TORONTO, ONTARIO--(Marketwired - July 16, 2015) - Enercare Inc. ("Enercare") (TSX:ECI) announced today that it has filed with the Toronto Stock Exchange a Notice of Intention to make a Normal Course Issuer Bid ("NCIB"), as approved by Enercare's board of directors, pursuant to which Enercare may purchase for cancellation up to 9,161,779 of its common shares, representing approximately 10% of its public float of issued and outstanding common shares as of July 3, 2015. As of July 3, 2015, there were 91,940,571 common shares outstanding. The average daily trading volume from January 1, 2015 to June 30, 2015 was 213,430 common shares. Daily purchases will be limited to 53,357 common shares, other than block purchase exceptions. The purchases may commence on July 20, 2015, and will terminate on July 19, 2016, or on such earlier date as Enercare may complete its purchases under its NCIB. The purchases made by Enercare will be implemented through the facilities of the TSX or other Canadian marketplaces and in accordance with applicable rules at market prices prevailing at the time of purchase. The actual amount of common shares that may be purchased under the NCIB is subject to, and cannot exceed, limits referred to above and the timing of such purchases will be determined by Enercare.
All common shares purchased under the normal course issuer bid will be cancelled. In addition to purchases under the NCIB, Enercare may from time to time make other purchases of its common shares in accordance with applicable securities laws and rules of the applicable stock exchange.
Enercare believes that, from time to time, the market price of its common shares does not fully reflect the value of its business and its future business prospects. As a result, Enercare believes that the purchase of its outstanding common shares represents an appropriate and desirable use of its available funds. In addition, purchases, including purchases under the NCIB, may increase the liquidity of the common shares.
Enercare is one of Canada's largest home and commercial services companies with more than 900 employees. Enercare provides water heaters, furnaces, air conditioners and other HVAC rental products, protection plans and related services to approximately 1.1 million customers. Enercare also owns EnerCare Connections Inc., a leading sub-meter provider, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.