MONTREAL, June 23, 2015 /CNW Telbec/ - Senvest Capital Inc.
(the "Corporation") (TSX: SEC) announced today the acceptance by
the Toronto Stock Exchange (the "TSX") of the Corporation's Notice
of Intention to make a normal course issuer bid (the "NCIB").
Pursuant to the NCIB, the Corporation proposes to purchase through
the facilities of the TSX from time to time, if considered
advisable, up to an aggregate of 130,000 of its common shares,
being approximately 4.59% of its 2,834,124 issued and outstanding
common shares as of June 15, 2015. However, due to the
historically low volume of trading of its common shares on the TSX,
the Corporation advises that actual purchases under the NCIB may in
fact be significantly less than 130,000 shares. Purchases may
commence through the TSX on June 25,
2015 and will conclude on the earlier of the date on which
purchases under the bid have been completed and June 24, 2016.
The average daily trading volume of the Corporation's common
shares over the most recently completed six calendar months was
1,292 common shares. Accordingly, the Corporation is entitled to
purchase, on any trading day, up to 1,000 common shares. Moreover,
the Corporation is entitled, no more frequently than once per
calendar week, to make block purchases of its common shares which
exceed such daily limit.
The Corporation wishes to take advantage of the market trading
prices of its common shares from time to time. It is the
opinion of management that, from time to time, the market price of
its common shares may not adequately reflect the value of the
underlying assets of the Corporation. The Board of Directors of the
Corporation believes that the proposed purchases may be in the best
interests of the Corporation and may constitute a desirable use of
corporate funds. All common shares purchased by the Corporation
pursuant to the NCIB will be cancelled.
On June 25, 2014, the Corporation
commenced a normal course issuer bid to purchase up to 130,000
common shares through the facilities of the TSX. Under that
bid, which is scheduled to expire on June
24, 2015, the Corporation purchased and cancelled a total of
18,000 of its common shares at a weighted average price of
$159.46 per common share.
Senvest Capital Inc. and its subsidiaries have business
activities in merchant banking, asset management, real estate and
electronic security.
SOURCE SENVEST CAPITAL INC.