MONTREAL, Sept. 18,
2024 /CNW/ -- Tecsys Inc. ("Tecsys" or the
"Company") (TSX: TCS) announces that the Toronto Stock Exchange
(the "TSX") has approved the renewal of the Company's normal
course issuer bid ("NCIB").
Tecsys believes that the market value of its common shares
("Shares") may not always fully reflect the full value of the
Company and, in such circumstances, purchases under the NCIB may
represent an appropriate and desirable use of its available funds.
Such purchases will increase the proportional share interest of
those shareholders who retain their Shares. Any purchases made by
Tecsys under the NCIB will be made by Tecsys at the prevailing
market price at the time of acquisition, plus brokerage fees,
through the facilities of the TSX and/or alternative Canadian
trading systems or as otherwise permitted by applicable securities
laws.
Pursuant to the NCIB, during the twelve-month period commencing
September 20, 2024, and ending
September 19, 2025, Tecsys intends to
purchase up to 500,000 Shares, which represents 3.4% of its
14,788,706 issued and outstanding shares as of September 16, 2024. Under the NCIB, other than
purchases made under block purchase exemptions, Tecsys may purchase
up to 2,117 Shares on the TSX during any trading day, which
represents 25% of 8,469, being the average daily trading volume for
the six months ended August 31, 2024,
excluding shares purchased under the NCIB during that time. Any
Shares purchased under the NCIB will be cancelled.
Share repurchases made pursuant to the Company's NCIB will be
predicated upon maintaining a strong balance sheet, performance of
the business, and the availability and attractiveness of
alternative capital investment opportunities. The actual number of
Shares purchased under the NCIB, the timing of the purchases, and
the price at which the Shares are acquired will depend upon a
variety of factors including future market conditions.
Tecsys has established an automatic securities purchase plan
with a designated broker which will allow for the purchase for
cancellation of Shares under the NCIB, subject to certain trading
parameters, by its designated broker during times when Tecsys would
ordinarily not be active in the market due to applicable regulatory
restrictions or self-imposed blackout periods. Outside of these
periods, the Shares will be repurchased by Tecsys at its discretion
under the NCIB.
Under its prior normal course issuer bid ("Prior NCIB"), which
commenced on September 14, 2023, and
ended September 13, 2024, the Company
sought and received approval from the TSX to purchase up to 500,000
common shares. The Company purchased 274,600 common shares under
the Prior NCIB at a weighted average price of $35.40 per common share through the facilities of
the TSX, other Canadian stock exchanges and/or alternative Canadian
trading systems or as otherwise permitted by applicable securities
laws.
About Tecsys
Tecsys is a global provider of advanced supply chain solutions.
With a commitment to innovation and customer success, the company
equips organizations with the essential software, technology and
expertise needed for operational excellence and competitive
advantage. Its cloud solutions serve a diverse range of industries,
including healthcare, distribution and converging commerce, across
multiple complex, regulated and high-volume markets. Built on the
Itopia® low-code application platform, Tecsys' offerings include
enterprise resource planning, warehouse management, consolidated
service management, distribution and transportation management,
supply management at the point of use and order management
solutions. Tecsys provides critical data insights and control
across the supply chain, ensuring that organizations are agile,
responsive and scalable.
Tecsys is publicly traded on the Toronto Stock Exchange under
the ticker symbol TCS. For more about Tecsys and its solutions,
please visit www.tecsys.com.
Forward Looking Statements
The statements in this news release relating to matters that are
not historical fact are forward looking statements that are based
on management's beliefs and assumptions. Such statements are not
guarantees of future performance and are subject to a number of
uncertainties, including but not limited to future economic
conditions, the markets that Tecsys Inc. serves, the actions of
competitors, major new technological trends, and other factors
beyond the control of Tecsys Inc., which could cause actual results
to differ materially from such statements. More information about
the risks and uncertainties associated with Tecsys Inc.'s business
can be found in the MD&A section of the Company's annual report
and the most recently filed annual information form. These
documents have been filed with the Canadian securities commissions
and are available on our website (www.tecsys.com) and on SEDAR+
(www.sedarplus.ca).
Copyright © Tecsys Inc. 2024. All names, trademarks, products,
and services mentioned are registered or unregistered trademarks of
their respective owners.
SOURCE Tecsys Inc.