CALGARY, ALBERTA--(Marketwired - March 27, 2014) -
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
DirectCash Payments Inc. (TSX:DCI) ("DirectCash" or the "Company") is pleased to announce the Toronto Stock Exchange (the "TSX") has accepted the Company's Notice to Make a Normal Course Issuer Bid (the "Bid") to purchase, from time to time, as it considers advisable, up to 879,464 of its 17,589,279 currently issued and outstanding common shares as of March 25, 2014 on the open market through the facilities of the TSX. In accordance with the results of the TSX governing normal course issuer bids, the total number of common shares the Company is permitted to purchase is subject to a daily purchase limit of 14,687 shares representing 25% of the average daily trading volume of DirectCash shares on the TSX calculated for the six-month period ended February 28, 2014, provided, however, that the Company may make one block purchase per calendar week which exceeds the daily re-purchase restriction. The price that DirectCash will pay for any common shares under the Bid will be the prevailing market price on the TSX at the time of such purchase. Common shares acquired under the Bid will be canceled.
The Bid will commence on April 1, 2014 and will terminate on March 31, 2015 or such earlier time as the Bid is completed or terminated at the option of DirectCash.
Acumen Capital Finance Partners Limited has agreed to act on the Company's behalf to make purchases of common shares pursuant to the Bid. A copy of Form 12 Notice of Intention to Make a Normal Course Issuer Bid filed by the Company with the TSX can be obtained from the Company upon request without charge.
DirectCash believes that from time to time, the market price of the Company's common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.
The Company is the largest branded ATM provider in Canada and Australia, and the third largest branded ATM provider in the United Kingdom. DirectCash is one of the leading providers of branded non-financial institution debit terminals and prepaid card products in Canada. DirectCash offers prepaid cards in Australia and the United Kingdom, as well as ATM services in Mexico.
Additional information about the Company is available on SEDAR (www.sedar.com) and our website at www.directcash.net.