CIBT Reducing its Issued and Outstanding Shares for the 5th time in 4.5 Years
VANCOUVER, BC / ACCESSWIRE / January 5, 2017 / CIBT Education Group Inc. ("CIBT Group") (TSX: MBA, OTCQX: MBAIF) reports that it is cancelling 1,238,700 common shares which had been repurchased pursuant to a normal course issuer bid ("NCIB"). The total number of issued and outstanding shares of CIBT Group will be reduced to 67,978,943 common shares upon cancellation of these shares based upon CIBT Group's issued and outstanding share capital as at the close of business on December 30, 2016.
Within a 51 month period, CIBT has reduced its issued and outstanding shares five times. CIBT Group has purchased and cancelled approximately 11,314,924 common shares inclusive of this latest cancellation, thereby increasing each and every shareholder's percentage holding of CIBT Group.
"With our student housing portfolio under management expanding rapidly to over $600 million, complimented by our school assets growing steadily year after year and rising rental property values across Metro Vancouver, these factors have contributed to our year-to-year rental revenue growth of 666% and significant valuation gain of $9.8 million as of August 31st, 2016 which accounted for only 1 of the 7 projects jointly owned by CIBT and other limited partnership unit holders," commented Toby Chu, President and CEO, Chairman of CIBT Group. "After reviewing our current NAV and future prospects, we believe that the current share price is significantly undervalued. Our share buy-back (NCIB) initiative serves to validate CIBT Group's commitment to reducing dilution and enhancing shareholder value. As we continue to execute on our business plan of becoming Canada's leading student housing and private education provider, we anticipate a growing audience of investors that are looking at this booming sector as a potential investment opportunity. While growing our business is paramount, we believe that a prosperous company must have a healthy share structure in order for its shares to increase in value. We see exciting times ahead and we look forward to being at the forefront of one of the fastest growing industries in the country."
About CIBT Education Group:
CIBT Education Group Inc. is one of the largest education and student-housing investment company in Canada focused on the global education market since 1994. Listed on the Toronto Stock Exchange and U.S OTCQX International, CIBT owns business and language colleges with 27 locations enrolling over 8,000 students annually. Its education providers include Sprott Shaw College (established in 1903), Vancouver International College and CIBT School of Business. Through these schools, CIBT offers business and management programs in healthcare, hotel management, language training, and over 150 career and vocational programs. CIBT's property investments are owned by Global Education City Holdings Inc., an investment holding and management company focused on developing education related real estate such as student hotels, serviced apartments and education super centers. CIBT also owns Global Education Alliance ("GEA") and Irix Design Group ("Irix Design"). GEA recruits international students for many elite kindergarten, primary & secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online at www.cibt.net, www.studenthotel.ca and watch our corporate video at http://cibt.net/about/.
SOURCE: CIBT Education Group Inc.
