06:26 AM EDT, 08/29/2024 (MT Newswires) -- Calian Group Ltd. ( CLNFF ) , a diverse products and services company trading near 52 week lows, announced overnight Wednesday announced that the Toronto Stock Exchange has accepted a notice filed by the company of its intention to make a normal course issuer bid. In connection with the NCIB, the Company has entered into an automatic share purchase plan with its designated broker to allow for purchases of its common shares.

"We are continuing with a share buyback program as we continue to believe that the market price of the shares does not reflect its underlying value and therefore undervalues the company's future growth prospects," said Kevin Ford, CEO of Calian in a statement. "After three quarters, we are firmly on track with our three-year strategic plan. We have also completed three acquisitions, investing nearly $90 million in capital, all while maintaining a strong balance sheet. We are confident in the long-term prospects of Calian and believe that buying back Shares is a good use of capital."

The notice provides that the company may, during the 12-month period commencing September 1, 2024 and ending August 31, 2025, or on such earlier date as Calian completes its purchases or provides notice of termination, purchase up to 995,904 shares in total, representing approximately 10% of Calian's public float of ahares as at August 16, 2024. As of the close of business on August 16, 2024 the company had 11,846,546 shares issued and outstanding.

Except for block purchases permitted under the rules of the TSX, the number of shares to be purchased per day will not exceed 1,974, which represents 25% of the average daily trading volume of the shares on the TSX for the most recently completed six calendar months (being 7,899 shares) prior to the TSX's acceptance of the Notice. The actual number of shares which may be purchased under the NCIB and the timing of any such purchases will be determined by management of the company, subject to applicable law and the rules of the TSX.