TORONTO, Aug. 19, 2014 /CNW/ - EGI Financial Holdings Inc. ("EGI" or "the Company") (TSX: EFH) announced today acceptance by the Toronto Stock Exchange ("TSX") of EGI's notice of intention to make a normal course issuer bid. Pursuant to the bid, EGI proposes to purchase through the facilities of TSX and alternative trading systems, from time to time over the next 12 months, if considered advisable, up to an aggregate of 703,792 common shares of EGI, representing approximately 10% of its public float, being 7,037,929 common shares as of August 12, 2014. As of August 12, EGI had 11,772,682 issued and outstanding common shares. Purchases may commence through the TSX on August 21, 2014 and will conclude on the earlier of the date on which purchases under the bid have been completed and August 20, 2015. Daily purchases will be limited to 3,277 common shares, other than block purchase exceptions. The previous EGI normal course issuer bid (for the period April 10, 2013 to April 9, 2014) resulted in 247,500 shares repurchased at an average weighted price of $10.49 per share, for a total of approximately $2.6 million. EGI believes that the proposed purchases are in the best interests of the Company and are a desirable use of corporate funds.
All common shares purchased by EGI pursuant to the bid will be cancelled. The program does not require EGI to repurchase a minimum number of shares, and it may be modified, suspended or terminated at any time without prior notice.
About EGI Financial
Founded in 1997, EGI Financial operates in the property and casualty insurance industry in Canada and Europe, primarily focusing on non-standard automobile insurance and other niche and specialty general insurance products.
This news release contains forward-looking information based on current expectations. This information includes, but is not limited to, statements about the normal course issuer bid, and EGI's intentions for the bid.
This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a projection as reflected in the forward-looking information. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific. A variety of material factors, many of which are beyond EGI's control, affect the operations, performance and results of EGI and its business and could cause actual results to differ materially from the expectations expressed in any of this forward-looking information.
EGI does not undertake to update any forward-looking information, except as required by law. Additional information about the risks and uncertainties about EGI's business is provided in its disclosure materials, including its Annual Information Form and Management Discussion & Analysis, filed with the securities regulatory authorities in Canada, available at www.sedar.com.
SOURCE: EGI Financial Holdings Inc.
For further information: Kathy Shulman, Investor Relations Manager, EGI Financial Holdings Inc., Telephone: 905-214-7880, Email: firstname.lastname@example.org