Firan Technology Group's NCIB Renewal Announcement
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Firan Technology Group Corporation Announces Acceptance by TSX of Normal Course Issuer Bid Renewal
Firan Technology Group Corporation (TSX: FTG) has announced the acceptance by the Toronto Stock Exchange (TSX) of its Notice of Intention to make a Normal Course Issuer Bid (NCIB), renewing its previous NCIB that expired in June 2024. Under this new agreement, FTG is authorized to purchase up to 1,193,740 common shares, making up approximately 5% of its Common Shares outstanding. As of the latest assessment, the total number of issued and outstanding shares stands at 23,874,802.
Details of the NCIB
The Normal Course Issuer Bid allows FTG to conduct share purchases through the TSX for up to twelve months. The purchase period will commence shortly and will conclude either when all shares authorized under the bid are repurchased, or one year from the start date. The commencement date for these purchases is anticipated to be soon, concluding on the specified end date, which is set for the following year.
Guidelines for Share Purchases
Purchases will follow the TSX by-laws, rules, and policies, facilitated either through the TSX or alternative Canadian trading platforms. All shares acquired during this bid will be canceled, and the price paid will align with the market value of shares at the time of the acquisition. Based on trading data, the average daily trading volume indicates possible daily purchase limits for shares under this NCIB.
History and Previous NCIB
Prior to this renewal, FTG’s previous NCIB, which was approved on June 1, 2023, allowed for the repurchase of 1,195,550 shares. During that period, FTG successfully completed the cancellation of 36,200 common shares, achieving a weighted average price of $3.34 per share before the expiration of this NCIB.
Insider Trading Insights
FTG has indicated that none of its directors, officers, or insiders currently plan to sell shares back to the corporation during the coming NCIB, demonstrating confidence in the initiative and the company’s future.
Corporate Overview
Firan Technology Group Corporation, known as FTG, is a leading supplier of aerospace and defense electronics products. It operates two primary units, FTG Circuits and FTG Aerospace, both dedicated to high-reliability manufacturing for global clients in diverse industries including aviation and defense.
FTG Circuits Operations
FTG Circuits specializes in the production of high technology printed circuit boards, serving major clients across sectors that demand stringent operational reliability. With operational facilities across key locations, including Toronto and California, FTG Circuits is well positioned in the market.
FTG Aerospace Manufacturing
FTG Aerospace focuses on manufacturing and repairing cockpit panels and keyboards for original equipment manufacturers in the aerospace sector. Their facilities in Ontario, California, and overseas collaborations play a crucial role in their production and repair processes.
Contact Information
For further information, individuals can 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 allows the corporation to buy back shares to manage its capital structure effectively and enhance shareholder value.
How many common shares is FTG allowed to repurchase under the NCIB?
FTG is authorized to purchase up to 1,193,740 common shares through this renewal.
When does the NCIB period begin and end?
The purchases are expected to commence shortly and will continue until the earlier of the completion of repurchases or one year from the start date.
What was the result of FTG's previous NCIB?
FTG completed the purchase and cancellation of 36,200 common shares under its previous NCIB.
Who can I contact for more information about FTG?
Contact Bradley C. Bourne or Jamie Crichton using the provided phone numbers and email addresses for inquiries.
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