MARKHAM,
ON, May 2, 2024 /CNW/ - Enghouse Systems
Limited ("Enghouse" or the "Company") (TSX: ENGH) today announced
its intention to renew its normal course issuer bid for its common
shares ("Common Shares") in accordance with the requirements of the
Toronto Stock Exchange.
Enghouse continues to have significant cash reserves and
positive cash flow. The Company is renewing its normal course
issuer bid program, as it has done for many years, because it
believes that from time to time the market price of its Common
Shares may be attractive and that at such times, the purchase of
Common Shares would be in the best interest of the Company and an
appropriate use of corporate funds.
The Company may purchase up to a maximum of 3,000,000 Common
Shares representing on April 25, 2024
approximately 6.9% of the publicly listed float of 43,253,219
Common Shares. On April 25, 2023, the
Company had 55,413,617 outstanding Common Shares. The price at
which the Company may purchase such shares will be the market price
at the time of acquisition and any Common Shares purchased under
the bid will be cancelled. The actual number of Common Shares that
may be purchased and the timing of any such purchases will be
determined by the Company, subject to price, trading volume and
other market considerations. Daily purchases, other than block
purchases, will be limited to 15,091 Common Shares which is 25% of
60,365 Common Shares (being the average daily trading volume on the
TSX for the six months ended April
31, 2024). An automatic purchase plan will not be put
in place at the commencement of the bid but may be put in place at
some point in the future.
The bid will commence on May 7,
2024 and will terminate on May 6,
2025, unless the maximum number of shares that may be
purchased thereunder has been acquired before that time. The
purchases will be made through the facilities of the Toronto Stock
Exchange and/or through other permitted means including through any
alternative trading systems in Canada. Pursuant to a previous
notice of intention to conduct a normal course issuer bid, under
which the Company sought and received approval from the TSX to
purchase up to 3,000,000 Common Shares for the period of
May 2, 2023 to May 1, 2024, the Company acquired 51,257 of its
Common Shares.
About Enghouse
Enghouse is a Canadian publicly traded company (TSX:ENGH) that
provides enterprise software solutions focused on contact centers,
video communications, healthcare, telecommunications networks,
public safety and the transit market. The Company's
two-pronged strategy to grow earnings focuses on internal growth
and acquisitions which, to date, have been funded through operating
cash flows. The Company has no external debt financing and is
organized around two business segments: the Interactive Management
Group and the Asset Management Group. Further information
about Enghouse may be obtained from the Company's website at
www.enghouse.com.
SOURCE Enghouse Systems Limited