CIBT Reports Normal Course Issuer Bid
24 Febrero 2015 - 9:30PM
Business Wire
CIBT Education Group Inc. (TSX:MBA, OTCQX International:
MBAIF) (“CIBT Group”) reports that it has received
approval from the Toronto Stock Exchange (the “TSX”) to
commence a normal course issuer bid (“NCIB”) to purchase up
to 3,000,000 of its common shares, representing approximately 4.7%
of the 63,992,753 common shares which were issued and outstanding
as at the close of business on February 16, 2015, to a maximum
aggregate acquisition cost of approximately $1,000,000. The NCIB is
being implemented because management believes that purchases under
the NCIB constitute a desirable use of its funds on the basis that
recent market prices of the common shares do not, and at certain
times during the course of the NCIB may not, fully reflect the
value of CIBT Group’s business and future business prospects.
CIBT Group may buy back common shares anytime during the
12-month period beginning on February 27, 2015 and ending on
February 26, 2016, or on such earlier date as the Company may
complete its purchases pursuant to the NCIB or provides notice of
termination. Share purchases under the NCIB will be conducted
through the facilities of the TSX and other Canadian
marketplaces/alternative trading systems. The actual number of
shares purchased, and the timing of any such purchases, will be
determined by CIBT Group in accordance with the rules of the TSX.
Any shares purchased under the NCIB will be cancelled.
Subject to prescribed exceptions, CIBT Group may purchase up to
9,072 common shares per day, representing 25% of the average daily
trading volume of 36,288 common shares during the six months ending
on January 31, 2015. The exceptions to this limitation include
block trade purchases of (1) shares having a purchase price of at
least $200,000, (2) at least 5,000 shares having a purchase price
of at least $50,000, or (3) at least 54,432 shares.
During the period from February 24, 2014 to February 16, 2015,
(inclusive), CIBT Group has purchased 2,464,100 of its common
shares through a normal course issuer bid at a weighted average
price per share of $0.320.
About CIBT Education Group:
CIBT Education Group Inc. (“CIBT Group”) is an education
management company focused on the global education market since
1994. Listed in Canada on the Toronto Stock Exchange and in the U.S
on the OTCQX International, CIBT Group owns and operates a network
of business, technical and language colleges in North America and
Asia. CIBT Group offers cooperative joint programs in 12 countries
with campuses, recruitment offices and training centres enrolling
over 7,000 students annually. Its education business is operated
through Sprott Shaw College (established in 1903), Acsenda School
of Management, CIBT School of Business China, and Global Education
Alliance Recruitment Centers in China and other overseas countries.
Through these subsidiaries, CIBT Group offers Western and Chinese
accredited business and management degrees, programs in college
preparation, healthcare, hotel management and tourism, English
language training, English Teacher Certifications, junior and high
school preparation programs for overseas study, and other
career/vocational training. CIBT Group also owns Irix Design Group,
a leading design and advertising company based in Vancouver,
Canada, Global Education Alliance (“GEA”) and Global
Education City Holdings Inc. (“GEC”). GEA recruits
international students for many elite kindergarten, primary,
secondary schools and universities in North America. GEC is an
investment holding and management company with a special focus on
education related real estate projects in Canada. Visit us online
at www.cibt.net.
For more information contact:
Toby Chu Vice-Chairman, President & CEO CIBT Education Group
Inc.
Investor Relations Contact:1-604-871-9909
Email: info@cibt.net
CIBT Education Group Inc.Investor Relations:Toby Chu,
1-604-871-9909Vice-Chairman, President & CEOinfo@cibt.net
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