CIBT Reports Share Buy-Back
16 Février 2012 - 12:49AM
Business Wire
CIBT Education Group Inc. (NYSE AMEX and TSX symbol: MBA)
(“CIBT”) reports that it has received approval from the
Toronto Stock Exchange (the “Exchange”) to commence a normal
course issuer bid (“NCIB”) to purchase up to 725,000 of its
common shares, representing approximately 1% of the 71,571,844
common shares which are issued and outstanding as at February 10,
2012, to a maximum aggregate acquisition cost of approximately
$1,000,000. The NCIB is being implemented because management
believes that purchases under the NCIB constitute a desirable use
of its funds on the basis that recent market prices of the common
shares do not, and at certain times during the course of the NCIB
may not, fully reflect the value of CIBT’s business and future
business prospects.
CIBT may buy back common shares anytime during the 12-month
period beginning on February 21, 2012 and ending on February 20,
2013 or on such earlier date as the Company may complete its
purchases pursuant to the NCIB, or provide notice of termination.
Share purchases under the NCIB will be conducted through the
facilities of the Exchange and other Canadian
marketplaces/alternative trading systems. The actual number of
shares purchased, and the timing of any such purchases, will be
determined by CIBT, in accordance with the rules of the Exchange.
Any common shares purchased under the NCIB will be held for re-sale
at a price and time to be determined by CIBT.
Subject to prescribed exceptions, CIBT may purchase up to 2,838
common shares per day, representing 25% of the average daily
trading volume of 11,350 common shares during the six months
ending on January 31, 2012. The
exceptions to this limitation include block trade purchases of (1)
shares having a purchase price of at least $200,000, (2) at least
5,000 shares having a purchase price of at least $50,000, or (3) at
least 10,000 shares.
During the last 12 months, CIBT has purchased 377,500 of its
common shares through a normal course issuer bid at a weighted
average price per share of $0.286.
About CIBT Education Group:
CIBT Education Group is an education management company focused
on the global education market. Listed on the Toronto Stock
Exchange and the NYSE Amex, CIBT Group owns and operates a network
of business, technical and language colleges as well as having
cooperative joint programmes at over 70 locations in 18 countries.
Its subsidiaries include Sprott-Shaw Community College (established
in 1903), Sprott-Shaw Degree College, CIBT School of Business
China, and King George International College. Through these
subsidiaries, CIBT Group offers Western and Chinese accredited
business and management degrees, and programmes in college
preparation, automotive maintenance, information technology, hotel
management and tourism, English language training, English teacher
certification, and other career/vocational training.
In addition to its wholly-owned subsidiaries, CIBT Group is the
exclusive licensee for the American Hotel & Lodging Association
Educational Institute (ALHA-EI) in China and the Philippines, and
the WyoTech Automotive Institute for China. CIBT also owns Irix
Design Group, a leading design and advertising company based in
Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“Toby Chu”
Toby ChuVice-Chairman, President & CEO
Neither the NYSE Amex nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this news
release.
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