Points International announces TSX approval to repurchase up to 5% of shares
Points International announced that the Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid to repurchase up to 679,034 of its common shares, representing approximately 5% of its 13,580,692 common shares issued and outstanding as of July 31, 2019. Points has entered into an automatic share purchase plan with a broker in order to facilitate the Repurchase. The primary purpose of the Repurchase is purchases for cancellation. Under the automatic share purchase plan, Points' broker may repurchase shares at times when Points would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Repurchases will be made from time-to-time at the broker's discretion based upon parameters prescribed by the parties' written agreement. Repurchases may be effected through the facilities of the TSX, the NASDAQ Capital Market or other alternative trading systems in the United States and Canada. The Repurchase will commence on August 14, 2019 and will terminate on August 13, 2020. Under its previous normal course issuer bid, as of July 31, 2019, Points purchased 684,061 common shares with a weighted average price of Cdn $15.73 per share through the facilities of the TSX, NASDAQ and other alternative trading systems in the United States and Canada. Points' previous normal course issuer bid commenced on August 14, 2018 and will terminate on August 13, 2019.