Exco Technologies Limited Announces Normal Course Issuer Bid
- None.
- None.
TORONTO, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Exco Technologies Limited (TSX: XTC) ("Exco" or the "Company") today announced that the Toronto Stock Exchange ("TSX") has approved the Company's normal course issuer bid ("NCIB"). Under the NCIB, Exco has the right to purchase for cancellation, from February 20, 2024 to February 19, 2025, a maximum of 1,780,000 common shares, representing
Any shares purchased by Exco under the NCIB will be effected through the facilities of TSX as well as on alternative Canadian trading systems, at prevailing market rates and any common shares purchased by the Company will be cancelled. The actual number of shares that may be purchased and the timing of any such purchases will be determined by Exco. Any purchases made by Exco pursuant to the NCIB will be made in accordance with the rules and policies of the TSX.
During the most recently-completed six months, the average daily trading volume for the common shares of Exco on the TSX was 14,101 shares. Consequently, under the policies of the TSX, Exco will have the right to repurchase under its NCIB, during any one trading day, a maximum of 3,525 shares, representing
Exco’s Board of Directors believes the underlying value of the Company may not be reflected in the market price of its common shares from time to time and that, at appropriate times, repurchasing its shares through the NCIB may represent a good use of Exco's financial resources, as such action can protect and enhance shareholder value when opportunities or volatility arise. Thus, the Board has determined that the NCIB is in the best interest of the Company and its shareholders.
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 21 strategic locations in 9 countries, we employ approximately 5,000 people and service a diverse and broad customer base.
Source: | Exco Technologies Limited (TSX-XTC) | |
Contact: | Darren Kirk, President and Chief Executive Officer | |
Telephone: | (905) 477-3065 ext. 7233 | |
Website: | https://www.excocorp.com |
FAQ
What is the purpose of Exco's normal course issuer bid (NCIB)?
When can Exco purchase the common shares under the NCIB?
How many common shares does Exco currently have outstanding?
How will Exco fund the share repurchases under the NCIB?