MISSISSAUGA, ON, Dec. 19, 2024 /CNW/ - goeasy Ltd. (TSX: GSY), ("goeasy" or the "Company"), one of Canada's leading consumer lenders focused on delivering a full suite of financial services to Canadians with non-prime credit, announced today the acceptance by the Toronto Stock Exchange (the "TSX") of goeasy's notice of intention to renew its normal course issuer bid (the "NCIB"). Pursuant to the NCIB, goeasy may purchase for cancellation up to an aggregate of 1,293,283 common shares in the capital of the Company (the "Common Shares"), representing approximately 10% of goeasy's public float. As at December 10, 2024, goeasy had 16,728,495 Common Shares issued and outstanding.
Under the NCIB, goeasy may purchase up to 14,113 of its Common Shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 56,453 Common Shares on the TSX for the six months ended November 30, 2024, other than block purchase exemptions. Purchases under the NCIB may commence on December 23, 2024 and continue until December 22, 2025 or such earlier date as goeasy completes its purchases pursuant to the NCIB.
The NCIB will be conducted through the facilities of the TSX or alternative Canadian trading systems, if eligible, and the price that goeasy will pay for any Common Shares will be the market price prevailing at the time of purchase or such other price as may be permitted. Purchases under the NCIB will be made by means of open market transactions or other such means as a securities regulatory authority may permit.
In connection with the NCIB renewal, the Company also announces that it has entered into an issuer automatic purchase plan agreement (the "Plan") with an independent designated broker (the "Broker") responsible for making purchases of Common Shares pursuant to the Plan. Under the Plan, the Broker will have sole discretion to purchase Common Shares pursuant to the NCIB during trading black-out periods established under the Company's Insider Trading Policy, subject to the price limitations and other terms of the Plan and the rules of the TSX. The Company may instruct the Broker to make specific purchases and suspend or terminate the Plan, provided in each case that the Company certifies to the Broker that it is not in possession of any material undisclosed information and such request is otherwise in compliance with the terms of the Plan.
Under its current normal course issuer bid, which commenced on December 21, 2023 and expires on December 20, 2024, the number of Common Shares that could be repurchased for cancellation was 1,270,245. As of December 17, 2024, the Company had purchased for cancellation 92,903 Common Shares, through the facilities of the TSX and alternative Canadian trading systems, at a volume weighted average price of $166.89 per Common Share.
The NCIB will provide goeasy with the flexibility to purchase Common Shares as part of its capital management strategy, which is designed to maintain healthy capital levels while balancing the objective of generating shareholder value.
About goeasy
goeasy Ltd. is a Canadian company, headquartered in Mississauga, Ontario, that provides non-prime leasing and lending services through its easyhome, easyfinancial and LendCare brands. Supported by over 2,500 employees, the Company offers a wide variety of financial products and services including unsecured and secured instalment loans, merchant financing through a variety of verticals and lease-to-own merchandise. Customers can transact seamlessly through an omni-channel model that includes online and mobile platforms, over 400 locations across Canada, and point-of-sale financing offered in the retail, powersports, automotive, home improvement and healthcare verticals, through over 10,500 merchant partners across Canada. Throughout the Company's history, it has acquired and organically served approximately 1.5 million Canadians and originated over $15.1 billion in loans.
Accredited by the Better Business Bureau, goeasy is the proud recipient of several awards in recognition of its exceptional culture and continued business growth including 2024 Best Workplaces in Financial Services & Insurance, Waterstone Canada's Most Admired Corporate Cultures, ranking on the 2022 Report on Business Women Lead Here executive gender diversity benchmark, placing on the 2024 Report on Business ranking of Canada's Top Growing Companies, ranking on the TSX30, Greater Toronto Top Employers Award and has been certified as a Great Place to Work. The Company is represented by a diverse group of team members from over 80 nationalities who believe strongly in giving back to communities in which it operates. To date, goeasy has raised and donated over $6.0 million to support its long-standing partnerships with BGC Canada and many other local charities. In 2023, the Company announced a 3-year, $1.4 million commitment to BGC Canada's Food Fund.
goeasy Ltd.'s. common shares are listed on the TSX under the trading symbol "GSY". goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody's.
For more information about goeasy and our business units, visit , , , .
For further information contact:
Farhan Ali Khan
Executive Vice President & Chief Strategy and Corporate Development Officer
(905) 272-2788
SOURCE goeasy Ltd
