Elysee Development Corp. (TSE:ELC) has released an update.
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Elysee Development Corp. has announced a plan to repurchase and cancel up to 1,418,238 of its common shares, which is about 4.99% of its outstanding shares. This buyback program is set to run from May 13, 2024, to May 12, 2025, and is aimed at enhancing shareholder value, as the management believes the current market price doesn’t reflect the company’s intrinsic value. The purchase, which represents an opportunity for increased liquidity and price stabilization, will be funded from the company’s existing working capital.
For further insights into TSE:ELC stock, check out TipRanks’ Stock Analysis page.
