- CIBT Education Group (MBA) has received TSX approval for a normal course issuer bid (NCIB)
- It may purchase up to 3,374,877 common shares, capped by a maximum acquisition cost of $2,000,000, between March 22, 2023 and March 21, 2024
- Management is seeking to capitalize on periods of undervaluation
- CIBT Education Group is one of Canada’s largest education and student housing investment companies
- CIBT Education Group (MBA) last traded at $0.45 per share
CIBT Education Group (MBA) has received TSX approval for a normal course issuer bid.
Management believes recent share prices do not fully reflect the value of CIBT’s business and future prospects.
The company may purchase up to 3,374,877 common shares, representing approximately 5 per cent of issued and outstanding shares on March 10, 2023, to a maximum acquisition cost of $2,000,000.
Purchases may occur between March 22, 2023 and March 21, 2024.
Daily purchases are capped at 1,259 common shares. The exceptions to this limitation include block trade purchases of:
- Shares having a purchase price of at least $200,000
- At least 5,000 common shares having a purchase price of at least $50,000
- At least 20 board lots of common shares and a total of at least 7,554 common shares
The company will cancel all acquired shares.
During the last 12 months, CIBT purchased 963,200 shares under its previous NCIB at a weighted average price of $0.5819 per share.
CIBT Education Group is one of Canada’s largest education and student housing investment companies. In 2022, CIBT serviced over 10,000 domestic and international students through its educational and rental housing subsidiaries.
CIBT Education Group (MBA) last traded at $0.45 per share.