McCoy Global Inc. ("McCoy" or "the Corporation") (TSX:MCB) today announced that it has received approval from the Toronto Stock Exchange (the "TSX") to undertake a proposed normal course issuer bid (the "Bid") to purchase up to 1,385,212 common shares, representing approximately 5% of the issued and outstanding common shares of McCoy.
McCoy's management and board of directors believe that the current market price of its common shares does not represent the underlying value of the Corporation, and has determined that the repurchase of its common shares is a desirable use of funds and in the best interests of the Corporation and its shareholders.
Purchases under the Bid will be made through the facilities of the TSX or any Canadian alternative trading system. The period of the Bid will extend from May 24, 2017 to May 23, 2018, or an earlier date should McCoy complete its purchases. All common shares purchased under the Bid will be cancelled. The actual number of common shares purchased, the time of purchases and the price at which the common shares will be acquired will depend on future market conditions.
As at May 12, 2017, 27,704,239 common shares of McCoy were issued and outstanding. Under the rules of the TSX and subject to certain exemptions for block purchases, the maximum number of common shares that the Corporation may purchase on any one trading day is 4,496 common shares, representing 25% of the average daily trading volume of 17,987 common shares for the previous six calendar months.
The Corporation previously announced a normal course issuer bid (the "Previous Bid") on March 30, 2015, which expired on March 29, 2016. Due to market conditions, no purchases were made under the Previous Bid.
McCoy provides innovative products and services to the global energy industry. The Corporation operates internationally through direct sales and distributors, with operations in Canada, the United States of America, the United Kingdom, Singapore and the United Arab Emirates. McCoy's corporate headquarters are located in Edmonton, Alberta, Canada.
SOURCE: McCoy Global Inc
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.