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SERENIC OKS STOCK BUYBACK
Canadian Serenic Corp., which owns the Serenic Navigator nonprofit accounting software line, has a plan to buy back up to 10 percent of its publicly traded stock. The company will conduct a Normal Course Issuer bid under which it could buy up to 938,249 of the 9.38 million that are publicly traded. That’s out of a total 15.2 million common shares issued and outstanding. The bid starts on June 23 and ends on June 22, 2012 or earlier if the number of shares sought has been obtained.
The price yesterday was 20 cents per share, down a penny (Canadian). In January, Serenic reported results for the three months and nine months ended November 30, so we ought to be getting close to the release of results for fiscal 2011. The company has been unusually active in announcing the signing of resellers and has issued press releases regarding four of them, serving customers in Canada, the United Kingdom, the Netherlands and Africa.
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