In-Touch hopes to drive up stock price by purchasing, cancelling shares

OBJ Staff
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Ottawa analytics firm In-Touch Survey Systems announced plans on Wednesday to raise its stock price by buying back and then cancelling a number of its shares over the next year.

(Stock image)

The process, known in investment parlance as a normal course issuer bid, will see the company purchase up to 745,398 shares. That’s about five per cent of the 14,907,978 shares that are currently issued and outstanding.

All the shares purchased by the company will be cancelled.

“Management of In-Touch believes that the current market price of the company's common shares may not reflect their underlying value,” read a company press release.

The bid is scheduled to begin on Dec. 17 and end on Dec. 16, 2014.

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