TORONTO, April 3, 2018 /CNW/ - Callidus Capital
Corporation (TSX:CBL) ("Callidus" or the "Corporation") announced
today that it will be submitting a notice of intention to undertake
a normal course issuer bid to the Toronto Stock Exchange ("TSX") in
connection with the purchase by Callidus of up to 2,648,529 of its
common shares, representing 5% of the 52,970,597 common shares
comprising Callidus' total issued and outstanding common shares as
of April 2, 2018. All common shares
purchased by Callidus will be purchased on the open market through
the facilities of the TSX in accordance with the rules, regulations
and policies of the TSX and will be cancelled.
Callidus' most recent normal course issuer bid expired on
January 26, 2018. Under that
bid, Callidus purchased a total of 2,495,839 common shares under
the current normal course issuer bid at a weighted average price of
$13.03.
The normal course issuer bid remains subject to the approval of
the TSX and will begin on the date that is two trading days after
the TSX's approval and will be open for a maximum period of 12
months. A further press release with additional details of
the normal course issuer bid will be issued upon approval of the
bid by the TSX.
Callidus determined to undertake the normal course issuer bid
as, in the opinion of management, its common shares have recently
traded in a price range that does not reflect the underlying value
of the Corporation. Callidus believes that any purchases
under the normal course issuer bid will benefit all persons who
continue to hold common shares by increasing their equity interest
in the Corporation.
About Callidus Capital Corporation
Established in
2003, Callidus Capital Corporation is a Canadian company that
specializes in innovative and creative financing solutions for
companies that are unable to obtain adequate financing from
conventional lending institutions. Unlike conventional
lending institutions who demand a long list of covenants and make
credit decisions based on cash flow and projections, Callidus
credit facilities have few, if any, covenants and are based on the
value of the company's assets, its enterprise value and
borrowing needs. Callidus employs a proprietary system of
monitoring collateral and exercising control over the cash inflow
and outflows of each borrower, enabling Callidus to very
effectively manage any risk of loss.
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties, including in respect
of the market price of the common shares and the benefit of the
normal course issuer bid to existing shareholders. Although
Callidus believes these statements to be reasonable, the
assumptions upon which they are based may prove to be incorrect.
Furthermore, the forward-looking statements contained in this press
release are made as at the date of this press release and Callidus
does not undertake any obligation to update publicly or to revise
any of the included forward-looking statements, whether as a result
of new information, future events or otherwise, except as may be
required by applicable securities laws.
SOURCE Callidus Capital Corporation