McCoy Global Inc. Announces Approval Of Normal Course Issuer Bid
Edmonton, Alberta – McCoy Global Inc. (“McCoy”, “McCoy Global” or “the Corporation”) (TSX:MCB) today announced that that it has received approval from the Toronto Stock Exchange (the “TSX”) to undertake a proposed normal course issuer bid (the “Bid”) to purchase up to 1,379,041 common shares, representing approximately 5% of the issued and outstanding common shares of McCoy.
McCoy’s management and Board of Directors believe that the current market price of its common shares does not represent the underlying value of the Company, and has determined that the repurchase of its common shares is a desirable use of funds and in the best interests of the Company and its shareholders.
Purchases under the Bid will be made through the facilities of the TSX or any Canadian alternative trading system. The period of the Bid will extend from June 5, 2018 to June 4, 2019, or an earlier date should McCoy complete its purchases. All common shares purchased under the Bid will be cancelled. The actual number of common shares purchased, the time of purchases, and the price at which the common shares will be acquired will depend on future market conditions.
As at May 23, 2018, 27,580,839 common shares of McCoy were issued and outstanding. Under the rules of the TSX and subject to certain exemptions for block purchases, the maximum number of common shares that the Company may purchase on any one trading day is 2,241 common shares, representing 25% of the average daily trading volume of 8,966 common shares for the previous six calendar months.
The Company previously announced a normal course issuer bid (the “Previous Bid”) on May 19, 2017, which expired on May 23, 2018. Under the Previous Bid, 123,400 common shares were repurchased through the facilities of the TSX and subsequently cancelled.
McCoy provides equipment and technologies designed to support wellbore integrity and assist with collecting critical data for the global energy industry. The Corporation operates internationally through direct sales and distributors with operations in Canada, the United States of America, the United Kingdom, Singapore and the United Arab Emirates. McCoy’s corporate headquarters are located in Edmonton, Alberta, Canada.