Computer Modelling Group Receives Acceptance for Normal Course Issuer Bid
05 Maio 2014 - 8:00AM
Marketwired
Computer Modelling Group Receives Acceptance for Normal Course
Issuer Bid
CALGARY, ALBERTA--(Marketwired - May 5, 2014) - Computer
Modelling Group Ltd. ("CMG" or the "Company") (TSX:CMG) today
announced that the Toronto Stock Exchange ("TSX") has accepted
CMG's Notice of Intention to make a Normal Course Issuer Bid (the
"Bid") through the facilities of the TSX. The Bid will permit the
Company to purchase for cancellation up to 3,719,659 Common Shares
of the Company, representing approximately 10% of CMG's public
float, which was 37,196,594 at April 25, 2014. As at April 25, 2014
CMG's issued and outstanding shares were 39,267,557 Common
Shares.
Purchases pursuant to the Bid may commence on May 5, 2014 and
will terminate on May 4, 2015 or such earlier time as the Bid is
completed or terminated at the option of CMG. The price which CMG
will pay for any shares purchased will be the prevailing market
price of the Common Shares on the TSX at the time of such purchase.
The actual number of shares that may be purchased for cancellation
and the timing of any such purchases will be at the discretion of
CMG, subject to a maximum daily purchase limit of 9,078 shares,
which equals 25% of CMG's average daily trading volume for the six
months prior to April 25, 2014, other than block purchase
exceptions. The average daily trading volume for such period was
36,313.
CMG believes that, from time to time, the market prices of its
Common Shares may not fully reflect the underlying value of its
assets and business and that, at such times, the purchase of shares
would be in the best interests of CMG. Such purchases will increase
the proportionate interest of, and may be advantageous to, all
remaining shareholders. In addition, the purchase of shares by the
Company may increase liquidity of the Common Shares.
CMG has not repurchased any Common Shares under its most recent
normal course issuer bid which commenced on May 1, 2013 and expired
on April 30, 2014.
Computer Modelling Group Ltd. is a computer software technology
and consulting company serving the oil and gas industry. CMG,
recognized by oil and gas companies worldwide as a leading
developer of reservoir modelling software, has sales and technical
support services based in Calgary, Houston, London, Caracas, Dubai,
Bogota and Kuala Lumpur. CMG is the leading supplier of advanced
processes reservoir modelling software in the world with a blue
chip client base of international oil companies and technology
centers in over 50 countries. The Company's shares are listed on
the Toronto Stock Exchange under the trading symbol "CMG".
Forward-Looking Statements: The reader should be aware that
historical results are not necessarily indicative of future
performance. Certain statements in this press release may
constitute forward-looking statements, which can generally be
identified as such because of the context of the statements
including words such as the Company believes, anticipates, expects,
plans, estimates or words of a similar nature. The forward-looking
statements are based on current expectations and are subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, performance or achievements of the
Company to be materially different from any future results.
Computer Modelling Group Ltd.Kenneth M. DedelukPresident &
CEO(403) 531-1300ken.dedeluk@cmgl.caComputer Modelling Group
Ltd.Sandra BalicVice President, Finance & CFO(403)
531-1300(403) 289-8502sandra.balic@cmgl.cawww.cmgl.ca
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