MONTREAL, Aug. 10, 2018 (GLOBE NEWSWIRE) -- Senvest Capital Inc. (the “Corporation”) (TSX:SEC) announced today
the acceptance by the Toronto Stock Exchange (the “TSX”) of the Corporation’s Notice of Intention to make a normal course issuer
bid (the “NCIB”). Pursuant to the NCIB, the Corporation proposes to purchase, from time to time, if considered advisable, up to an
aggregate of 70,000 of its common shares, being approximately 2.59% of its 2,700,924 issued and outstanding common shares as of
August 9, 2018, through the facilities of the TSX or through various eligible alternative trading platforms. However, due to
the historically low volume of trading of its common shares on the TSX, the Corporation advises that actual purchases under the
NCIB may in fact be significantly less than 70,000 shares. Purchases may commence on August 14, 2018 and will conclude on
the earlier of the date on which purchases under the bid have been completed and August 13, 2019.
The average daily trading volume of the Corporation’s common shares over the most recently completed six
calendar months was 248.75 common shares. Accordingly, as regards purchases of common shares made by the Corporation through
the facilities of the TSX, the Corporation is entitled to purchase, on any trading day, up to 1,000 common shares and to make block
purchases of its common shares which exceed such daily limit no more frequently than once per calendar week.
The Corporation wishes to take advantage of the market trading prices of its common shares from time to
time. It is the opinion of management that, from time to time, the market price of its common shares may not adequately
reflect the value of the underlying assets of the Corporation. The Board of Directors of the Corporation believes that the proposed
purchases may be in the best interests of the Corporation and may constitute a desirable use of corporate funds. All common shares
purchased by the Corporation pursuant to the NCIB will be cancelled.
In connection with the NCIB, the Corporation has established an automatic purchase plan (the “Plan”). The
Plan enables the Corporation to provide standard instructions regarding how the common shares are to be repurchased on the open
market during self-imposed blackout periods. The Plan constitutes an automatic plan for purposes of applicable Canadian securities
legislation and has been pre-cleared by the TSX.
On August 14, 2017, the Corporation commenced a normal course issuer bid to purchase up to 82,000 common
shares. Under that bid, which is scheduled to expire on August 13, 2018, the Corporation purchased and cancelled a total
of 64,200 of its common shares at a weighted average price of $237.91 per common share, including 56,700 common shares purchased
through the facilities of the TSX at a weighted average price of $238.02 per common share and 7,500 common shares purchased through
eligible alternative trading platforms at a weighted average price of $237.09 per common share.
Senvest Capital Inc. and its subsidiaries have business activities in merchant banking, asset management, real
estate and electronic security.
For more information, please contact Mr. George Malikotsis, Vice-President, Finance of Senvest Capital Inc., at (514)
281-8082.
