Your welcome Saul. I am just enjoying this board and how much I am learning. The 1YPEG went up pretty dramatically so I will not be adding to this. But one thing that just came out is that Avigilon is going to buying back shares because they think it is cheap. Here is the press release.
Avigilon Announces Normal Course Issuer Bid
05/08/2015
Download this Press Release ()
VANCOUVER, May 8, 2015 /CNW/ - Avigilon Corporation (“Avigilon” or the “Company”) (TSX:AVO), a leading global provider of end-to-end security solutions, announced today that the Toronto Stock Exchange (“TSX”) has approved a normal course issuer bid (the “Bid”), to be effected through the facilities of the TSX and alternative trading systems.
Avigilon’s Board of Directors believes the current price of Avigilon’s common shares (the “Shares”) does not properly reflect the underlying strength, operational track record, and growth potential of the business. Accordingly, the Board believes the purchase and cancellation of Shares under the Bid will be in the best interests of the Company and its remaining shareholders.
Pursuant to the Bid, the Company may purchase up to 3,789,740 Shares, representing approximately 10% of the public float. As of May 5, 2015, there were 46,638,069 issued and outstanding Shares, of which 37,897,409 Shares were in the public float. The Bid will commence on May 12, 2015 and will end no later than May 11, 2016. Shares purchased pursuant to the Bid will be returned to treasury and cancelled.
In accordance with TSX rules, daily purchases made by Avigilon under the Bid will not exceed 66,726 Shares, subject to certain prescribed exemptions, which is equal to 25% of Avigilon’s average daily trading volume on the TSX for the six calendar months ended April 30, 2015 which was 266,905 Shares.
Avigilon has implemented an automatic share purchase plan (the “Plan”) in respect of the Bid and has retained Canaccord Genuity Corp. (the “Broker”) as its broker to conduct the Bid on its behalf. The Plan permits the Broker to purchase Shares under the Bid at any time, including during internal blackout periods and when Avigilon is in possession of undisclosed material information, subject to certain price limitations and other parameters prescribed by the TSX, applicable securities laws and the terms of the Plan. Avigilon may also instruct the Broker to make specific purchases of Shares, and may suspend or terminate the Plan, provided that in each instance, Avigilon is not in possession of any undisclosed material information respecting Avigilon or its securities. The Plan has been approved by TSX.