Post by
barneyj44 on Nov 07, 2018 3:47pm
Going to start the share buyback next week....
Espial Group Inc. ("Espial" or the "Company"), (TSX:ESP), today announced its intention to make a normal course issuer bid through the facilities of the Toronto Stock Exchange (TSX). Repurchases will not exceed 2,810,973 common shares, representing 10% of Espial public float of common shares, as of October 31, 2018. The number of common shares of Espial outstanding as of October 31, 2018 was 35,457,636 and the number of shares in Espials public float as of October 31, 2018 was 28,109,738. The issuer bid will commence on November 9, 2018 and will not extend beyond November 8, 2019. All purchases of common shares under the normal course issuer bid will be made on the open market through the facilities of the TSX and any alternative Canadian trading system. The price paid for the common shares will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such common shares at the time of such purchase. The common shares so purchased will be cancelled. Other than block purchase exceptions, daily purchases will be limited to 25% of the average daily trading volume, which is 9,002. The Company also established an automatic plan under which its broker, GMP Securities L.P., may purchase common shares of Espial pursuant to the normal course issuer bid (NCIB). The plan defines a prearranged set of criteria in accordance with which its broker may make share purchases. The plan will enable the purchase of Espials common shares at any time, including when Espial would not ordinarily be active in the market because of internal trading blackout periods, insider trading rules or otherwise. The plan will terminate on the earliest of: the date on which the purchase limits specified in the plan have been attained, the date on which the normal course issuer bid terminates or the date on which the plan is terminated by a party in accordance with its terms. Espials previous normal course issuer bid for the purchase of up to 3,502,141 commenced on August 25, 2017 and expired August 24, 2018. Over the term of the previous bid, Espial purchased 1,052,500 common shares at a weighted average price of $1.72 per common share on the facilities of the TSX and other alternative Canadian trading systems. Espial believes that the purchase of its common shares constitutes an appropriate use of its general funds, which may increase shareholder value. The current strong cash position of Espial allows it to implement the repurchase plan without adversely impacting Espials operations Read more at https://www.stockhouse.com/news/press-releases/2018/11/07/espial-announces-its-intention-to-make-a-normal-course-issuer-bid#g8CXfUYUUYTvrCEc.99