Clairvest Announces New Normal Course Issuer Bid
March 02 2020 - 9:03PM
Clairvest Group Inc. (TSX: CVG) today announced that the Toronto
Stock Exchange has accepted a notice filed by Clairvest of its
intention to make a new normal course issuer bid (“NCIB”).
Clairvest’s current NCIB expires on March 6, 2020. The notice
provides that the Corporation may, during the 12-month period
commencing March 7, 2020 and ending March 6, 2021, purchase on The
Toronto Stock Exchange up to 759,984 common shares in total, being
approximately 5% of the outstanding common shares. The average
daily trading volume for the six months ending February 28, 2020
was 651 common shares. Daily purchases will be limited to
1,000 common shares, other than block purchase exceptions.
Any shares purchased will be cancelled. The price which the
Corporation will pay for any such shares will be the market price
at the time of acquisition. The actual number of common shares
which may be purchased and the timing of any such purchases will be
determined by the Corporation. In total 3,591,532 common shares at
a cost of approximately $41 million have been purchased under
previous normal course issuer bids. The Corporation purchased
44,294 common shares on the Toronto Stock Exchange, out of an
approved maximum repurchase amount of 760,747 under its current bid
within the last twelve months at a weighted average price of $50.95
per share. There were 15,199,697 common shares of the
Corporation outstanding on February 28, 2020.
The Corporation believes, depending upon future
price movements and other factors, that its outstanding common
shares may represent an attractive investment and a desirable use
of a portion of its available funds.
Clairvest also announced today that, in
connection with its NCIB, Clairvest has renewed its automatic share
purchase plan (the “ASPP”) with a designated broker to allow for
the purchase of its common shares under the NCIB, once effective,
at times when Clairvest normally would not be active in the market
due to applicable regulatory restrictions or internal trading
black-out periods. Before the commencement of any internal
trading black-out period, Clairvest may, but is not required to,
instruct its designated broker to make purchases of Clairvest’s
common shares under the NCIB during the ensuing black-out period in
accordance with the terms of the ASPP. Such purchases will be
determined by the broker in its sole discretion based on parameters
established by Clairvest prior to commencement of the applicable
black-out period in accordance with the terms of the ASPP and
applicable TSX rules. Outside of these black-out periods, common
shares will be purchasable by Clairvest at its discretion under its
NCIB, once effective.
The ASPP will commence on the effective date of
the NCIB and will terminate on the earliest of the date on which:
(a) the maximum annual purchase limit under the NCIB has been
reached; (b) the NCIB expires; or (c) Clairvest terminates the ASPP
in accordance with its terms. The ASPP constitutes an “automatic
securities purchase plan” under applicable Canadian securities
laws.
About Clairvest
Clairvest’s mission is to partner with
entrepreneurs to help them build strategically significant
businesses. Founded in 1987 by a group of successful Canadian
entrepreneurs, Clairvest is a top performing private equity
management firm with over CAD $2.4 billion of capital under
management. Clairvest invests its own capital, and that of third
parties through the Clairvest Equity Partners limited partnerships,
in owner-led businesses. Under the current management team,
Clairvest has initiated investments in 51 different platform
companies.
For further information, please
contact:
Maria Shkolnik Director, Investor Relations
Clairvest Group Inc. Tel: (416) 925-9270 Fax: (416)
925-5753
www.clairvest.com
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