09/02/2018 22:00:19

Exco Technologies Limited Announces Normal Course Issuer Bid

TORONTO, Feb. 09, 2018 (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 16, 2018 to February 15, 2019, a maximum of 1,000,000 common shares, representing 3.8% of the 26,281,608 shares forming Exco's public float as at February 2, 2018.  As of February 2, 2018, Exco had 42,369,381 common shares issued and outstanding.

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 46,264 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 11,566 shares, representing 25% of the average daily trading volume. In addition, Exco will be allowed to make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of shares not directly or indirectly owned by insiders of Exco, in accordance with the TSX policies. Exco will fund the purchases through available cash and/or bank facilities. Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 1,000,000 common shares for the period of February 16, 2017 to February 15, 2018, the Company has purchased, as of February 2, 2018, 336,600 common shares on the open market at a weighted average purchase price of $9.78 per common share.

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 17 strategic locations in 8 countries, we employ 6,671 people and service a diverse and broad customer base.

Contact:         Darren Kirk, Chief Operating Officer & Executive Vice-President

Telephone:     (905) 477-3065 ext. 7233

Website:         http://www.excocorp.com

Primary Logo

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
18 Feb
NOVO-B
Når ens hustru har lidt voldsomt under diabetes  og dens bivirkninger tiltagende gennem 25 år, så er..
34
19 Feb
 
Jeg tager hatten for dit velbegrunede og fyldestgørende indlæg til debatten. Det kunne mange lære af..
32
21 Feb
GEN
Det er altid rart at møde et ungt menneske, der har potentiale til at blive klogere.
26
23 Feb
ZEAL
Jeg har tildigere her på EI rapporteret at Soliqua ville blive lanceret i Sydkorea. Nu har Sanofi af..
24
21 Feb
GEN
Du bliver da dummere og dummere at høre på 
21
17 Feb
MAERSK-B
Jeg er i mit vemodige hjørne i dag, for det er den første dag i over 25 år, hvor jeg ikke kan kalde ..
20
17 Feb
NOVO-B
@alpenyt Tror bare jeg vil kalde dig for Wiki(pedia) fra nu af :) Du burde skrive en artikel i kvart..
17
23 Feb
ZEAL
Sanofi og  har for et par dage siden oplyst på clinicaltrial.gov at de starter studiet «LixiPark» me..
13
21 Feb
TRMD-A
Mange års erfaring i teknisk analyse berettiger mig til at give dig følgende svar:    Torm viser akt..
12
20 Feb
 
Helt korrekt. Jeg skiftede job i 2007 og har på denne ene pension fra dette tidspunkt indbetalt 648...
12

HSBC Bank Plc : Form 8.5 (EPT/RI) - Lonmin PLC

22/02/2018 10:54:53
FORM 8.5 EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Name of exempt principal trader: HSBC BANK PLC (b) Name of offeror/offeree i..

Rathbone Brothers Plc : Preliminary announcement of 2017 results

22/02/2018 07:00:19
Funds under management up 14.3% to £39.1 billionThis is a preliminary statement of annual results published in accordance with FCA Listing Rule 9.7A. It covers the year ended 31 December 2017. Mark Nicholls, Chairman of Rathbone Brothers Plc, said: "UK and global investment markets performed well in 2017, with some indices reaching record levels towards the end of the year. This outcome has b..

Elliott Capital Advisors, L.P : Form 8.3 - GKN Plc

21/02/2018 15:25:10
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: Elliott Capital Advisors, L.P. (for itself and related general partners ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Research Report Identifies SkyWest, National Beverage, Ameriprise Financial Services, Live Nation Entertainment, Paratek Pharmaceuticals, and Western Digital with Renewed Outlook — Fundamental Analysis, Calculating Forward Movement
2
Almost Family, Inc. to Report Fourth Quarter and Full Year 2017 Financial Results After Market Close on February 26, 2018
3
Blockchain-based mobile data trading trial successfully conducted by DENT and PLDT in Hong Kong
4
Southern Missouri Bancorp, Inc. Announces Completion of Merger With Southern Missouri Bancshares, Inc.
5
Platinum Group Metals Announces Positive Results of Annual General Meeting of Shareholders

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2018   Disclaimer and Terms of Use
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
24 February 2018 11:59:34
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: ReleaseBuild_20180222.1 - EUROWEB6 - 2018-02-24 12:59:34 - 2018-02-24 11:59:34 - 1000 - Website: OKAY