VANCOUVER, BC / ACCESSWIRE / March 20, 2024 / Global Education Communities Corp. (TSX:GEC)(OTCQX International:GECSF) ("GECC") reports that it has received approval from the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid ("NCIB") to purchase up to 1,000,000 of its common shares, representing approximately 1.48% of the 67,440,040 common shares which were issued and outstanding as at the close of business on March 11, 2024 (net of shares purchased under the previous NCIB but not yet cancelled), to a maximum aggregate acquisition cost of approximately $1,000,000. The NCIB is being implemented because management believes that purchases under the NCIB constitute a desirable use of its funds on the basis that recent market prices of the common shares do not, and at certain times during the course of the NCIB may not, fully reflect the value of GECC's business and future business prospects.
GECC may buy back common shares anytime during the 12-month period beginning on March 22, 2024 and ending on March 21, 2025, or on such earlier date as the Company may complete its purchases pursuant to the NCIB or provides notice of termination. Share purchases under the NCIB will be conducted through the facilities of the TSX and other Canadian trading systems/alternative trading systems. The actual number of shares purchased, and the timing of any such purchases, will be determined by GECC in accordance with the rules of the TSX. Any shares purchased under the NCIB will be cancelled.
Subject to prescribed exceptions, GECC may purchase up to 2,548 common shares per day, representing 25% of the average daily trading volume of 10,193 common shares during the six months ending on February 29, 2024. The exceptions to this limitation include block trade purchases of (1) shares having a purchase price of at least $200,000, (2) at least 5,000 common shares having a purchase price of at least $50,000, or (3) at least 20 board lots of common shares and a total of at least 15,290 common shares.
The Company was authorized to purchase up to 3,374,877, common shares under its last normal course issuer bid. During the last 12 months, GECC has purchased 57,500 of its common shares through a normal course issuer bid at a weighted average price per share of $0.3692. These purchases were effected through the facilities of the TSX and other Canadian trading systems/alternative trading systems.
About GECC:
GECC is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC operates business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 41 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus and GECC School of Business & Technology Corp. GECC offers over 150 educational programs in healthcare, business management, e-commerce, cyber-security, hotel management, emergency paramedic, and language training through these schools. In fiscal 2023, GECC serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.
GECC owns Global Education City Holdings Inc. ("GECH"), an investment holding and development company focused on education-related real estate such as student-centric rental apartments and education super-centres. In fiscal 2023, GECH operated 15 properties under the GEC® brand in Metro Vancouver and provided accommodation services to 92 partner-schools serving 3,200 students from 71 countries. The total portfolio and development budget under the GEC® brand exceeds $1.2 billion.
GECC also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.GEChq.com.
For more information, contact:
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: [email protected]
SOURCE: Global Education Communities Corp.