MONTREAL, July 16 /CNW Telbec/ - TECSYS Inc. (TSX: TCS) announces that
the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to
renew its "normal course issuer bid" to purchase some of its outstanding
common shares through the facilities of such exchange. Up to 650,184 common
shares, being approximately 5% of the 13,003,684 common shares outstanding as
of July 4, 2008 may be bought under the bid. The common shares will be
purchased by TECSYS for cancellation.
The number of shares that TECSYS intends to purchase and the time of such
purchases will be determined by TECSYS, at its discretion. The purchase period
will begin July 21, 2008 and will end on the earlier of July 20, 2009 or the
date on which TECSYS will have either acquired the maximum number of common
shares or otherwise decided not to make any further purchases.
The Board of Directors of TECSYS has concluded that the purchase of up to
650,184 common shares is a desirable use of funds for TECSYS and, therefore,
would be in the best interests of TECSYS and its shareholders. The purpose of
the purchases of common shares is to increase the proportionate share interest
in TECSYS of those shareholders who retain their shares. Within the past
twelve months, TECSYS purchased 680,400 common shares at an average price of
$1.48 per common share under a normal course issuer bid which will expire on
July 18, 2008.
The average daily trading volume of TECSYS over the last six complete
calendar months was 10,841 common shares (the "ADTV"). Under TSX rules, TECSYS
may purchase up to 25% of the ADTV (or 2,710 common shares) per trading day.
Once a week, in excess of the daily repurchase limit, TECSYS may purchase a
block of common shares not owned by an insider (i) having a purchase price of
$200,000 or more, (ii) of at least 5,000 common shares with a purchase price
of at least $50,000, or (iii) of at least 20 board lots of common shares which
total 150% or more of the ADTV.
To the knowledge of TECSYS, after reasonable inquiry, no director, senior
officer or any of their associates, or any person acting jointly or in concert
with TECSYS, or any person holding 10% or more of the voting shares currently
intends to sell common shares under the issuer bid.
For further information:
For further information: Mr. Berty Ho-Wo-Cheong, Vice-President Finance
& Administration, and Chief Financial Officer, (514) 866-0001; Source: TECSYS