10:27:38 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



goeasy Ltd
Symbol GSY
Shares Issued 14,803,919
Close 2018-11-08 C$ 38.76
Market Cap C$ 573,799,900
Recent Sedar Documents

goeasy arranges 555,000-share buyback

2018-11-08 19:48 ET - News Release

Mr. David Ingram reports

GOEASY LTD. ANNOUNCES LAUNCH OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted goeasy Ltd.'s notice of intention to make a normal course issuer bid (NCIB).

Pursuant to the NCIB, goeasy proposes to purchase, from time to time, if it is considered advisable, up to an aggregate of 555,000 common shares, being approximately 5 per cent of goeasy's public float as of Oct. 30, 2018. As at Oct. 30, 2018, goeasy had 14,803,919 common shares issued and outstanding, and the average daily trading volume for the six months prior to Oct. 31, 2018, was 36,209.

Daily purchases will be limited to 9,052 common shares, representing 25 per cent of the average daily trading volume, other than block purchase exemptions. The purchases may commence on Nov. 13, 2018, and will terminate on Nov. 12, 2019, or on such earlier date as goeasy may complete its purchases pursuant to the notice of intention. The NCIB will be conducted through the facilities of the Toronto Stock Exchange or alternative trading systems, if eligible, and will conform to their regulations.

Purchases under the NCIB will be made by means of open market transaction or other such means as a security regulatory authority may permit, including prearranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority. The price that goeasy will pay for any common share will be the market price of such share at the time of acquisition, unless otherwise permitted under applicable rules.

The board of directors of goeasy believes that the proposed purchases are in the best interests of the company and are a desirable use of corporate funds. All common shares purchased by goeasy pursuant to the NCIB will be cancelled.

"We have experienced a recent decline in the company's share price and have decided to commence an NCIB at this time as we believe that the value of our business is not fully reflected in our current share price. As such, we will make purchases under this NCIB on an opportunistic basis when we feel that the shares of the company are undervalued," said David Ingram, goeasy's chief executive officer.

The company also announces that it has entered into an issuer automatic purchase plan agreement in respect of the NCIB. Cormark Securities Inc. has been appointed as the broker firm responsible for making purchases of common shares pursuant to the plan. Under the plan, the broker will have sole discretion to purchase common shares pursuant to the NCIB during trading blackout periods established under the company's insider trading policy, subject to the price limitations and other terms of the plan, and the rules of the TSX. The company may instruct the broker to make specific purchases and suspend or terminate the plan, provided in each case that the company certifies to the broker that it is not in possession of any material undisclosed information and such request is otherwise in compliance with the terms of the plan.

About goeasy Ltd.

goeasy offers leasing and lending services in the alternative financial services market and provides everyday Canadians a path to a better tomorrow, today. goeasy serves its customers through two key operating divisions, easyfinancial and easyhome. easyfinancial is a non-prime consumer lending business that bridges the gap between traditional financial institutions and costly payday loans. easyhome is Canada's largest lease-to-own company, offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores.

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