TORONTO, ON--(Marketwired - March 02, 2017) - Clairvest Group Inc. (CVG.TO) today announced that the Toronto Stock Exchange has accepted a notice filed by Clairvest of its intention to make a new normal course issuer bid. Clairvest's current normal course issuer bid expires on March 6, 2017. The notice provides that the Corporation may, during the 12-month period commencing March 7, 2017 and ending March 6, 2018, purchase on The Toronto Stock Exchange up to 760,627 common shares in total, being approximately 5% of the outstanding common shares. The average daily trading volume for the six months ending February 28, 2017 was 438 common shares. Daily purchases will be limited to 1,000 common shares, other than block purchase exceptions. Any shares purchased will be cancelled. The price which the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased and the timing of any such purchases will be determined by the Corporation. In total 3,449,895 common shares at a cost of approximately $35.9 million have been purchased under previous normal course issuer bids. The Corporation purchased 20,000 common shares under its current bid within the last twelve months at a weighted average price of $29.45 per share. There were 15,212,540 common shares (15,194,095 common shares and 18,445 Employee Deferred Share Units) of the Corporation outstanding on February 28, 2017.
The Corporation believes, depending upon future price movements and other factors, that its outstanding common shares may represent an attractive investment and a desirable use of a portion of its available funds.
Clairvest Group Inc. is a private equity investor which invests its own capital, and that of third parties through the Clairvest Equity Partners ("CEP") limited partnerships, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.