CA - Sylogist announces debt repayment and share buyback
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Software company, provides enterprise resource planning solutions in Canada, the US, the UK, and internationally, Sylogist ( OTCPK:SYZLF ) has repaid $4.5M of its credit facility , bringing its total debt balance to $21.2M, and repurchased ~$0.5M of its shares.
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Also, Insiders have recently added ~C$0.2M to their holdings through open market purchases.
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Separately, as per his employment agreement, Sylogist will pay former executive VP Dave Elder $1.2M in connection with his retirement.
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"Consistent with our previously announced capital allocation strategy, we are further enhancing Sylogist's strategic M&A capacity and reducing our interest exposure by paying down debt, while also increasing shareholder value through the NCIB," commented Bill Wood, Sylogist's President and CEO.
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Sylogist announces debt repayment and share buyback