This press release replaces the press release issued on March 17, 2022 to provide a more precise percentage of the maximum number of shares authorized for repurchase.
VANCOUVER, BC / ACCESSWIRE / March 21, 2022 / CIBT Education Group Inc. (TSX:MBA)(OTCQX International:MBAIF) (“ITTC“) reports that it has received approval from the Toronto Stock Exchange (the “TSX“) to initiate a normal course issuer bid (“ORCN“) to purchase up to 3,423,000 of its common shares, representing approximately 5% of the 68,460,740 common shares that were issued and outstanding as of the close of business on March 16, 2022 (net of shares purchased under previous but not yet canceled issuer bid), up to a maximum aggregate acquisition cost of approximately $3,000,000. The issuer bid is being implemented because management believes that purchases in in connection with the issuer bid constitute a desirable use of its funds since recent prices of the common shares do not fully reflect, and at times during the course of the issuer bid, do not fully reflect the value of CIBT’s business and future business prospects.
CIBT may repurchase common shares at any time during the 12-month period commencing March 21, 2022 and ending March 20, 2023, or such earlier date on which the Company may make its purchases pursuant to the public tender offer. redemption or gives notice of termination. Purchases of shares under the issuer bid will be made through the facilities of the TSX and other Canadian alternative trading markets/systems. The actual number of shares purchased and the timing of such purchases will be determined by CIBT in accordance with the rules of the TSX. All shares purchased under the OPRA will be cancelled.
Subject to prescribed exceptions, CIBT may purchase up to 3,320 common shares per day, representing 25% of the average daily trading volume of 13,283 common shares during the six months ending February 28, 2022. Exceptions to this limit include bulk purchases of (1) shares with a purchase price of at least $200,000, (2) at least 5,000 common shares with a purchase price of at least $50,000, or ( 3) at least 19,924 common shares.
The Company has been authorized to purchase up to 3,556,000 common shares under its latest normal course issuer bid. During the past 12 months, CIBT purchased 2,734,500 of its common shares under a normal course issuer bid at a weighted average price per share of $0.70685507. These purchases were made through the TSX and other Canadian markets/alternative markets.
About CIBT Education Group:
CIBT Education Group Inc. is one of Canada’s largest education and student housing investment companies, focusing on the domestic and global education market since 1994. CIBT owns colleges of commerce and language , student-centric rental apartments, recruiting centers and corporate offices at 45 branches in Canada and abroad. Its educational affiliates include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus, and CIBT School of Business. CIBT offers more than 150 educational programs in health, business management, e-commerce, hotel management, and language training in these schools. In 2021, CIBT provided education and housing services to over 10,000 students through its various subsidiaries.
CIBT owns Global Education City Holdings Inc. (“Global holdings“), an investment and development holding company focused on education-related real estate, such as student-centric rental apartments, hotels and education supercentres. Under the GEC® brand, Global Holdings provides accommodation services to 90 schools in Metro Vancouver, serving 1,500 students from 71 countries. The total portfolio and development budget under the GEC® brand exceeds $1.5 billion.
CIBT also owns Global Education Alliance Inc. (“GEA“) and Irix Design Group Inc. (“Irix Design“). GEA recruits international students for many elite kindergartens, elementary and secondary schools, colleges and universities across North America. Irix Design is a leading design and advertising firm based in Vancouver, Canada Visit us online and watch our corporate video at www.cibt.net.
Chairman, President and CEO
CIBT Education Group Inc.
Investor Relations Contact: 1-604-871-9909 ext. 319 or | E-mail: [email protected]
THE SOURCE: CIBT Education Group Inc.
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