At least we know what all the excitement was!
Friday May 7, 8:25 am Eastern Time
Company Press Release
Geac Acts on Normal Course Issuer Bid
MARKHAM, Ontario--(BUSINESS WIRE)--May 7, 1999--Geac Computer Corporation (TSE:GAC. - news) Geac Computer Corporation Limited announced today that, between April 28 and April 30, the corporation purchased 1,000,000 of its common shares (1.6 percent of the shares outstanding) through the facilities of the Toronto Stock Exchange. These transactions were transacted under the terms of the corporation's previously announced normal course issuer bid, at the market prices at the time of the particular transactions.
John Lanaway, chief financial officer, stated: ''The cash we used for these purposes in no way restricts Geac's financial capacity or will to aggressively pursue our acquisition strategy.
Our cash reserves, even after this transaction, exceed $200M and we continue to generate more all the time. Combined with an essentially unleveraged balance sheet, Geac has the ability to raise substantial capital for the right acquisitions. Management and the Board of Directors believe strongly that there is great value in our share price and that this is an appropriate use of our available funds at this time''.
Founded in 1971, Geac is a provider of mission critical enterprise applications, supplying industry specific software to ten vertical markets as well as cross industry administrative applications comprised of financial, human resources and materials management software. Headquartered in Markham, Canada, Geac has more than 90 offices in 16 countries and serves customers in more than 40 countries worldwide. Geac product and service information is available on the World Wide Web at geac.com, or through email at info@geac.com. Geac is a publicly traded company with its common shares listed on the Toronto Stock Exchange (Symbol:GAC).
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