09:23 AM EDT, 06/05/2024 (MT Newswires) -- Calian Group Ltd. ( CLNFF ) , a diverse products and services company providing innovative healthcare, communications, learning, and cybersecurity solutions, announced Wednesday the reinitiation of its share buyback, effective immediately. The buyback continues as part of the existing normal course issuer bid (NCIB), initially announced on August 30, 2023.

After a brief pause, a statement said, the decision to resume the share buyback program reflects Calian's continued commitment to enhancing shareholder value.

"We are reinitiating our share buyback program as we continue to believe that the market price of Calian shares does not reflect its underlying value and significantly undervalues the company's future growth prospects," said Kevin Ford, CEO, in Wednesday's statement. "After record second quarter results, four acquisitions completed over the past year and a strong start to our three-year strategic plan, we are very confident in the long-term prospects of Calian and believe that reactivating our share buyback is a prudent use of capital."

On August 30, 2023, the TSX accepted Calian's Notice of Intention to Make an NCIB to purchase for cancellation up to 1,044,012 common shares during the 12-month period commencing September 1, 2023 and ending August 31, 2024, representing near 10% of the public float of its common shares as at August 22, 2023. Since the launch of the NCIB on September 1, 2023, the company has repurchased 59,320 common shares for cancellation in consideration of $3.0 million.