Senvest Capital Inc. Announces Acceptance by TSX of Normal Course Issuer Bid
11 August 2021 - 2:30PM
Senvest Capital Inc. (the “Corporation”) (TSX: SEC) announced today
the acceptance by the Toronto Stock Exchange (the “TSX”) of the
Corporation’s Notice of Intention to make a normal course issuer
bid (the “NCIB”). Pursuant to the NCIB, the Corporation proposes to
purchase, from time to time, if considered advisable, up to an
aggregate of 100,000 of its common shares, being approximately
3.96% of its 2,525,824 issued and outstanding common shares as of
August 6, 2021, through the facilities of the TSX or through
various eligible alternative trading systems. However, due to the
historically low volume of trading of its common shares on the TSX,
the Corporation advises that actual purchases under the NCIB may in
fact be significantly less than 100,000 shares. Purchases may
commence on August 16, 2021 and will conclude on the earlier of the
date on which purchases under the bid have been completed and
August 15, 2022.
The average daily trading volume of the
Corporation’s common shares over the most recently completed six
calendar months was 902 common shares. Accordingly, as regards
purchases of common shares made by the Corporation through the
facilities of the TSX, the Corporation is entitled to purchase, on
any trading day, up to 1,000 common shares and to make block
purchases of its common shares which exceed such daily limit no
more frequently than once per calendar week.
The Corporation wishes to take advantage of the
market trading prices of its common shares from time to time. It is
the opinion of management that, from time to time, the market price
of its common shares may not adequately reflect the value of the
underlying assets of the Corporation. The Board of Directors of the
Corporation believes that the proposed purchases may be in the best
interests of the Corporation and may constitute a desirable use of
corporate funds. All common shares purchased by the Corporation
pursuant to the NCIB will be cancelled.
In connection with the NCIB, the Corporation has
established an automatic purchase plan (the “Plan”). The Plan
enables the Corporation to provide standard instructions regarding
how the common shares are to be repurchased on the open market
during self-imposed blackout periods. The Plan constitutes an
automatic plan for purposes of applicable Canadian securities
legislation and has been pre-cleared by the TSX.
On August 14, 2020, the Corporation commenced a
normal course issuer bid to purchase up to an aggregate of 70,000
common shares, which was subsequently increased to 100,000 common
shares on January 22, 2021. Under that bid, which is scheduled to
expire on August 13, 2021, the Corporation purchased and cancelled
a total of 97,400 of its common shares at a weighted average price
of $230.65 per common share, including 92,500 common shares
purchased through the facilities of the TSX at a weighted average
price of $231.71 per common share and 4,900 common shares purchased
through eligible alternative trading systems at a weighted average
price of $210.63 per common share.
Senvest Capital Inc. and its subsidiaries have
business activities in merchant banking, asset management, real
estate and electronic security.
For more information, please contact Mr. George
Malikotsis, Vice-President, Finance of Senvest Capital Inc., at
(514) 281-8082.
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