MONTREAL, Oct. 21, 2019 /CNW Telbec/ - Velan Inc. (the
"Company") (TSX: VLN) announced today that it has received
approval of the Toronto Stock Exchange ("TSX") to proceed
with its normal course issuer bid previously announced on
October 10, 2019. Under the bid, the
Company may purchase up to 151,384 Subordinate Voting Shares (the
"Shares") of the Company, representing approximately 2.5% of
the 6,055,368 Shares issued and outstanding as at October 10, 2019. The average daily trading
volume for the 6-month period preceding October 1, 2019 is 6,414 Shares. In accordance
with TSX requirements, the Company may repurchase up to 1,603
Shares on a daily basis. The bid will commence on October 23, 2019 and terminate on October 22, 2020 or on such earlier date as the
Company may complete its purchases pursuant to the bid. The Shares
will be purchased on behalf of the Company by a registered broker
through the facilities of TSX or alternative Canadian trading
systems. The price paid for the Shares will be the market price at
the time of the acquisition, and the number of Shares purchased and
the timing of any such purchases will be determined by the Company.
All Shares purchased by the Company will be cancelled.
The Company has not repurchased any Shares in the last 12
months.
The directors of the Company have concluded that purchases of up
to 151,384 of the issued and outstanding Shares may be an
appropriate and desirable use of the Company's available funds and,
therefore, would be in the best interests of the Company. As a
result of such purchases, the number of issued Shares will be
decreased and, consequently, the proportionate share interest of
all remaining shareholders will be increased on a pro rata
basis.
About Velan
Founded in Montreal in 1950,
Velan Inc. (www.velan.com) is one of the world's leading
manufacturers of industrial valves, with sales of US$366.9 million in its last reported fiscal
year. The Company employs over 1,800 people and has
manufacturing plants in 9 countries. Velan Inc. is a public company
with its shares listed on the Toronto Stock Exchange under the
symbol VLN.
Safe harbour statement
This news release may include forward-looking statements, which
generally contain words like "should", "believe", "anticipate",
"plan", "may", "will", "expect", "intend", "continue" or "estimate"
or the negatives of these terms or variations of them or similar
expressions, all of which are subject to risks and uncertainties,
which are disclosed in the Company's filings with the appropriate
securities commissions. While these statements are based on
management's assumptions regarding historical trends, current
conditions and expected future developments, as well as other
factors that it believes are reasonable and appropriate in the
circumstances, no forward-looking statement can be guaranteed and
actual future results may differ materially from those expressed
herein. The Company disclaims any intention or obligation to update
or revise any forward-looking statements contained herein whether
as a result of new information, future events or otherwise, except
as required by the applicable securities laws. The forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement.
Web: www.velan.com
SOURCE Velan Inc.