CHWWF (6.86) looks like a nice find. I like the late August announcement of the resumption of their share buyback program as well as the high yield dividend paid monthly. It's thinly traded in Canada so I've been accumulating very slowly ....
TORONTO, Aug. 22, 2019 /CNW/ - Chesswood Group Limited ("Chesswood") (TSX:
CHW) announced today that the Toronto Stock Exchange (the "TSX") has
accepted its notice of intention to conduct a normal course issuer bid to
enable it to purchase up to 1,031,791 of its 16,243,461 common shares
("Common Shares") outstanding, representing approximately 10 per cent of
Chesswood's public float of 10,317,918 Common Shares as of August 20, 2019.
The average daily trading volume of Chesswood for the past six months was
19,317, and a maximum of 4,829 Common Shares (being approximately 25% of the
average daily trading volume during the preceding six months) may be
purchased by Chesswood on any one day under its normal course issuer bid,
except where purchases are made in accordance with "block purchases"
exemptions under applicable TSX policies.
The normal course issuer bid will commence on August 26, 2019, and will
terminate on the earlier of August 25, 2020, the date Chesswood completes
its purchases pursuant to the notice of intention to make a normal course
issuer bid filed with the TSX or the date of notice by Chesswood of
termination of the bid.
Chesswood previously sought and received approval from the TSX to purchase
up to 1,043,895 of its outstanding Common Shares in connection with its
previous normal course issuer bid, which expires on August 24, 2019. As of
August 20, 2019, Chesswood had purchased 284,360 Common Shares through the
TSX at a weighted average price of $10.2634 per share. Chesswood believes
that the market price of the Common Shares at certain times may be
attractive and that the purchase of Common Shares from time to time would be
an appropriate use of its funds in light of potential benefits to remaining
Chesswood also announces that it will enter into an automatic share purchase
plan agreement (the "ASPP") with a broker to allow for the purchase of
Common Shares under the NCIB at times when Chesswood normally would not be
active in the market due to regulatory restrictions or self-imposed trading
blackout periods. Before entering into a blackout period, Chesswood may, but
is not required to, instruct the designated broker to make purchases under
the NCIB in accordance with the terms of the ASPP. Such purchases will be
determined by the broker in its sole discretion based on parameters
established by Chesswood prior to the blackout period in accordance with TSX
rules and the terms of the ASPP. The terms of the ASPP have been pre-cleared
by the TSX. Outside of these pre-determined blackout periods, Common Shares
will be purchased in accordance with management's discretion.
Chesswood will make purchases on the open market through the facilities of
the TSX in accordance with the rules and policies of the TSX or alternative
trading systems in Canada. The price that Chesswood will pay for any such
Common Shares will be the market price of such Common Shares on the TSX at
the time of acquisition. Common Shares purchased under the bid will be