Exco Technologies Limited announces renewal of issuer bid
TORONTO, Oct. 3, 2013 /PRNewswire/ - Exco Technologies Limited (TSX: XTC) announces that it intends to undertake a normal course issuer bid to acquire up to 1,500,000 of its outstanding Common Shares, being approximately 3.7% of its outstanding shares. As at this time, Exco had 40,714,833 Common Shares issued and outstanding. All purchases will be made through the facilities of and in accordance with the rules of the Toronto Stock Exchange and all shares purchased will be cancelled. Except where reliance is had on the Exchange's block purchase exemption, the maximum number of Shares purchasable under the bid on any trading day will be limited to 5,964 Common Shares. The weighted average daily trading volume for the six-month period ended September 30, 2013 was 23,857 Common Shares.
The Corporation did not repurchase any common shares pursuant to the normal course issuer bid during the year ended September 30, 2013. The Corporation has renewed the issuer bid for another year because it believes that the market price of its common shares is, from time to time, depressed and not reflective of the underlying value of the shares as a result of uncertain general market conditions and wholesale electronic trading practices. Management of Exco believes such purchases are an appropriate and desirable use of available funds.
The normal course issuer bid will commence on October 7, 2013 and end no later than October 6, 2014.
Exco Technologies Limited is a global supplier of innovative technologies servicing the die-cast, extrusion and automotive industries. Through our 11 strategic locations, we employ 2,207 people and service a diverse and broad customer base.
SOURCE Exco Technologies Limited