OTTAWA, ON / ACCESSWIRE / August 18, 2023 / Calian® Group Ltd. ("Calian" or the "Company") (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, announces today that, subject to the approval of the Toronto Stock Exchange ("TSX"), it intends to launch a normal course issuer bid ("NCIB") to purchase for cancellation up to 10% of its public float of common shares (the "Calian Shares"). The Company intends to file a notice of intention (the "Notice") with the TSX in this regard.
"We believe that the market price of the Calian Shares no longer reflects their underlying value, and significantly undervalues the Company's future growth prospects. Accordingly, the Company intends to put in place a NCIB to facilitate the purchase of Calian Shares to enhance shareholder value," said Kevin Ford, Calian's Chief Executive Officer.
The NCIB is expected to commence after the TSX has accepted the Notice and will continue for up to one year, unless earlier terminated. Subject to any required regulatory approvals, purchases under the NCIB may be made through the facilities of the TSX, and/or alternative Canadian trading platforms or by such other means as may be permitted by the applicable securities regulator, at prevailing market rates. The actual number of Calian Shares purchased under the NCIB, and the timing of such purchases (if any), will be determined by management of the Company, subject to applicable law and the rules of the TSX. Any Calian Shares purchased by the Company pursuant to the NCIB will be cancelled.
From time to time, when the Company does not possess material non-public information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the repurchase of Calian Shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the Company's broker will be adopted in accordance with applicable laws.
We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation and teamwork to engineer reliable solutions that solve complex problems. That's Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets.
Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.
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This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Calian and reflects management's expectations or beliefs regarding such future events. In certain cases, statements that contain forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur" or "be achieved" or the negative of these words or comparable terminology. Forward-looking information in this press release includes statements with respect to the Company's intention to proceed with an NCIB, the anticipated benefits of the NCIB and the number of Calian Shares that may be purchased under the NCIB. By its very nature forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual performance of Calian to be materially different from any anticipated performance expressed or implied by such forward-looking information.
Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading "Risk Factors" in the Company's annual information form dated December 19, 2022 for its fiscal year ended September 30, 2022 and other risks identified in the Company's filings with Canadian securities regulators, which filings are available on SEDAR+ at www.sedarplus.ca.
The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company's forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company's actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company's statements containing forward-looking information are based on the beliefs, expectations, and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management's beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.
Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: email@example.com
SOURCE: Calian Group Ltd.
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