Toronto, March 23, 2022–(BUSINESS WIRE)–Payfair Inc. ,Salary” or “company,TSX: Pay), a leading fintech powering instant payment and digital banking solutions for the gig workforce, today announced that the Toronto Stock Exchange (“The”TSX“) has accepted the notice (“”Information“) filed by the Company for initiating a Common Course Issuer Bid (“NCIB“) for a period of 12 months.
NCIB will commence on March 28, 2022 and will end on or before March 27, 2023 as the company may complete its purchases as per the notice filed with TSX. Under the NCIB, the company is authorized to buy up to 2,335,496 of its Class A common shares.shares“), issued through normal course purchases through the TSX and features of all available Canadian markets and alternative trading platforms and represent 5% of the 46,709,923 shares issued as of March 15, 2022. Except where purchases With the “block buy exception” of the TSX rules, daily purchases will be limited to a maximum of 18,715 shares, or 25% of the average daily trading volume for the six months ended February 28, 2022 (being 74,863 shares). All the shares purchased by the company under NCIB shall stand cancelled.
In deciding to set up NCIB, the Company is of the view that the market value of the shares may, from time to time, not fully reflect their value and accordingly the purchase of the shares would be in the best interest of the Company and an attractive and appropriate use of available funds.
The purchase will be made by the Company in accordance with the requirements of the TSX and the price the Company will pay for any such share shall be the market value of any such share at the time of acquisition or such other price as may be permitted. by TSX.
In respect of NCIB, the company shall enter into an automatic share purchase scheme with its designated broker to allow purchase of its shares during certain pre-determined black-out period, subject to the parameters of price and number of shares . Outside of these pre-determined black-out periods, the Shares will be purchased at Management’s discretion, subject to applicable law.
Although the Company has the present intention of acquiring its shares in accordance with the NCIB, the Company shall not be obliged to make any purchases and the purchase may be suspended by the Company at any time.
About Payfair (TSX:PAY)
Payfair is a global fintech company that provides digital banking and instant payment solutions for today’s gig workforce. Payfare has partnered with leading platforms and marketplaces such as Uber, Lyft and DoorDash to provide financial health for its workforce.
This press release may contain forward-looking information within the meaning of applicable securities law, which reflects Payfair’s current expectations with respect to future events. Such forward-looking information may include statements about the Company’s NCIB and its future purchases of shares thereof, the timing and number of shares that may be purchased under NCIB, and the Company’s belief that the shares will be repurchased, but not limited to, are not limited to. Cancellation is a fair use of available funds. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Payfair’s control, which could cause actual results and events to differ materially from those disclosed or implied as such . forward-looking information. Such risks include those discussed under the “Risk Factors” section in Payfair’s management discussion and analysis for the year ended December 31, 2021, under Payfair’s profile on Sedar at www.sedar.com is available. Other factors that could cause actual results or events to differ materially include general economic and market conditions. Accordingly, readers should not place undue reliance on forward-looking information. Payfare undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
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For more information please visit www.payfare.com or contact:
Sihan Tunke, Principal Investor Relations and Corporate Development
1 (888) 850-2713