Enterprise Group, Inc. ("Enterprise," or "the Company") (TSX:E), today announced that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to make a normal course issuer bid to purchase outstanding common shares of the Company ("Shares") on the open market in accordance with the rules of the TSX.
The Company is authorized to purchase up to 2,782,619 Shares under the normal course issuer bid, representing approximately 5% of its issued and outstanding Shares, as of June 1, 2017. As of that date, there were 55,652,374 Shares issued and outstanding. The average daily trading volume of the Shares for the six months ended May 31, 2017, calculated in accordance with the rules of the TSX, was 48,270 Shares. Enterprise is subject to a daily repurchase limit of 25% of such volume, being 12,067 Shares, except where such purchases are made in accordance with the block purchase exemption under TSX rules.
Enterprise intends to commence the normal course issuer bid on June 12, 2017 and terminate the bid on June 11, 2018 or such earlier time as the bid is completed or terminated at the option of the Company. All Shares purchased under this bid will be purchased in the open market through the facilities of the TSX or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled.
Enterprise's Board of Directors believes that, from time to time, the market price of its Shares may not reflect their underlying value. At such times, the Board of Directors believes that the purchase of Shares for cancellation pursuant to the normal course issuer bid is in the best interests of the Company and its shareholders, as the cancellation of the Shares will increase the value of the remaining Shares.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries. The Company's focus is primarily construction services and specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management, and human resources to support continued growth. More information is available at the Company's website www.enterprisegrp.ca. Corporate filings can be found on www.sedar.com
SOURCE: Enterprise Group, Inc.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.