Enghouse Renews Normal Course Issuer Bid
Posted on April 11, 2012 at 17:45 PM EDT
MARKHAM, ONTARIO -- (Marketwire) -- 04/11/12 -- Enghouse Systems Limited ("Enghouse" or the "Company") (TSX: ESL) today announced its intention to renew its normal course issuer bid for its common shares ("Common Shares") in accordance with the requirements of the Toronto Stock Exchange.
Enghouse continues to have significant cash reserves and positive cash flow. The Company believes that at times its share price does not fully reflect its underlying value and the repurchase of its Common Shares is an appropriate use of corporate funds.
The Company may purchase up to a maximum of 1,731,416 Common Shares, representing approximately 10% of the publicly listed float. As of close of business on April 4, 2012, the Company had 25,605,562 outstanding Common Shares. The price at which the Company may purchase such shares will be the market price at the time of acquisition and any Common Shares purchased under the bid will be cancelled. The actual number of Common Shares that may be purchased and the timing of any such purchases will be determined by the Company, subject to price, trading volume and other market considerations. Daily purchases will be limited to 6,676 Common Shares, other than block purchases.
The bid will commence on April 16, 2012 and will terminate on April 15, 2013, unless the maximum number of shares that may be purchased thereunder has been acquired before that time. The purchases will be made through the facilities of the Toronto Stock Exchange. During the 12 months preceding the date of the bid, the Company did not acquire any of its Common Shares.
Enghouse Systems Limited is a leading global provider of enterprise software solutions serving a variety of distinct vertical markets. Its strategy is to build a larger and more diverse software company through strategic acquisitions and managed growth. Enghouse shares are listed on the Toronto Stock Exchange under the symbol "ESL". Further information about Enghouse may be obtained from the Company's web site at www.enghouse.com.
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