MONTREAL, Sept. 12,
2023 /CNW/ -- Tecsys Inc. ("Tecsys" or the "Company")
(TSX: TCS) announces that the Toronto Stock Exchange
(the "TSX") has accepted its notice of intention to make a
normal course issuer bid ("NCIB").
Tecsys believes that the market value of its common shares
("Shares") may not always fully reflect the full value of the
Company and, in such circumstances, purchases under the NCIB may
represent an appropriate and desirable use of its available funds.
Such purchases will increase the proportional share interest of
those shareholders who retain their Shares. Any purchases made by
Tecsys under the NCIB will be made by Tecsys at the prevailing
market price at the time of acquisition, plus brokerage fees,
through the facilities of the TSX and/or alternative Canadian
trading systems.
Pursuant to the NCIB, during the twelve-month period commencing
September 14, 2023 and ending
September 13, 2024, Tecsys intends to
purchase up to 500,000 Shares, which represents 3.4% of its
14,694,143 issued and outstanding Shares as of September 1, 2023. Under the NCIB, other
than purchases made under block purchase exemptions, Tecsys may
purchase up to 3,572 Shares on the TSX during any trading day,
which represents 25% of 14,288, being the average daily trading
volume for the six months ended August 31,
2023. Any Shares purchased under the NCIB will be cancelled.
Tecsys has not acquired any Shares pursuant to an NCIB within the
last twelve months.
Share repurchases made pursuant to the Company's NCIB will be
predicated upon maintaining a strong balance sheet, performance of
the business, and the availability and attractiveness of
alternative capital investment opportunities. The actual number of
Shares purchased under the NCIB, the timing of the purchases, and
the price at which the Shares are acquired will depend upon a
variety of factors including future market conditions.
Tecsys will be entering into an automatic securities purchase
plan to be effective on or about September
15, 2023 with a designated broker which will allow for the
purchase for cancellation of Shares under the NCIB, subject to
certain trading parameters, by its designated broker during times
when Tecsys would ordinarily not be active in the market due to
applicable regulatory restrictions or self-imposed blackout
periods. Outside of these periods, the Shares will be repurchased
by Tecsys at its discretion under the NCIB.
About Tecsys
Since our founding 40 years ago, much has changed in the realm
of supply chain technology. But one thing has remained constant; by
developing dynamic and innovative supply chain solutions, Tecsys
has been equipping organizations for growth and competitive
advantage. Serving healthcare, distribution and converging commerce
industries, and spanning multiple complex, regulated and
high-volume markets, Tecsys delivers warehouse management,
distribution and transportation management, supply management at
point of use, and retail order management, as well as complete
financial management and analytics solutions.
Tecsys' shares are listed on the Toronto Stock Exchange under
the ticker symbol TCS. For more information on Tecsys, visit
www.tecsys.com.
Forward Looking Statements
The statements in this news release relating to matters that are
not historical fact are forward looking statements that are based
on management's beliefs and assumptions. Such statements are not
guarantees of future performance and are subject to a number of
uncertainties, including but not limited to future economic
conditions, the markets that Tecsys Inc. serves, the actions of
competitors, major new technological trends, and other factors
beyond the control of Tecsys Inc., which could cause actual results
to differ materially from such statements. More information about
the risks and uncertainties associated with Tecsys Inc.'s business
can be found in the MD&A section of the Company's annual report
and the most recently filed annual information form. These
documents have been filed with the Canadian securities commissions
and are available on our website (www.tecsys.com) and on SEDAR+
(www.sedarplus.ca).
Copyright © Tecsys Inc. 2023. All names, trademarks, products,
and services mentioned are registered or unregistered trademarks of
their respective owners.
SOURCE Tecsys Inc.