trending Market Intelligence /marketintelligence/en/news-insights/trending/lq4aubwmmtjgu7aocg5_pa2 content esgSubNav
In This List

Canada's Senvest Capital to repurchase up to 70,000 common shares

Blog

The evolving world of central bank digital currencies

Blog

Insight Weekly: US stock market downturn; Chinese bank earnings; Europe's big tech bills

Blog

Expand Your Perspective Uncover Insights on Key Markets with Differentiated Data

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds


Canada's Senvest Capital to repurchase up to 70,000 common shares

Canada-based Senvest Capital Inc. plans to repurchase for cancellation up to 70,000 common shares by way of a normal course issuer bid.

According to a news release, management believes that the market price of the shares "may not adequately reflect" the value of the company's underlying assets.

The maximum amount represents approximately 2.59% of outstanding common shares as of Aug. 9. Purchases may commence Aug. 14 and will end either when purchases under the bid are completed or on Aug. 13, 2019.

Senvest noted that actual purchases may be "significantly less" than 70,000 common shares due to the historically low trading volume of its shares, with the daily average coming in at 248.75 common shares in the six most recently completed months.

The company can repurchase up to 1,000 common shares per trading day and make block purchases exceeding the daily limit once per week. Senvest also created an "automatic purchase plan," which it will use to provide instructions on how the common shares will be repurchased on the open market during self-imposed blackout periods.

Senvest and its subsidiaries are involved in merchant banking, asset management, real estate and electronic security.