EDMONTON, May 19, 2017 /CNW/ - McCoy Global
Inc. ("McCoy" or "the Corporation") (TSX:MCB) today
announced that it has received approval from the Toronto Stock
Exchange (the "TSX") to undertake a proposed normal course issuer
bid (the "Bid") to purchase up to 1,385,212 common shares,
representing approximately 5% of the issued and outstanding common
shares of McCoy.
McCoy's management and board of directors believe that the
current market price of its common shares does not represent the
underlying value of the Corporation, and has determined that the
repurchase of its common shares is a desirable use of funds and in
the best interests of the Corporation and its shareholders.
Purchases under the Bid will be made through the facilities of
the TSX or any Canadian alternative trading system. The period of
the Bid will extend from May 24, 2017
to May 23, 2018, or an earlier date
should McCoy complete its purchases. All common shares purchased
under the Bid will be cancelled. The actual number of common shares
purchased, the time of purchases and the price at which the common
shares will be acquired will depend on future market
conditions.
As at May 12, 2017, 27,704,239
common shares of McCoy were issued and outstanding. Under the rules
of the TSX and subject to certain exemptions for block purchases,
the maximum number of common shares that the Corporation may
purchase on any one trading day is 4,496 common shares,
representing 25% of the average daily trading volume of 17,987
common shares for the previous six calendar months.
The Corporation previously announced a normal course issuer bid
(the "Previous Bid") on March 30,
2015, which expired on March 29,
2016. Due to market conditions, no purchases were made under
the Previous Bid.
About McCoy
McCoy provides innovative products and services to the global
energy industry. The Corporation operates internationally through
direct sales and distributors, with operations in Canada, the United
States of America, the United
Kingdom, Singapore and the
United Arab Emirates. McCoy's
corporate headquarters are located in Edmonton, Alberta, Canada.
Forward-Looking Information
This News Release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect", "anticipate
", "continue ", "estimate ", "objective ", "ongoing ", "may ",
"will", "project ", "should ", "believe ", "plans ", "intends" and
similar expressions are intended to identify forward-looking
information or statements. More particularly and without
limitation, this News Release contains forward-looking statements
and information concerning potential future purchases by McCoy of
its common shares pursuant to the Bid. The forward-looking
statements and information are based on certain key expectations
and assumptions made by McCoy, including expectations and
assumptions concerning fluctuations in the level of oil and gas
industry capital expenditures, McCoy's ability to integrate
acquired businesses and complete strategic acquisitions of
additional businesses and other factors that affect demand for
McCoy's products. Although McCoy believes that the expectations and
assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information because
McCoy can give no assurance that they will prove to be correct. By
its nature, such forward-looking information is subject to various
risks and uncertainties, which could cause McCoy's actual results
and experience to differ materially from the anticipated results or
expectations expressed. These risks and uncertainties, include, but
are not limited to, fluctuations in oil and gas prices,
fluctuations in the level of oil and gas industry capital
expenditures and other factors that affect demand for McCoy's
products, industry competition, the need to effectively integrate
acquired businesses, uncertainties as to McCoy's ability to
implement its business strategy effectively, labour, equipment and
material costs, access to capital markets, interest and McCoy's
ability to attract and retain key personnel. Additional information
on these and other factors is available in continuous disclosure
materials filed by McCoy with Canadian securities regulators.
Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is
expressed in this News Release or otherwise, and to not use
future-oriented information or financial outlooks for anything
other than their intended purpose. McCoy undertakes no obligation
to update publicly or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by law.
SOURCE McCoy Global Inc.