MISSISSAUGA, ON, Dec. 19,
2024 /CNW/ - goeasy Ltd.
(TSX: GSY), ("goeasy" or the "Company"), one
of Canada's leading consumer lenders focused on
delivering a full suite of financial services to Canadians with
non-prime credit, announced today the acceptance by the Toronto
Stock Exchange (the "TSX") of goeasy's notice of intention
to renew its normal course issuer bid (the
"NCIB"). Pursuant to the NCIB, goeasy may purchase for
cancellation up to an aggregate of 1,293,283
common shares in the capital of the Company (the "Common
Shares"), representing approximately 10% of goeasy's public
float. As at December 10, 2024,
goeasy had 16,728,495 Common Shares issued and
outstanding.
Under the NCIB, goeasy may purchase up to 14,113 of its Common
Shares on the TSX during any trading day, which
represents 25% of the average daily trading
volume of 56,453 Common Shares on the TSX for the
six months ended November 30, 2024,
other than block purchase exemptions. Purchases under the NCIB may
commence on December 23, 2024 and
continue until December 22, 2025 or
such earlier date as goeasy completes its purchases pursuant to the
NCIB.
The NCIB will be conducted through the facilities of the TSX or
alternative Canadian trading systems, if eligible, and the price
that goeasy will pay for any Common Shares will be the market price
prevailing at the time of purchase or such other price as may be
permitted. Purchases under the NCIB will be made by
means of open market transactions or other
such means as a securities regulatory
authority may permit.
In connection with the NCIB renewal, the Company also announces
that it has entered into an issuer automatic purchase plan
agreement (the "Plan") with an independent designated broker
(the "Broker") responsible for making purchases of Common
Shares pursuant to the Plan. Under the Plan, the Broker will have
sole discretion to purchase Common Shares pursuant to the NCIB
during trading black-out periods established under the Company's
Insider Trading Policy, subject to the price limitations and other
terms
of the Plan and the rules of the TSX.
The Company may instruct the Broker to make specific purchases and
suspend or terminate the Plan, provided in each case that the
Company certifies to the Broker that it is not in possession of any
material undisclosed information and such request is otherwise in
compliance with the terms of the Plan.
Under its current normal course issuer bid, which commenced on
December 21, 2023 and expires on
December 20, 2024, the number of
Common Shares that could be repurchased for cancellation was
1,270,245. As of December 17, 2024,
the Company had purchased for cancellation 92,903 Common Shares,
through the facilities of the TSX and alternative Canadian trading
systems, at a volume weighted average price of $166.89 per Common Share.
The NCIB will provide goeasy with the flexibility to purchase
Common Shares as part of its capital management strategy, which is
designed to maintain healthy capital levels while balancing the
objective of generating shareholder value.
About goeasy
goeasy Ltd. is a Canadian company, headquartered
in Mississauga, Ontario, that provides non-prime leasing
and lending services through its easyhome, easyfinancial and
LendCare brands. Supported by over 2,500 employees, the Company
offers a wide variety of financial products and services including
unsecured and secured instalment loans, merchant financing through
a variety of verticals and lease-to-own merchandise. Customers can
transact seamlessly through an omni-channel model that includes
online and mobile platforms, over 400 locations across Canada,
and point-of-sale financing offered in the retail, powersports,
automotive, home improvement and healthcare verticals, through over
10,500 merchant partners across Canada. Throughout the Company's history, it
has acquired and organically served approximately 1.5 million
Canadians and originated over $15.1
billion in loans.
Accredited by the Better Business Bureau, goeasy is the proud
recipient of several awards in recognition of its exceptional
culture and continued business growth including 2024 Best
Workplaces™ in Financial Services & Insurance, Waterstone
Canada's Most Admired Corporate Cultures, ranking on the 2022
Report on Business Women Lead Here executive gender diversity
benchmark, placing on the 2024 Report on Business ranking
of Canada's Top Growing Companies, ranking on the TSX30,
Greater Toronto Top Employers Award and has been certified as a
Great Place to Work®. The Company is represented by a
diverse group of team members from over 80 nationalities who
believe strongly in giving back to communities in which it
operates. To date, goeasy has raised and donated over $6.0
million to support its long-standing partnerships with BGC
Canada and many other local charities. In 2023, the Company
announced a 3-year, $1.4 million commitment to BGC
Canada's Food Fund.
goeasy Ltd.'s. common shares are listed on the TSX under the
trading symbol "GSY". goeasy is rated BB- with a stable trend from
S&P and Ba3 with a stable trend from Moody's.
For more information about goeasy and our business units,
visit www.goeasy.com, www.easyfinancial.com, www.lendcare.ca, www.easyhome.ca.
For further information contact:
Farhan Ali Khan
Executive Vice President & Chief Strategy and Corporate
Development Officer
(905) 272-2788
SOURCE goeasy Ltd