Flow Capital Corp.'s substantial issuer bid to repurchase for cancellation of up to C$4 million of its common shares by way of a modified Dutch auction expired at 5 p.m. ET on Oct. 7.
A total of 5,708,090 shares were properly tendered and not properly withdrawn at the per-share purchase price of 20 Canadian cents or lower, based on the preliminary count by Computershare Trust Co. of Canada. Flow Capital expects to take up and purchase for cancellation all of those shares at 20 Canadian cents apiece for a total price of roughly C$1.1 million.
The shares expected to be purchased under the offer represent about 6.84% of the issued and outstanding shares at the time that the offer was commenced.
Flow Capital will have 77,694,674 shares outstanding after the expected cancellation.
The modified Dutch auction allowed shareholders who chose to take part in the offer to individually select the price, within a range of not less than 15 Canadian cents per common share and not more than 20 Canadian cents per common share in 1-cent increments.
