TORONTO, ON--(Marketwired - July 15, 2016) - Enercare Inc. ("Enercare") (TSX: ECI) announced today that it has received approval from the Toronto Stock Exchange ("TSX") for the renewal of its Normal Course Issuer Bid ("NCIB"), pursuant to which Enercare may purchase for cancellation up to 10,286,906 of its common shares, representing approximately 10% of its public float of issued and outstanding common shares as of July 4, 2016. As of July 4, 2016, there were 103,836,505 common shares outstanding. The average daily trading volume from January 1, 2016 to June 30, 2016 was 320,937 common shares. Daily purchases will be limited to 80,234 common shares, other than block purchase exceptions. The purchases may commence on July 20, 2016, and will terminate on July 19, 2017, or on such earlier date as Enercare may complete its purchases under its NCIB. The purchases made by Enercare will be implemented through the facilities of the TSX, through alternative Canadian trading systems or by other means as may be permitted by the TSX or a securities regulatory authority, such as prearranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority. Purchases made on the open market through the facilities of the TSX and alternative trading systems will be at the prevailing market price at the time of acquisition. Purchases made by way of private agreement under an issuer bid exemption order may be at a discount to the prevailing market price as provided in the exemption order.
The actual amount of common shares that may be purchased under the NCIB is subject to, and cannot exceed, limits referred to above and the timing of such purchases will be determined by Enercare. All common shares purchased under the NCIB will be cancelled. Under the current NCIB expiring on July 19, 2016, Enercare purchased a total of 4,400,154 common shares at a weighted average price of $15.36 per common share.
Enercare believes that, from time to time, the market price of its common shares does not fully reflect the value of its business and its future business prospects. As a result, Enercare believes that the purchase of its outstanding common shares represents an appropriate and desirable use of its available funds. In addition, purchases, including purchases under the NCIB, may increase the liquidity of the common shares.
Enercare is headquartered in Toronto, Ontario, Canada and is publicly traded on the Toronto Stock Exchange (TSX: ECI). As one of North America's largest home and commercial services and energy solutions companies with approximately 3,800 employees under its Enercare and Service Experts brands, Enercare is a leading provider of water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services. With operations in Canada and the United States, Enercare serves approximately 1.6 million customers annually. Enercare is also the largest non-utility sub-meter provider, with electricity, water, thermal and gas metering contracts for condominium and apartment suites in Canada and through its Triacta brand, a premier designer and manufacturer of advanced sub-meters and sub-metering solutions.
For more information on Enercare visit enercare.ca. Additional information regarding Enercare is available on SEDAR at www.sedar.com.
Source: Enercare Inc.