BMO buying up SYZ for the CEO for cancellation.
Sylogist arranges share buyback, CEO increases holdings
2008-08-27 15:57 ET - News Release
Mr. Jim Wilson reports
SYLOGIST LTD. ANNOUNCES NORMAL COURSE ISSUER BID AND INSIDER PURCHASES
Sylogist Ltd. is making a normal course issuer bid (NCIB). The TSX Venture Exchange has accepted Sylogist's notice of intention to have a NCIB in place. The purchases pursuant to the NCIB will be for cancellation. Sylogist believes that from time to time the market price of the Sylogist common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining holders of common shares. Any purchases made by Sylogist will also afford increased liquidity to those holders of common shares of Sylogist who may wish to dispose of their common shares.
On Aug. 27, 2008, there were 17,995,239 common shares outstanding and the public float was 12,396,738 common shares. Under the NCIB, Sylogist may purchase up to 1,239,674 common shares, which is 10 per cent of the public float. Sylogist, through its broker at BMO Nesbitt Burns, will purchase the common shares on the open market through the facilities of the TSX-V. The price which Sylogist will pay for any common shares purchased will be the prevailing market price of such common shares on the TSX-V at the time of purchase. Decisions regarding purchases of common shares pursuant to the NCIB will be made by Sylogist.
The NCIB will commence on Sept. 3, 2008, and will terminate on Sept. 12, 2009, or at such earlier times as the NCIB is completed or terminated at the option of Sylogist.
In addition, Jim Wilson, its president, chief executive officer and a director of the company, has, through a series of transactions since May of this year, acquired ownership of 447,125 common shares of Sylogist, representing approximately 2.5 per cent of the issued and outstanding common shares of the company. These purchases, combined with the previous acquisitions and dispositions since October of 2004, amount to, in total, 4.9 per cent of the issued and outstanding common shares of the company. Mr. Wilson now beneficially owns and controls 4,833,175 common shares of Sylogist, which represents 26.8 per cent of the issued and outstanding common shares of the company. Mr. Wilson's acquisitions were made on the open market through the facilities of the TSX-V and in some cases by private agreement, and all were made at the then market price of the common shares. All of the purchases were for investment purposes.
