Calgary, Alberta–(Newsfile Corp. – November 15, 2022) – Sylogist Ltd. (TSX: SYZ) (“Sylogist” or the “Company”)a leading public sector SaaS company, today announced that the Toronto Stock Exchange (“TSX“) accepted its notice of intention to make a normal course issuer bid (“ORCN“) effective November 17, 2022. Sylogist believes that, from time to time, the market price of Sylogist’s common stock may not reflect its underlying or intrinsic value and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate and beneficial interest to all other holders of Common Shares.
As of the date hereof, there are 23,915,877 common shares issued and outstanding, of which 22,811,771 shares constitute the public float. Under the public tender offer, Sylogist is authorized to purchase up to 2,281,177 common shares, or 10% of the public float. The average daily trading volume (“ADTV“) for the six months preceding the date of the tender offer (i.e. from May to October 2022) was 33,369 common shares and the daily purchase limit under the tender offer (i.e. 25 % of ADTV) will be 8,342 common shares Sylogist, through its broker at BMO Nesbitt Burns, will purchase the common shares on the open market through the facilities of the TSX and/or other Canadian trading systems.The price Sylogist will pay for any Common Shares purchased will be the prevailing market price for such Common Shares at the time of purchase.Decisions regarding purchases of Common Shares under the Offer issuer bid will be taken by Sylogist Common shares acquired pursuant to the issuer bid will be canceled The issuer bid, if approved, will terminate on the earliest of the following dates: (i) November 16 2023; or (ii) when purchases ats authorized thereunder are terminated. Sylogist may otherwise choose to terminate the OPRA at any time.
Sylogist provides mission-critical SaaS solutions to more than 2,000 public sector customers worldwide in the government, nonprofit, and education sectors. The Company’s shares are traded on the Toronto Stock Exchange under the symbol SYZ. Information about Sylogist, including full financial statements as well as the management report, is available at www.sylogist.com.
This press release is not for distribution to United States Newswire Services or for dissemination in the United States.
Certain statements contained in this press release may be forward-looking statements within the meaning of applicable securities laws and regulations. These statements generally use words such as will, expect, believe, estimate, project, anticipate, plan, may, should, might and will, or the negative of these terms, variations thereof, or similar terminology. . By their very nature, forward-looking statements are based on assumptions and involve inherent risks and uncertainties, both general and specific. It is therefore possible that the beliefs, plans and other forward-looking expectations expressed herein may not be realized or may prove to be incorrect. Although Sylogist believes that the expectations reflected in these forward-looking statements are reasonable, it does not guarantee that these expectations will prove to be correct. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes statements regarding the purchase and cancellation of Common Shares, payment of the prevailing market price for such Common Shares at the time of purchase, termination of the Offer issuer, how from time to time the market price of Sylogist common stock may not reflect its underlying or intrinsic value and that at such time the purchase of common stock for cancellation will increase the proportionate interest of all remaining common shareholders and will benefit them. Important factors and assumptions that could cause actual results to differ materially from such forward-looking information include Sylogist’s ability to attract and retain customers and realize its investments. Although Sylogist believes that the assumptions and important factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur. Sylogist disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Certain information presented herein may be considered “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with information about Sylogist’s reasonable expectations regarding the expected results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be suitable for other purposes.
For more information, contact:
Bill Wood, President and CEO
Rudy Shirra, Director, Corporate Development and Investor Relations
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