Enghouse Systems Limited

Enghouse Systems Limited

April 09, 2009 13:52 ET

Enghouse Renews Normal Course Issuer Bid

MARKHAM, ONTARIO--(Marketwire - April 9, 2009) - Enghouse Systems Limited (TSX:ESL) today announced its intention to renew its normal course issuer bid for its common shares in accordance with the requirements of the Toronto Stock Exchange.

Enghouse continues to have significant cash reserves and positive cash flow. The Company believes its share price does not fully reflect its underlying value and the repurchase of Company shares is an appropriate use of corporate funds.

The Company may purchase up to a maximum of 1,655,470 common shares, representing approximately 10% of the publicly listed float. As of close of business on April 3, 2009, the Company had 24,620,400 outstanding common shares. The price at which the Company may purchase such shares will be the market price at the time of acquisition and any common shares purchased under the bid will be cancelled. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by the Company, subject to price, trading volume and other market considerations. The average daily trading volume for the last six months was 19,877 shares. Daily purchases will be limited to 4,969 common shares other than block purchases.

The bid will commence on April 14, 2009 and will terminate on April 13, 2010, unless the maximum number of shares that may be purchased thereunder has been acquired before that time. The purchases will be made through the facilities of the Toronto Stock Exchange. During the 12 months preceding the date of the bid, the Company acquired 947,824 common shares at an average price of $4.80 per share.

About Enghouse

Enghouse Systems Limited is a leading global provider of enterprise software solutions serving a variety of distinct vertical markets. Its strategy is to build a larger and more diverse software company through strategic acquisitions and managed growth. Enghouse shares are listed on the Toronto Stock Exchange under the symbol "ESL".

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