Firan Technology Group Corporation Announces Acceptance by TSX for Renewal of Normal Course Issuer Bid
Firan Technology Group Corporation (TSX: FTG) has announced that the Toronto Stock Exchange (TSX) has accepted its Notice of Intention to renew its Normal Course Issuer Bid (NCIB), which previously expired in June 2024. This new authorization allows FTG to buy back up to 1,193,740 common shares, representing about 5% of its outstanding Common Shares. Currently, the total number of issued and outstanding shares is 23,874,802.
Overview of the NCIB
The Normal Course Issuer Bid permits FTG to repurchase shares through the TSX over a period of up to twelve months. This purchase period is set to begin soon and will either end once all authorized shares are repurchased or one year after the start date. The anticipated start date for these purchases is imminent, with the concluding date scheduled for the following year.
Rules for Share Purchases
All purchases will adhere to the TSX by-laws, rules, and policies, and will be executed through the TSX or other Canadian trading platforms. Any shares acquired during this bid will be canceled, and the purchase price will reflect the market value at the time of acquisition. According to trading data, the average daily trading volume suggests potential daily limits on share purchases under this NCIB.
Background and Previous NCIB
Before this renewal, FTG's previous NCIB, which received approval on June 1, 2023, allowed for the repurchase of 1,195,550 shares. During that period, FTG successfully canceled 36,200 common shares at a weighted average price of $3.34 per share before the NCIB expired.
Insights on Insider Trading
FTG has stated that none of its directors, officers, or insiders currently intend to sell shares back to the corporation during the upcoming NCIB, reflecting their confidence in the initiative and the company's future prospects.
Company Overview
Firan Technology Group Corporation, commonly referred to as FTG, is a prominent supplier of aerospace and defense electronics products. The company operates through two main divisions: FTG Circuits and FTG Aerospace, both committed to high-reliability manufacturing for clients across various industries, including aviation and defense.
Operations of FTG Circuits
FTG Circuits specializes in producing high-technology printed circuit boards, catering to major clients in sectors that require stringent operational reliability. With facilities located in key areas, including Toronto and California, FTG Circuits is strategically positioned within the market.
Manufacturing at FTG Aerospace
FTG Aerospace is dedicated to manufacturing and repairing cockpit panels and keyboards for original equipment manufacturers in the aerospace industry. Their production and repair processes are significantly supported by facilities in Ontario, California, and international partnerships.
Contact Information
For additional information, please reach out to:
Bradley C. Bourne, President and CEO
Tel: (416) 299-4000 x 314
Email: bradbourne@ftgcorp.com
Jamie Crichton, Vice President and CFO
Tel: (416) 299-4000 x 264
Email: jamiecrichton@ftgcorp.com
Frequently Asked Questions
What is the purpose of the Normal Course Issuer Bid?
The NCIB enables the corporation to repurchase shares to effectively manage its capital structure and enhance shareholder value.
How many common shares is FTG permitted to repurchase under the NCIB?
FTG is allowed to buy back up to 1,193,740 common shares through this renewal.
When does the NCIB period start and end?
The share purchases are expected to begin shortly and will continue until either all authorized shares are repurchased or one year from the start date.
What were the results of FTG's previous NCIB?
FTG successfully purchased and canceled 36,200 common shares under its previous NCIB.
Who should I contact for more information about FTG?
For inquiries, you can contact Bradley C. Bourne or Jamie Crichton using the provided phone numbers and email addresses.
