Global Education Communities Corp. Announces Normal Course Issuer Bid

Global Education Communities Corp. (TSX:GEC)(OTCQX International:GECSF), a leading education and student housing investment firm, has declared its plan to initiate a normal course issuer bid (NCIB) as approved by the Toronto Stock Exchange (TSX). The company aims to repurchase up to 1,000,000 of its common shares or about 1.48% of the 67,440,040 shares outstanding as of March 11, 2024. This move is motivated by management's belief in the undervaluation of GECC's shares in relation to the business's intrinsic value and future prospects.

The buy-back program is set to commence on March 22, 2024, and will extend to March 21, 2025, unless the allocated funds are utilized beforehand or the NCIB is terminated. GECC's share purchases will be executed through the facilities of TSX and other Canadian trading platforms, adhering to the regulatory norms of TSX. There's a daily purchase limit set at 2,548 shares, maintaining compliance with the average daily trading volume. However, exceptions are applicable for block trade acquisitions.

In its last NCIB, GECC was authorized to buy back up to 3,374,877 shares, out of which 57,500 were acquired at an average price of $0.3692 per share. These transactions highlight GECC's proactive stance in utilizing its capital efficiently to enhance shareholder value.