RE:RE:NCIB good newsNCIB is always good news. For several years, Sylogist has announced a new NCIB each year for buyback of upto 10% of outstanding shares, usually in the month of May, except this year when a renewal was not initiated earlier.
Only issue is that company has not been very active with NCIB purchases, except a few times in the past. Even, during March/April, 2020, when the outgoing CEO Jim Wilson (Sep,2020) bought 97,000 shares at $7-$7.25,personally, I could not find any NCIB puchases (INK), by the company while share prices traded at depressed level for almost 2 months. May be, the management wanted to conserve large cash balances for acquisitions, which is fair.Hopefully, we will see some smart NCIB activity, in future.
Quote from Jan/2020, M&D:
"On May 21, 2019, the Company commenced a further Normal Course Issuer Bid (“NCIB”) to acquire up to 2,007,913 of its common shares over the ensuing 12-month period. During the year ended September 30, 2019, pursuant to NCIBs, the Company repurchased a total of 191,900 common shares at an average price of $12.81 for a total cost of $2.5 million"