Sylogist Announces Renewal of its NCIB
November 26 2024 - 6:30AM
Sylogist Ltd. (TSX: SYZ) ("Sylogist" or the "Company"), a leading
public sector SaaS company, announced today that the Toronto Stock
Exchange (“TSX”) has accepted its Notice of Intention to make a
Normal Course Issuer Bid (“NCIB”) in place effective November 28,
2024. Sylogist believes that from time to time the market price of
the Sylogist Common Shares may not reflect their underlying or
intrinsic value and that, at such times, the purchase of Common
Shares for cancellation will increase the proportionate interest
of, and be advantageous to, all remaining holders of Common Shares.
As of November 18, 2024, there are 23,408,677
Common Shares issued and outstanding, 22,585,320 of which shares
constitute the public float. Under the NCIB, Sylogist is permitted
to purchase up to 2,258,532 Common Shares, which is 10% of the
public float. The average daily trading volume (“ADTV”) for the six
months prior to date of the NCIB (being May-October 2024) was
37,447 Common Shares and the daily purchase limit under the NCIB
(being 25% of the ADTV) will be 9,361 Common Shares. Sylogist, will
purchase the Common Shares on the open market through the
facilities of the TSX and/or alternative Canadian trading systems.
The price which Sylogist will pay for any Common Shares purchased
will be the prevailing market price of such Common Shares at the
time of purchase. Decisions regarding purchases of Common Shares
pursuant to the NCIB will be made by Sylogist. The Common Shares
acquired pursuant to the NCIB will be cancelled. The NCIB, if
approved, will terminate on the earlier of: (i) November 27, 2025;
or (ii) when permitted purchases thereunder are completed. Sylogist
may otherwise elect to terminate the NCIB at any time.
The NCIB follows the expiration of Sylogist’s
previous normal course issuer bid, under which Sylogist had
approval from the TSX to purchase up to 2,273,409 Common Shares,
and which was effective from November 21, 2023 and expired on
November 20, 2024. Under Sylogist’s previous normal course issuer
bid and as of the date of November 20, 2023, Sylogist completed the
purchase of 225,000 Common Shares on the TSX at a weighted average
price of $8.22 per share.
About Sylogist
Sylogist provides mission-critical SaaS
solutions to over 2,000 public sector customers globally across the
government, non-profit, and education market segments. The
Company's stock is traded on the Toronto Stock Exchange under the
symbol SYZ. Information about Sylogist, inclusive of full financial
statements together with Management’s Discussion and Analysis, can
be found at www.sedarplus.ca or at www.sylogist.com.
Forward-looking Statements
Certain statements in this news release may be
forward-looking statements within the meaning of applicable
securities laws and regulations. These statements typically use
words such as will, expect, believe, estimate, project, anticipate,
plan, may, should, could and would, or the negative of these terms,
variations thereof or similar terminology. By their very nature,
forward-looking statements are based on assumptions and involve
inherent risks and uncertainties, both general and specific in
nature. It is therefore possible that the beliefs and plans and
other forward-looking expectations expressed herein will not be
achieved or will prove inaccurate. Although Sylogist believes that
the expectations reflected in these forward-looking statements are
reasonable, it provides no assurance that these expectations will
prove to have been correct. Forward-looking information involves
risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information. Forward-looking information in this news release
includes statements with respect to purchase and cancellation of
the Common Shares, payment of prevailing market price for such
Common Shares at the time of purchase, the termination of the NCIB,
how from time to time the market price of the Sylogist Common
Shares may not reflect their underlying or intrinsic value and
that, at such times, the purchase of Common Shares for cancellation
will increase the proportionate interest of, and be advantageous
to, all remaining holders of Common Shares. Material assumptions
and factors that could cause actual results to differ materially
from such forward-looking information include Sylogist’s ability to
attract and retain customers and to realize on its investments.
Although Sylogist believes that the material assumptions and
factors used in preparing the forward-looking information in this
news release are reasonable, undue reliance should not be placed on
such information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur.
Sylogist disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Certain information set out herein may be
considered as “financial outlook” within the meaning of applicable
securities laws. The purpose of this financial outlook is to
provide readers with disclosure regarding Sylogist’s reasonable
expectations as to the anticipated results of its proposed business
activities for the periods indicated. Readers are cautioned that
the financial outlook may not be appropriate for other
purposes.
For further information
contact:Sujeet Kini, Chief Financial OfficerSylogist
Ltd.
ir@sylogist.com(416) 491-8004
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