Business
Tecsys Announces Intention to Buy Back Shares under a Normal Course Issuer Bid
Tecsys Announces Intention to Buy Back Shares under a Normal Course Issuer Bid Canada N...
About this update from Tecsys Inc.
[{"type":"text","content":"\n \n \n \n Tecsys Announces Intention to Buy Back Shares under a Normal Course Issuer Bid\n \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 Canada NewsWire\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n Sept. 12, 2023\n \n \n /CNW/ -- Tecsys Inc. (\"Tecsys\" or the \"Company\") (TSX: TCS) announces that the Toronto Stock Exchange (the \"TSX\") has accepted its notice of intention to make a normal course issuer bid (\"NCIB\").\n \n \n \n \n \n \n \n \n \n Tecsys believes that the market value of its common shares (\"Shares\") may not always fully reflect the full value of the Company and, in such circumstances, purchases under the NCIB may represent an appropriate and desirable use of its available funds. Such purchases will increase the proportional share interest of those shareholders who retain their Shares. Any purchases made by Tecsys under the NCIB will be made by Tecsys at the prevailing market price at the time of acquisition, plus brokerage fees, through the facilities of the TSX and/or alternative Canadian trading systems.\n \n \n Pursuant to the NCIB, during the twelve-month period commencing\n \n September 14, 2023\n \n and ending\n \n September 13, 2024\n \n , Tecsys intends to purchase up to 500,000 Shares, which represents 3.4% of its 14,694,143 issued and outstanding Shares as of\n \n September 1\n \n , 2023.  Under the NCIB, other than purchases made under block purchase exemptions, Tecsys may purchase up to 3,572 Shares on the TSX during any trading day, which represents 25% of 14,288, being the average daily trading volume for the six months ended\n \n August 31, 2023\n \n . Any Shares purchased under the NCIB will be cancelled. Tecsys has not acquired any Shares pursuant to an NCIB within the last twelve months.\n \n \n Share repurchases made pursuant to the Company's NCIB will be predicated upon maintaining a strong balance sheet, performance of the business, and the availability and attractiveness of alternative capital investment opportunities. The actual number of Shares purchased under the NCIB, the timing of the purchases, an...