Calian Reinitiates Share Buyback, Affirming Confidence in Future Prospects
OTTAWA, June 05, 2024 (GLOBE NEWSWIRE) -- Calian® Group Ltd. (“Calian” or the “Company) (TSX: CGY) a diverse products and services company providing innovative healthcare, communications, learning, and cybersecurity solutions, is pleased to announce the reinitiation of its share buyback, effective immediately. The buyback continues as part of the existing normal course issuer bid (NCIB), initially announced on August 30, 2023.
After a brief pause, the decision to resume the share buyback program reflects Calian’s continued commitment to enhancing shareholder value.
"We are reinitiating our share buyback program as we continue to believe that the market price of Calian shares does not reflect its underlying value and significantly undervalues the Company’s future growth prospects,” said Kevin Ford, CEO of Calian. “After record second quarter results, four acquisitions completed over the past year and a strong start to our three-year strategic plan, we are very confident in the long-term prospects of Calian and believe that reactivating our share buyback is a prudent use of capital.”
On August 30, 2023, the TSX accepted Calian’s Notice of Intention to Make a Normal Course Issuer Bid (“NCIB”) to purchase for cancellation up to 1,044,012 common shares during the 12-month period commencing September 1, 2023 and ending August 31, 2024, representing approximately 10% of the public float of its common shares as at August 22, 2023. Since the launch of the NCIB on September 1, 2023, the Company has repurchased 59,320 common shares for cancellation in consideration of $3.0 million.
About Calian
We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.
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DISCLAIMER
Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.
