch times, the purchase of Common Shares for cancellation will increase the\nproportionate interest of, and be advantageous to, all remaining holders of\nCommon Shares. Any purchases made by Sylogist will also afford increased\nliquidity to those holders of Common Shares of Sylogist who may wish to\ndispose of their Common Shares.\n\n\nOn August 27, 2008, there were 17,995,239 Common Shares outstanding and\nthe public float was 12,396,738 Common Shares. Under the NCIB, Sylogist may\npurchase up to 1,239,674 Common Shares, which is 10% of the public float.\nSylogist, through its broker at BMO Nesbitt Burns, will purchase the Common\nShares on the open market through the facilities of the TSXV. The price which\nSylogist will pay for any Common Shares purchased will be the prevailing\nmarket price of such Common Shares on the TSXV at the time of purchase.\nDecisions regarding purchases of Common Shares pursuant to the NCIB will be\nmade by Sylogist.\n\n\nThe NCIB will commence on September 3, 2008, and will terminate on\nSeptember 2, 2009 or at such earlier times as the NCIB is completed or\nterminated at the option of Sylogist.\n\n\nIn addition, Jim Wilson, its President, Chief Executive Officer and a\nDirector of the Company, has, through a series of transactions since May of\nthis year acquired ownership of 447,125 Common Shares of Sylogist,\nrepresenting approximately 2.5% of the issued and outstanding Common Shares of\nthe Company. These purchases, combined with the previous acquisitions and\ndispositions since October of 2004, amount to in aggregate of 4.9% of the\nissued and outstanding Common Shares of the Company. Mr. Wilson now\nbeneficially owns and controls 4,833,175 Common Shares of Sylogist, which\nrepresents ...