ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Further to its news release dated March 22, 2016, Bluedrop Performance Learning Inc. (TSX-V:BPL) ("Bluedrop" or the "Company") is pleased to provide an update on its normal course issuer bid ("NCIB"). Under the terms of the NCIB, Bluedrop may acquire up to an aggregate of 4,949,330 common shares during the term of NCIB, which is from March 31, 2016 to March 30, 2017. Under TSX Venture Exchange policies, Bluedrop is entitled to purchase up to 2% of the total issued and outstanding common shares in any 30-day period up to the maximum of 4,949,330 common shares over the 12-month period that the NCIB is in place.
As at October 18, 2016, Bluedrop has repurchased an aggregate of 1,829,500 common shares of Bluedrop under the NCIB. Bluedrop is now proceeding with the third tranche of the share purchases under the NCIB.
As previously announced, Bluedrop entered into an automatic share purchase plan (the “Plan”) with Haywood Securities Inc. (“Haywood”). The Plan allows for purchases of common shares under the NCIB at time when Bluedrop ordinarily would not be active in the market due to its own internal black-out periods or under applicable Canadian securities laws. Pursuant to the Plan, the Corporation has instructed Haywood to make purchases of common shares with certain instructions which are subject to specified limits, including price, volume and frequency, as set out in the Plan. Within these specified limits, Haywood has discretion with respect to the purchase of the shares under the NCIB during the black-out period in accordance with the rules of the TSX Venture Exchange. The third tranche of share purchases under the NCIB shall not exceed either (a) 1,000,000 common shares; or (b) the aggregate amount of $150,000.
All common shares purchased by the Company will be on the open market through the facilities of TSXV by Haywood acting on behalf of Bluedrop in accordance with the policies of the TSXV and will be surrendered by the Company to its transfer agent for cancellation.
Company Founder and Chief Executive Officer, Emad Rizkala said, “the common shares of Bluedrop have been trading at prices that do not always reflect the underlying value of the Company, its current financial position and the Company’s growth opportunities. Accordingly, continuing the purchase and returning of its common shares to treasury at present pricing represents an opportunity to enhance value for the Company’s shareholders. Bluedrop’s cash position allows for further tranches under the bid without adversely affecting other opportunities for the Company”.
Bluedrop Performance Learning (TSX-V: BPL) is an innovator in workplace training for individuals, corporations, military personnel and the public sector. Bluedrop is transforming the workplace globally by designing, developing and delivering practical, actionable, and affordable training content and delivery platforms that improves individual and overall performance of organizations.
For more information, visit www.bluedrop.com.
This news release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements, other than statements of historical fact included in this release, including, without limitation, statements regarding the impact of the operational restructuring and future plans and objectives of Bluedrop, constitute forward-looking information that involve various risks and uncertainties. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the operational efficiencies associated with the integration of technological and financial systems and general economic and market conditions. There can be no assurance that such information will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking information.
Important factors that could cause actual results to differ materially from Bluedrop’s expectations include general global economic conditions. For additional information with respect to risk factors applicable to Bluedrop, reference should be made to Bluedrop's continuous disclosure materials filed from time to time with securities regulators, including, but not limited to, Bluedrop's Management’s Discussion and Analysis of Results of Operations and Financial Condition For the Year Ended September 30, 2015. The forward-looking information contained in this release is made as of the date of this release and Bluedrop does not undertake to update publicly or revise the forward-looking information contained in this release, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.