NewMediaWire
2020-03-09
Vancouver, BC - (NewMediaWire) - March 09, 2020 - CIBT Education Group Inc. (TSX:MBA, OTCQX International:
MBAIF) (“CIBT”) reports that it has received approval from the
Toronto Stock Exchange (the “TSX”)
to commence a normal course issuer bid (“NCIB”)
to purchase up to 3,000,000 of its common shares, representing approximately 4.024%
of the 74,543,540 common shares which were issued and outstanding as at the
close of business on March 6,
2020, to a maximum aggregate acquisition cost of approximately $3,000,000. 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 March
12, 2020 and ending on March 11, 2021, or on such earlier date as the Company
may complete its purchases pursuant to the NCIB or provides notice of
termination. Share purchases under the NCIB will be conducted
through the facilities of the TSX 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
TSX. Any shares purchased under the NCIB will be cancelled.
Subject to prescribed exceptions, CIBT may purchase up to 2,371 common
shares per day, representing 25% of the average daily trading volume of 21,989 common
shares during the six months ending on February 28, 2020. 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 common shares having a purchase
price of at least $50,000, or (3) at least 14,229 common shares.
The Company was
authorized to purchase up to 3,914,000 common shares under its last normal
course issuer bid. During the last 12
months, CIBT has purchased 2,174,000 of its common shares through a normal
course issuer bid at a weighted average price per share of $0.63. These purchases were effected through the facilities of
the TSX and other Canadian marketplaces/alternative marketplaces. The Company has recently cancelled 1,991,500
common shares purchased through its previous NCIB that had not yet been
cancelled.
About CIBT
Education Group:
CIBT Education
Group Inc. is one of the largest education and student housing investment
companies 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, student housing
properties, recruitment centres and corporate offices at 45 locations in Canada
and abroad. The total annual enrollment
for the group exceeds 12,000 students.
Its education providers include Sprott Shaw College (established in
1903), Sprott Shaw Language College, 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, language and vocational
programs. CIBT owns Global Education
City Holdings Inc. (“Global Education”), an investment holding and development
company focused on developing education related real estate such as student
hotels, serviced apartments and education centres. The total portfolio and development budget of
projects under Global Education’s GEC® brand is over C$1 billion. The various GEC® properties provide
accommodations to over 1,500 students and other tenants. CIBT also
owns Global Education Alliance (“GEA”) and Irix Design Group ("Irix
Design"). GEA recruits international students on behalf of many elite
kindergartens, primary and secondary schools, colleges and universities in
North America. Irix Design is a leading
design and advertising company based in Vancouver, Canada. Visit us online and
watch our corporate video at www.cibt.net.
For
more information contact:
Toby
Chu
Chairman,
President & CEO
CIBT
Education Group Inc.
Investor
Relations Contact: 1-604-871-9909 extension 310 or | Email: info@cibt.net