Nolan's Notes: Convergence
Dan's Biz Bookshelf: Founder vs. InvestorFiran Technology Group Corporation Announces Acceptance by TSX of Normal Course Issuer Bid
June 2, 2023 | Globe NewswireEstimated reading time: 1 minute
Firan Technology Group Corporation announced the acceptance by the Toronto Stock Exchange (TSX) of FTG’s Notice of Intention to Make a Normal Course Issuer Bid (NCIB). Pursuant to the NCIB, FTG is authorized to purchase through the facilities of the TSX, from time to time over the next 12 months, if considered advisable, up to an aggregate of 1,195,550 Common Shares, being approximately 5% of its Common Shares outstanding as of May 26, 2023. As of May 26, 2023, 23,911,002 Common Shares of the Corporation were issued and outstanding. Purchases may commence through the TSX on June 5, 2023, and will conclude on the earlier of the date on which purchases under the bid have been completed and June 4, 2024.
Purchases of Common Shares under the NCIB will be made in accordance with TSX by-laws, rules, and policies through the facilities of the TSX and/or through alternative Canadian trading systems. All Common Shares purchased by FTG will be cancelled. The price paid for any repurchased Common Shares will be the market price of such Common Shares at the time of acquisition. The average daily trading volume of the Common Shares of the Corporation from the start of trading on November 1, 2022, through April 30, 2023, was 22,946 Common Shares and, accordingly, daily purchases will be limited to 5,736 Common Shares other than block purchase exemptions.
Under its previous normal course issuer bid approved by the TSX on April 20, 2022, the number of Common Shares that could by repurchased for cancellation was 1,224,560 Common Shares. FTG completed the purchase for cancellation through the facilities of the TSX, and/or through alternative trading systems, of 580,200 Common Shares at a weighted average price of $1.99 per Common Share. FTG’s previous normal course issuer bid expired on April 21, 2023.
To FTG’s knowledge, none of the directors, officers, or other insiders of FTG or any associate of any such persons, or any associate or affiliate of FTG currently intends to sell Common Shares to FTG during the course of the NCIB.
FTG believes that the proposed purchases are in the best interests of FTG and are a desirable use of corporate funds.
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