MISSISSAUGA, Ontario, Feb. 25, 2019 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”), a leading full-service provider of goods and alternative financial services that provides everyday Canadians a path to a better tomorrow, today announced the acceptance by the Toronto Stock Exchange (the “TSX”) of an amendment to goeasy’s current Normal Course Issuer Bid (the “NCIB”) to increase the aggregate number of Common Shares that may be purchased thereunder from 555,000 Common Shares, being approximately 5% of goeasy’s public float as of October 30, 2018, to 887,000 Common Shares, being approximately 8% of goeasy’s public float as of October 30, 2018. Daily purchases will continue to be limited to 9,052 Common Shares, other than block purchase exemptions. The purchases will terminate on November 12, 2019 or on such earlier date as goeasy may complete its purchases under this amended NCIB.
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. As of the date hereof, goeasy is not aware of or in possession of any material undisclosed information about itself, the Common Shares or any other of its securities.
As of January 31, 2019, the Company had purchased and cancelled 555,000 of its common shares on the open market under the NCIB at an average price of $38.35 per share for a total cost of $21.3 million.
The Board of Directors of goeasy has approved this amended NCIB and 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.
About goeasy
goeasy Ltd. offers leasing and lending services in the alternative financial services market and provides everyday Canadians a path to a better tomorrow, today. goeasy Ltd. serves its customers through two key operating divisions, easyfinancial and easyhome. easyfinancial is a non-prime consumer lending business that bridges the gap between traditional financial institutions and costly payday loans. easyfinancial offers a range of unsecured and secured personal instalment loans supported by a strong central credit adjudication process and industry leading risk analytics. 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 an omni channel model that includes over 400 stores and branches across Canada and digital eCommerce enabled platforms.
goeasy Ltd.’s. common shares are listed for trading on the TSX under the trading symbol “GSY” and goeasy’s convertible debentures are traded on the TSX under the trading symbol “GSY-DB”. goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody’s. For more information, visit www.goeasy.com.
For further information contact:
Jason Mullins
President and Chief Executive Officer
(905) 272-2788