TORONTO, April 4, 2017 /CNW/ - Callidus Capital
Corporation (TSX: CBL) (the "Company" or "Callidus") today
announced that it has entered into an automatic share purchase plan
("ASPP") with a broker in order to facilitate repurchases of its
common shares under its normal course issuer bid ("NCIB"). Callidus
previously announced that it had received approval from
the Toronto Stock Exchange ("TSX") to make a normal
course issuer bid to purchase up to 2,495,839 common shares,
representing approximately 5% of its issued and outstanding common
shares as of January 16, 2017. The NCIB commenced
on January 27, 2017 and will terminate on January
26, 2018 or on the date which the Company has either acquired
the maximum number of common shares allowable under the NCIB or
otherwise decided not to make any further repurchases.
Under Callidus' ASPP, its broker may repurchase shares under the
NCIB at any time including, without limitation, when the Company
would ordinarily not be permitted due to regulatory restrictions or
blackout periods. Purchases will be made based upon the parameters
prescribed by the TSX and applicable Canadian securities laws and
the terms of the parties' written agreement.
All shares purchased by the Company will be purchased on the
open market through the facilities of the TSX and/or alternate
Canadian trading systems at the market price at the time of
purchase. Any common shares purchased pursuant to the NCIB
will be cancelled by the Company.
The Catalyst Capital Group Inc., which manages funds who
indirectly hold approximately 67% of the issued and outstanding
shares of the Company, has advised Callidus that it has no current
intention of selling any of the shares held by it or its funds into
the NCIB.
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian
company that specializes in innovative and creative financing
solutions for companies that are unable to obtain adequate
financing from conventional lending institutions. Unlike
conventional lending institutions who demand a long list of
covenants and make credit decisions based on cash flow and
projections, Callidus credit facilities have few, if any, covenants
and are based on the value of the borrower's assets, its enterprise
value and borrowing needs. Callidus employs a proprietary system of
monitoring collateral and exercising control over the cash inflows
and outflows of each borrower, enabling Callidus to very
effectively manage risk of loss. Further information is available
on our website, www.calliduscapital.ca.
SOURCE Callidus Capital Corporation