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Toronto Stock Exchange approves Callidus Capital's buyback plan

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Toronto Stock Exchange approves Callidus Capital's buyback plan

The Toronto Stock Exchange accepted Callidus Capital Corp.'s notice of intention to repurchase up to 2,495,839 of its common shares, for a maximum bid price of C$20.50 apiece. The shares represent 5% of the company's issued and outstanding common stock, which stood at 49,916,781 shares as of Jan. 16.

The shares will be repurchased in the open market, and will be canceled.

Callidus Capital expects to receive all regulatory approvals related to the transaction by Jan. 27. The buyback plan will be terminated on the earlier of Jan. 26, 2018, or when the maximum number of shares under buyback plan are repurchased.

The Toronto-based company also plans to enter into an automatic share purchase plan, where a designated broker can buy the company's common stock under the normal-course issuer bid within the parameters set by the company.

The Catalyst Capital Group Inc., which manages funds indirectly holding around 67% of Callidus Capital's shares, does not intend to sell these shares to the company.