TORONTO, Sept. 26, 2019 /CNW/ - Baylin Technologies Inc. (TSX: BYL) (the "Company" or "Baylin") announced today that it has received approval from the Toronto Stock Exchange ("TSX") for a normal course issuer bid ("NCIB").
Under the NCIB, the Company may purchase for cancellation up to 2,016,532 of its common shares, representing 5% of its 40,330,650 outstanding common shares. The NCIB will commence on September 30, 2019 and continue until the earlier of the date the Company has completed its purchases and September 29, 2020, when the bid expires. The Company may purchase up to 7,780 common shares each trading day, which represents 25% of the average daily trading volume of 31,123 common shares on the TSX during the six-month period ended August 31, 2019, subject to the TSX's rules permitting block purchases. The Company has retained Paradigm Capital Inc. as its broker to make purchases on the Company's behalf under the NCIB in accordance with the TSX's rules and applicable law. Purchases may be made through the facilities of the TSX and alternative trading systems in Canada at prevailing market prices or other prices as permitted.
The Company believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of the Company's business or its future prospects and that the purchase of common shares in those circumstances represents an appropriate investment.
The Company has entered into an automatic share purchase plan with its broker to permit the purchase of common shares, subject to specified trading parameters, at times when the Company would ordinarily not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Outside of those periods, common shares will be purchased in accordance with management's discretion and in compliance with applicable law.
Baylin Technologies Inc. is a diversified leading global wireless technology management company. Baylin focuses on research, design, development, manufacturing and sales of passive and active radio-frequency products and services. Baylin aspires to meet its customers' needs and anticipate the direction of the market. For further information, please visit www.baylintech.com.
SOURCE Baylin Technologies Inc.
For further information: Investor Relations: Kelly Myles, Marketing and Communications Director, Baylin Technologies Inc., [email protected]