TORONTO, June 14, 2021 (GLOBE NEWSWIRE) -- IBI Group Inc. (the "Company" or "IBI") (TSX:IBG) announced today that it has received the approval of the Toronto Stock Exchange (the "TSX") for a normal course issuer bid (the "Bid") to purchase up to 750,000 of its issued and outstanding common shares (the "Common Shares").
Purchases under the Bid may commence on June 21, 2021 and will terminate on June 20, 2022, or on such earlier date as the Bid is complete. Purchases of Common Shares will be made through the facilities of the TSX in accordance with its rules. Purchases under the Bid may also be made through alternative Canadian trading systems. The average daily trading volume of the Common Shares for the previous six calendar months ("ADTV") was 41,076 Common Shares. Subject to the TSX's block purchase exception, on any trading day, purchases under the Bid will not exceed 10,269 Common Shares (being 25% of the ADTV). The price that the Company will pay for any Common Shares purchased under the Bid will be the prevailing market price at the time of purchase. Any Common Shares purchased by the Company will be cancelled.
As of June 14, 2021, there were 31,305,544 Common Shares issued and outstanding. The 750,000 Common Shares that may be repurchased under the Bid represents approximately 3.03% of the "public float" (as defined in the TSX Company Manual) of the Company's issued and outstanding Common Shares on June 14, 2021.
The Board of Directors believes that the underlying value of the Corporation may not be reflected in the market price of the Common Shares from time to time and that, accordingly, the purchase of Common Shares will increase the proportionate interest in the Corporation of, and be advantageous to, all remaining shareholders of the Corporation.
Caution Regarding Forward-Looking Information
Certain statements in this news release may constitute "forward-looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and its subsidiary entities, including IBI or the industry in which they operate, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this news release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward-looking statements involve a number of risks and uncertainties, including those related to: (i) the impact of general economic conditions; (ii) industry conditions; and (iii) stock market volatility, many of which are beyond the Company's control. For an augmented discussion of the risk factors and uncertainties that affect or may affect the Company, the reader is directed to the section entitled "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2020. New risk factors may arise from time to time and it is not possible for management of the Company to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance or achievements of the Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.
About IBI Group Inc.
IBI Group Inc. (TSX:IBG) is a technology-driven design firm with global architecture, engineering, planning, and technology expertise spanning over 60 offices and 3,000 professionals around the world. For nearly 50 years, its dedicated professionals have helped clients create livable, sustainable, and advanced urban environments. IBI Group believes that cities thrive when designed with intelligent systems, sustainable buildings, efficient infrastructure, and a human touch. Follow IBI Group on Twitter @ibigroup and Instagram @ibi_group.
For further information:
Stephen Taylor, CFO
IBI Group Inc.
Tel: 416-596-1930
stephen.taylor@ibigroup.com
Media:
Julia Harper
IBI Group Inc.
Tel: 416-596-1930
julia.harper@ibigroup.com