TORONTO, Feb. 13, 2017 /CNW/ - Exco Technologies
Limited (TSX: XTC) ("Exco" or the "Company") today announced
that the Toronto Stock Exchange ("TSX") has approved the Company's
normal course issuer bid ("NCIB"). Under the NCIB, Exco has the
right to purchase for cancellation, from February 16, 2017 to February 15, 2018, a maximum of 1,000,000 common
shares, representing 3.8% of the 26,345,698 shares forming Exco's
public float as at February 13, 2017.
As of February 13, 2017, Exco had
42,585,491 common shares issued and outstanding.
Any shares purchased by Exco under the NCIB will be effected
through the facilities of TSX as well as on alternative Canadian
trading systems, at prevailing market rates and any common shares
purchased by the Company will be cancelled. The actual number of
shares that may be purchased and the timing of any such purchases
will be determined by Exco. Any purchases made by Exco pursuant to
the NCIB will be made in accordance with the rules and policies of
the TSX.
During the most recently‐completed six months, the average daily
trading volume for the common shares of Exco on the TSX was 47,740
shares. Consequently, under the policies of the TSX, Exco will have
the right to repurchase under its NCIB, during any one trading day,
a maximum of 11,935 shares, representing 25% of the average daily
trading volume. In addition, Exco will be allowed to make, once per
calendar week, a block purchase (as such term is defined in the TSX
Company Manual) of shares not directly or indirectly owned by
insiders of Exco, in accordance with the TSX policies. Exco will
fund the purchases through available cash. In the previous 12
months, the Company has not repurchased any of its outstanding
common shares.
The Board of Directors believes the underlying value of the
Company may not be reflected in the market price of its common
shares from time to time and that, at appropriate times,
repurchasing its shares through the NCIB may represent a good use
of Exco's financial resources, as such action can protect and
enhance shareholder value when opportunities or volatility arise.
Thus, the Board has determined that the NCIB is in the best
interest of the Company and its shareholders.
About Exco Technologies Limited:
Exco Technologies Limited is a global supplier of innovative
technologies servicing the die-cast, extrusion and automotive
industries. Through our 16 strategic locations in 8 countries,
we employ 6,351 people and service a diverse and broad customer
base.
Forward‐Looking Statements and
Disclaimer
This press release may contain forward‐looking
information within the meaning of applicable securities laws. All
information and statements other than statements of historical
facts contained in this press release are forward-looking
information. Such statements and information may be identified by
words such as "about", "approximately", "may", "believes",
"expects", "will", "intends", "should", "plans", "predicts",
"potential", "projects", "anticipates", "estimates", "continues" or
similar words or the negative thereof or other comparable
terminology. Forward‐looking statements are based on the
best estimates available to Exco at this time and involve known and
unknown risks, uncertainties and other factors that may cause
Exco's actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward‐looking statements. No
assurance can be given that any events anticipated by the
forward‐looking information in this press release will
transpire or occur, or if any of them do so, what benefits that
Exco will derive therefrom. The forward‐looking information
contained in this press release is made as of the date hereof and
Exco undertakes no obligation to publicly update such
forward-looking information to reflect new information, subsequent
or otherwise, unless required by applicable securities laws. The
reader is warned against placing undue reliance on these
forward‐looking statements.
SOURCE Exco Technologies Limited