Clairvest Announces New Normal Course Issuer Bid
Toronto, Ontario (March 1, 2018) – Clairvest Group Inc. (TSX: CVG) today announced that the Toronto Stock Exchange has accepted a notice filed by Clairvest of its intention to make a new normal course issuer bid. Clairvest’s current normal course issuer bid expires on March 6, 2018. The notice provides that the Corporation may, during the 12-month period commencing March 7, 2018 and ending March 6, 2019, purchase on The Toronto Stock Exchange up to 760,677 common shares in total, being approximately 5% of the outstanding common shares. The average daily trading volume for the six months ending February 28, 2018 was 756 common shares. Daily purchases will be limited to 1,000 common shares, other than block purchase exceptions. Any shares purchased will be cancelled. The price which the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by the Corporation. In total 3,480,995 common shares at a cost of approximately $37.1 million have been purchased under previous normal course issuer bids. The Corporation purchased 31,100 common shares out of an approved maximum repurchase amount of 760,627, effected through the TSX under its current bid within the last twelve months at a weighted average price of $37.29 per share. There were 15,213,551 common shares of the Corporation outstanding on February 28, 2018.
The Corporation believes, depending upon future price movements and other factors, that its outstanding common shares may represent an attractive investment and a desirable use of a portion of its available funds.
Director, Investor Relations and Marketing
Clairvest Group Inc.
Tel: (416) 925-9270
Fax: (416) 925-5753