MISSISSAUGA, ONTARIO - (Marketwired - June 22, 2017) - goeasy Ltd. (TSX:GSY) ("goeasy" or the "Company"), a 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 300,000 Common Shares, being approximately 4% of goeasy's public float as of June 13, 2017. As at June 13, 2017, goeasy had 13,363,158 Common Shares issued and outstanding and the average daily trading volume for the six months prior to May 31, 2017 was 29,980.
Daily purchases will be limited to 7,495 Common Shares, representing 25% of the average daily trading volume, other than block purchase exemptions. The purchases may commence on June 27, 2017 and will terminate on June 26, 2018 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, goeasy has repurchased 160,988 Common Shares at a weighted average price of $23.74 per share. The current normal course issuer bid commenced on June 27, 2016 and will expire on June 26, 2017.
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 a 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, easyfinancial and easyhome. easyfinancial is a non-prime consumer lender that bridges the gap between traditional financial institutions and costly payday lenders. It 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. 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. 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 200 easyfinancial and 170 easyhome 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.com.
President and Chief Executive Officer
Executive Vice President and Chief Financial Officer