Mr. Sam Anidjar reports
ENGHOUSE RENEWS NORMAL COURSE ISSUER BID
Enghouse Systems Ltd. intends to renew its normal course issuer bid for its common shares in accordance with the requirements of the Toronto Stock Exchange.
Enghouse continues to have significant cash reserves and positive cash flow. The company is renewing its normal course issuer bid program because it believes that from time to time the market price of its common shares may be attractive and that at such times the purchase of common shares would be in the best interest of the company and an appropriate use of corporate funds.
The company may purchase up to a maximum of 1,882,016 common shares representing on April 17, 2017, approximately 10 per cent of the publicly listed float of 18,820,162 common shares. As of close of business on April 17, 2017, the company had 26,950,462 outstanding common shares. The price at which the company may purchase such shares will be the market price at the time of acquisition and any common shares purchased under the bid will be cancelled. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by the company, subject to price, trading volume and other market considerations. Daily purchases will be limited to 6,217 common shares, other than block purchases. An automatic purchase plan will not be put in place at the commencement of the bid but may be put in place at some point in the future.
The bid will commence on April 26, 2017, and will terminate on April 25, 2018, unless the maximum number of shares that may be purchased thereunder has been acquired before that time. The purchases will be made through the facilities of the Toronto Stock Exchange and/or any alternative Canadian trading system. During the 12 months preceding the date of the bid, the company did not acquire any of its common shares.
Enghouse serves a number of distinct vertical markets through its three divisions, each developing and selling enterprise-oriented applications software.
© 2018 Canjex Publishing Ltd. All rights reserved.