Normal Course Issuer Bid for 750,000 shares
VANCOUVER, May 19 /CNW/ - Synex International Inc.
TSE: SXI
Synex International Inc. announces that The Toronto Stock Exchange has
accepted for filing a Notice of Intention to Make a Normal Course Issuer Bid,
whereby up to 750,000 of the outstanding common shares, representing 4.7% of
the 15,947,583 issued and outstanding shares, may be repurchased by the
Company during the period from May 25, 1999 to May 24, 2000. The reasoning
for the intended purchase is founded on the belief by Management that the
market is continuing to significantly undervalue the shares of the Company.
The Company intends to either cancel the repurchased shares or make the
repurchased shares available to its directors and employees, under an
arrangement approved by The Toronto Stock Exchange, for purchase at prices
exceeding the repurchased cost.
Synex has conducted a Normal Course Issuer Bid during the past 12 months,
commencing on May 23, 1998 and with a termination date of May 22, 1999. As at
May 19, 1999, 321,000 shares of the allowable 600,000 shares were repurchased
at an average price per share of $0.63.
ON BEHALF OF THE BOARD OF DIRECTORS
(signed)
_______________
Alan W Stephens
President
%SEDAR: 00002435E
-0- 05/19/1999 |
