Callidus Capital Corporation (TSX:CBL) announces a share repurchase program. Under the bid, the company will repurchase up to 2,495,839 shares, representing 5% of its issued and outstanding shares for CAD 51.16 million. The maximum bid price is CAD 20.50 per share. The shares will be purchased on the open market through the facilities of the TSX and/or alternate Canadian trading systems at the market price at the time of purchase. All shares purchased under the bid will be cancelled. As per TSX rules and policies, the company will be entitled to purchase up to 10,898 of its common shares on any trading day, subject to certain exceptions for block purchases. The company is planning to enter into an automatic share purchase plan under which a designated broker will purchase common shares pursuant to the bid on parameters established by the company. The shares will be repurchased only when and if the company considers it advisable. The Directors and management believe that from time to time the market price of the company’s shares does not reflect the underlying value of the shares and that the repurchase of the shares at such times is a prudent corporate measure that will both increase the proportionate interest in the company of, and be advantageous to, all of the remaining shareholders. The bid will terminate on the earlier of January 26, 2018 or on the date on which the maximum number of common shares that can be acquired pursuant to the bid have been purchased. As of January 16, 2017, the company had 49,916,781 common shares issued and outstanding. On April 4, 2017, the company announced that it has entered into an automatic share purchase plan with a broker in order to facilitate repurchases of its common shares under the bid. Under the automatic share purchase plan, the broker will repurchase shares at any time including, without limitation, when the company would ordinarily not be permitted due to regulatory restrictions or blackout periods.