MONTREAL, June 18 /CNW Telbec/ - Senvest Capital Inc. (the "Corporation")
(TSX: SEC) announced today the acceptance by the Toronto Stock Exchange (the
"TSX") of the Corporation's Notice of Intention to make a normal course issuer
bid (the "NCIB"). Pursuant to the NCIB, the Corporation proposes to purchase
through the facilities of the TSX from time to time, if considered advisable,
up to an aggregate of 130,000 of its common shares, being approximately 4.5%
of its 2,856,624 issued and outstanding common shares as of June 18, 2009.
Purchases may commence through the TSX on June 23, 2009 and will conclude on
the earlier of the date on which purchases under the bid have been completed
and June 22, 2010.
The average daily trading volume of the Corporation's common shares over
the most recently completed six calendar months was 64 common shares.
Accordingly, the Corporation is entitled to purchase, on any trading day, up
to 1,000 common shares. Moreover, the Corporation is entitled, no more
frequently than once per calendar week, to make block purchases of its common
shares which exceed such daily limit.
The Corporation wishes to take advantage of the market trading prices of
its common shares from time to time. It is the opinion of management that,
from time to time, the market price of its common shares may not adequately
reflect the value of the underlying assets of the Corporation. The Board of
Directors of the Corporation believes that the proposed purchases may be in
the best interests of the Corporation and may constitute a desirable use of
corporate funds. All common shares purchased by the Corporation pursuant to
the NCIB will be cancelled.
On June 23, 2008, the Corporation commenced a normal course issuer bid to
purchase up to 130,000 common shares through the facilities of the TSX. Under
that bid, which is scheduled to expire on June 22, 2009, the Corporation
purchased and cancelled a total of 11,000 of its common shares at a weighted
average price of $21.32 per common share.
Senvest Capital Inc. and its subsidiaries have business activities in
merchant banking, asset management, real estate and electronic security.
For further information:
For further information: Mr. George Malikotsis, Vice-President, Finance
of Senvest Capital Inc., (514) 281-8082