BEWHERE HOLDINGS INC. Announces Plans to Repurchase Common Shares

Rhea-AI Summary

BeWhere Holdings announces plans to repurchase up to 5% of its issued and outstanding common shares through a Normal Course Issuer Bid (NCIB) starting June 7, 2024, and ending June 6, 2025. The company believes its current market price underestimates the true value of its shares. As of May 31, 2024, BeWhere had 87,231,111 issued and outstanding shares, translating to a maximum repurchase of 4,361,555 shares. If shares acquired under the current NCIB reduce outstanding shares to 84,052,762, the repurchase target would drop to 4,202,638 shares. Purchases will occur through TSX Venture Exchange facilities at market prices, with Beacon Securities handling transactions. All repurchased shares will be canceled, pending regulatory approval.

Positive

• Planned repurchase of up to 5% of shares indicates confidence in company's value.
• Share buyback may lead to higher share prices by reducing supply.
• All repurchased shares will be canceled, potentially increasing EPS (Earnings Per Share).

Negative

• The repurchase plan is subject to regulatory approval, adding uncertainty.
• Funds used for buybacks may limit capital available for other investments or operations.
• Repurchasing shares at market prices may not always be financially optimal.

(Listed on the TSX Venture Exchange - Stock Symbol "BEW")

TORONTO, ON / ACCESSWIRE / June 3, 2024 / BeWhere Holdings Inc. (the "Corporation" or "BeWhere") announces that it has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid which is proposed to commence on June 7, 2024 and terminate on June 6, 2025 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased.

In the opinion of the Board of Directors of BeWhere, the market price of the Common Shares of BeWhere does not accurately reflect the value of those shares. As a result, the Corporation intends to repurchase BeWhere's Common Shares that may become available for purchase at prices, which make them an appropriate use of funds of the Corporation.

BeWhere intends to attempt to acquire over the next 12-month period, a number of its Common Shares equal to 5% of its issued and outstanding Common Shares as at June 7, 2024. On May 31, 2024, the number of issued and outstanding Common Shares of BeWhere was 87,231,111, and 5% of that number is 4,361,555 Common Shares. The number of issued and outstanding Common Shares may be reduced by virtue of any shares acquired by BeWhere under its current Normal Course Issuer Bid, ending on June 6, 2024, which number could potentially be reduced to 84,052,762 Common Shares and 5% of that number would be 4,202,638 Common Shares.

Purchases subject to the Normal Course Issuer Bid will be carried out pursuant to open market transactions through the facilities of the TSX Venture Exchange and the price which the Corporation will pay for the Common Shares acquired by it will be the market price of the Common Shares at the time of acquisition. The Member through which the Normal Course Issuer Bid will be conducted is Beacon Securities Limited, Toronto, Ontario. All Common Shares purchased by BeWhere under the Normal Course Issuer Bid will be cancelled.

The foregoing proposed Normal Course Issuer Bid is subject to regulatory approval.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Owen Moore
President and Chief Executive Officer
Telephone: (416) 990-3970
Email: info@bewhere.com

SOURCE: BeWhere Holdings Inc.

View the original press release on accesswire.com

FAQ

When does BeWhere's share repurchase plan begin?

BeWhere's share repurchase plan begins on June 7, 2024.

How many shares does BeWhere plan to repurchase under the NCIB?

BeWhere plans to repurchase up to 5% of its issued and outstanding common shares.

What is the maximum number of shares BeWhere may repurchase?

BeWhere may repurchase up to 4,361,555 shares if no additional shares are acquired before June 6, 2024.

Which member will conduct BeWhere's Normal Course Issuer Bid?

Beacon Securities in Toronto will conduct BeWhere's NCIB.

When will BeWhere's repurchase plan end?

BeWhere's repurchase plan will end on June 6, 2025, or earlier if the maximum number of shares are repurchased.