goeasy Ltd. Announces Renewal of Normal Course Issuer Bid
MISSISSAUGA, ONTARIO - (Marketwired - June 22, 2016) - goeasy Ltd. (TSX:GSY), ("goeasy" or the "Company"), the leading full service provider of goods and alternative financial services that improve the lives of everyday Canadians, today announced the acceptance by the Toronto Stock Exchange (the "TSX") of goeasy's Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB").
Pursuant to the NCIB, goeasy proposes to purchase, from time to time, if it is considered advisable, up to an aggregate of 986,105 Common Shares, being approximately 10% of goeasy's public float as of June 10, 2016. As at June 10, 2016, goeasy had 13,488,603 Common Shares issued and outstanding and the average daily trading volume for the six months prior to May 31, 2016 was 28,219.
Daily purchases will be limited to 6,494 Common Shares, representing 25% of the average daily trading volume, other than block purchase exemptions. The purchases may commence on June 27, 2016 and will terminate on June 26, 2017 or on such earlier date as goeasy may complete its purchases pursuant to the Notice of Intention. The NCIB will be conducted through the facilities of the TSX or alternative trading systems, if eligible, and will conform to their regulations. Purchases under the NCIB will be made by means of open market transaction or other such means as a security regulatory authority may permit, including pre-arranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority. The price that goeasy will pay for any Common Shares will be the market price of such shares at the time of acquisition, unless otherwise permitted under applicable rules.
Under its current normal course issuer bid, during the period prior to June 10, 2016, goeasy has repurchased 452,341 Common Shares at a weighted average price of $18.14 per share. The current normal course issuer bid commenced on June 25, 2015 and will expire on June 24, 2016.
The Board of Directors of goeasy believes that the proposed purchases are in the best interests of the Company and are a desirable use of corporate funds. All Common Shares purchased by goeasy pursuant to the NCIB will be cancelled.
goeasy Ltd. is the leading full service provider of goods and alternative financial services that improve the lives of everyday Canadians. Today,goeasy Ltd. serves its customers through two key operating divisions, easyhome and easyfinancial. easyhome is Canada's largest lease-to-own company, offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. easyfinancial is the leading provider of alternative financial services, offering consumer loans between $500-$15,000, and is supported by a strong central credit adjudication process and industry leading risk analytics. easyfinancial also operates an indirect lending channel, offering loan products to consumers at the point-of-sale of third party merchants. Both operating divisions of goeasy Ltd. offer the highest level of customer service and enable customers to transact through a national store and branch network of over 180 easyhome and 200 easyfinancial locations across Canada and through its online and mobile eCommerce enabled platforms.
goeasy Ltd. is listed on the TSX under the symbol 'GSY'. For more information, visit www.goeasy.ca.
President and Chief Executive Officer
Executive Vice President and Chief Financial Officer