TORONTO, March 01, 2019 (GLOBE NEWSWIRE) -- Clairvest Group Inc. (TSX: CVG) today announced that the Toronto Stock Exchange has accepted a notice filed by Clairvest of its intention to make a new normal course issuer bid (“NCIB”). Clairvest’s current NCIB expires on March 6, 2019. The notice provides that the Corporation may, during the 12-month period commencing March 7, 2019 and ending March 6, 2020, purchase on The Toronto Stock Exchange up to 760,747 common shares in total, being approximately 5% of the outstanding common shares. The average daily trading volume for the six months ending February 28, 2019 was 769 common shares. Daily purchases will be limited to 1,000 common shares, other than block purchase exceptions. Any shares purchased will be cancelled. The price which the Corporation will pay for any such shares will be the market price at the time of acquisition.The actual number of common shares which may be purchased and the timing of any such purchases will be determined by the Corporation. In total 3,507,495 common shares at a cost of approximately $39 million have been purchased under previous normal course issuer bids. The Corporation purchased 26,500 common shares out of an approved maximum repurchase amount of 760,677, effected through the TSX under its current bid within the last twelve months at a weighted average price of $45.27 per share. There were 15,214,944 common shares of the Corporation outstanding on February 28, 2019.
The Corporation believes, depending upon future price movements and other factors, that its outstanding common shares may represent an attractive investment and a desirable use of a portion of its available funds.
Clairvest also announced today that, in connection with its NCIB, Clairvest has entered into an automatic share purchase plan (the “ASPP”) with a designated broker to allow for the purchase of its common shares under the NCIB, once effective, at times when Clairvest normally would not be active in the market due to applicable regulatory restrictions or internal trading black-out periods. Before the commencement of any internal trading black-out period, Clairvest may, but is not required to, instruct its designated broker to make purchases of Clairvest’s common shares under the NCIB during the ensuing black-out period in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Clairvest prior to commencement of the applicable black-out period in accordance with the terms of the ASPP and applicable TSX rules. Outside of these black-out periods, common shares will be purchasable by Clairvest at its discretion under its NCIB, once effective.
The ASPP will terminate on the earliest of the date on which: (a) the maximum annual purchase limit under the NCIB has been reached; (b) the NCIB expires; or (c) Clairvest terminates the ASPP in accordance with its terms. The ASPP constitutes an “automatic securities purchase plan” under applicable Canadian securities laws.
About Clairvest
Clairvest Group Inc. is a private equity investor which invests its own capital, and that of third parties through the Clairvest Equity Partners (“CEP”) limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.
For further information, please contact:
Maria Shkolnik
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753