TORONTO, Sept. 26, 2019 /CNW/ - Baylin Technologies
Inc. (TSX: BYL) (the "Company" or "Baylin") announced today that it
has received approval from the Toronto Stock Exchange ("TSX") for a
normal course issuer bid ("NCIB").
Under the NCIB, the Company may purchase for cancellation up to
2,016,532 of its common shares, representing 5% of its 40,330,650
outstanding common shares. The NCIB will commence on September 30, 2019 and continue until the earlier
of the date the Company has completed its purchases and
September 29, 2020, when the bid
expires. The Company may purchase up to 7,780 common shares each
trading day, which represents 25% of the average daily trading
volume of 31,123 common shares on the TSX during the six-month
period ended August 31, 2019, subject
to the TSX's rules permitting block purchases. The Company has
retained Paradigm Capital Inc. as its broker to make purchases on
the Company's behalf under the NCIB in accordance with the TSX's
rules and applicable law. Purchases may be made through the
facilities of the TSX and alternative trading systems in
Canada at prevailing market prices
or other prices as permitted.
The Company believes that, from time to time, the market price
of its common shares may not fully reflect the underlying value of
the Company's business or its future prospects and that the
purchase of common shares in those circumstances represents an
appropriate investment.
The Company has entered into an automatic share purchase plan
with its broker to permit the purchase of common shares, subject to
specified trading parameters, at times when the Company would
ordinarily not be active in the market due to its own internal
trading blackout periods, insider trading rules or otherwise.
Outside of those periods, common shares will be purchased in
accordance with management's discretion and in compliance with
applicable law.
ABOUT BAYLIN
Baylin Technologies Inc. is a diversified leading global
wireless technology management company. Baylin focuses on research,
design, development, manufacturing and sales of passive and active
radio-frequency products and services. Baylin aspires to meet its
customers' needs and anticipate the direction of the market. For
further information, please visit www.baylintech.com.
SOURCE Baylin Technologies Inc.