MISSISSAUGA, Ontario, Dec. 18, 2019 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”), a leading full-service provider of goods and alternative financial services that provides everyday Canadians a path to a better tomorrow, today announced the acceptance by the Toronto Stock Exchange (the “TSX”) of goeasy’s Notice of Intention to Make a Normal Course Issuer Bid (the “NCIB”).

Pursuant to the NCIB, goeasy may purchase, from time to time, if it is considered advisable, up to an aggregate of 1,038,269 common shares in the capital of the Company (the “Common Shares”), being approximately 10% of goeasy’s public float as of December 9, 2019. As at December 9, 2019, goeasy had 14,346,709 Common Shares issued and outstanding and the average daily trading volume for the six months prior to November 30, 2019 was 36,081. 

Daily purchases will be limited to 9,020 Common Shares, representing 25% of the average daily trading volume, other than block purchase exemptions. The purchases may commence on December 20, 2019 and will terminate on December 19, 2020 or on such earlier date as goeasy may complete its purchases pursuant to the NCIB. The NCIB will be conducted through the facilities of the TSX or alternative trading systems, if eligible, and will conform to their regulations.

Purchases under the NCIB will be made by means of open market transaction or other such means as a security regulatory authority may permit, including pre-arranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority. The price that goeasy will pay for any Common Shares will be the market price of such shares at the time of acquisition, unless otherwise permitted under applicable rules.

The Board of Directors of goeasy believes that the proposed purchases are in the best interests of the Company and are a desirable use of corporate funds. All Common Shares purchased by goeasy pursuant to the NCIB will be cancelled.

The Company also announces that it has entered into an issuer automatic purchase plan agreement (the “Plan”) in respect of the NCIB. Cormark Securities Inc. has been appointed as the broker firm (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 previous normal course issuer bid which commenced on November 13, 2018, and amended on September 10, 2019, to increase the number of Common Shares that could be repurchased for cancellation to 1,108,000, the Company completed the purchase for cancellation through the facilities of the TSX of 856,712 Common Shares at a weighted average price of $41.19 per Common Share.  The Company’s previous normal course issuer expired on November 12, 2019.

About goeasy Ltd.

goeasy Ltd., a Canadian company, headquartered in Mississauga, Ontario, provides non-prime leasing and lending services through its easyhome and easyfinancial divisions. With a wide variety of financial products and services including unsecured and secured installment loans, goeasy aspires to help put Canadians on a path to a better financial future, as they rebuild their credit and graduate to prime lending. Customers can transact seamlessly with easyhome and easyfinancial through an omni-channel model that includes online and mobile, as well as over 400 leasing and lending locations across Canada supported by more than 2,000 employees.

Throughout the company’s history, it has served over 1 million Canadians and originated over $3.6 billion in loans, with one in three customers graduating to prime credit and 60% increasing their credit score within 12 months of borrowing.

goeasy is the proud recipient of several awards including Waterstone Canada’s Most Admired Corporate Cultures, Glassdoor Top CEO Award, Achievers Top 50 Most Engaged Workplaces in North America, Greater Toronto Top Employers Award, the Digital Finance Institute’s Canada’s Top 50 FinTech Companies, ranking on the TSX30 and placing on the Report on Business ranking of Canada’s Top Growing Companies. The company and its employees believe strongly in giving back to the communities in which it operates and has raised over $2.7 million to support its long-standing partnerships with the Boys & Girls Clubs of Canada and Habitat for Humanity.

goeasy Ltd.’s. common shares are listed on the TSX under the trading symbol “GSY” and goeasy’s convertible debentures are traded on the TSX under the trading symbol “GSY-DB”.  goeasy is rated BB- with a stable trend from S&P and Ba3 with a stable trend from Moody’s. Visit www.goeasy.com.

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