LUNENBURG, NS, Dec. 15,
2023 /CNW/ - High Liner Foods
Incorporated (the "Company") (TSX: HLF) today
announced that it has increased the size of its Normal Course
Issuer Bid ("NCIB") by filing an amended notice of intention with
the Toronto Stock Exchange ("TSX"). The amendment increases
by 500,000 the number of common shares of the Company ("Common
Shares") the Company intends to purchase for cancellation from
200,000 to 700,000 Common Shares, representing approximately 2.10%
of the Common Shares outstanding as of May
25, 2023, subject to approval by the TSX. The purchases will
be made through the facilities of the TSX and/or any alternative
trading systems to the extent they are eligible. The price that the
Company will pay for any such Common Shares will be the market
price at the time of acquisition. The current NCIB commenced on
June 7, 2023, and purchases shall
terminate no later than June 6,
2024.
The Company's Defined Benefit Pension Plan ("Pension
Plan") may, from time to time, acquire Common Shares of the
Company. Common Shares purchased by the Pension Plan count towards
the maximum number of Common Shares the Company can acquire under
the NCIB. If Common Shares are acquired by the Pension Plan, those
Common Shares will remain outstanding and held by the Pension
Plan.
The average daily trading volume ("ADTV") of the
Company's Common Shares was 15,001 on the TSX over the six calendar
months preceding the commencement of the current NCIB. Accordingly,
under the policies of the TSX, the Company is entitled to purchase,
during any one trading day up to 3,750 Common Shares (being 25% of
the ADTV of the Common Shares). The Company is entitled to purchase
a larger amount of Common Shares per calendar week, subject to the
maximum number that may be acquired under the NCIB, if the
transaction meets the block purchase exception under the TSX
rules.
In connection with the NCIB, the Company has established an
automatic securities purchase plan ("the Plan") for the
Common Shares. The Plan was established to provide standard
instructions regarding how the Common Shares are to be repurchased
under the NCIB. Accordingly, the Company may repurchase its
securities under the Plan on any trading day during the NCIB
including during regulatory restrictions or self-imposed trading
blackout periods. The Plan commenced on June
7, 2023 and will terminate on June 6,
2024. The Company may otherwise vary, suspend or terminate
the Plan only if it does not have material non-public information
and the decision to vary, suspend or terminate the Plan is not
taken during a self-imposed trading blackout period. The Plan
constitutes an "automatic plan" for purposes of applicable Canadian
securities legislation and has been reviewed by the TSX.
The Board of Directors and Senior Management of the Company are
of the opinion that from time to time the purchase of its Common
Shares at the prevailing market price is in the best interest of
the Company and its shareholders. By making such repurchases,
the number of Common Shares in circulation will be reduced and the
proportionate interest of remaining shareholders of the Company in
the share capital of the Company will be increased on pro rata
basis. Since June 7, 2023, under the
current NCIB, the Company has up to December
14 2023 purchased for cancellation 200,000 Common Shares
through the facilities of the TSX and alternative Canadian trading
systems in Canada, at a weighted
average price of $11.30 for a total
consideration of $2.26 million.
About High Liner Foods
Incorporated
High Liner Foods Incorporated is a leading North American
processor and marketer of value-added frozen seafood. High Liner
Foods' retail branded products are sold throughout the United States and Canada under the High Liner,
Fisher Boy, Mirabel, and Sea Cuisine
labels, and are available in most grocery and club stores.
The Company also sells branded products to restaurants and
institutions under the High Liner, Mirabel, Icelandic Seafood, and
FPI labels and is a major supplier of private label
value-added seafood products to North American food retailers and
foodservice distributors. High Liner Foods is a publicly
traded Canadian company, trading under the symbol HLF on the
Toronto Stock Exchange.
This news release contains forward-looking statements which
reflect management's expectations regarding the Company's plans to
purchase for cancellation shares under the normal course issuer
bid. These statements are based on management's reasonable
assumptions and beliefs in light of the information currently
available to them and reflect expectations as of December 15, 2023. These forward-looking
statements are subject to uncertainties and other factors that
could cause actual results to differ materially from such
statements, including without limitation, regulatory approval,
market and economic conditions, availability of sellers, changes in
laws and regulations, operating efficiencies and cost saving
initiatives. Readers are urged to consider the risks, uncertainties
and assumptions carefully in evaluating the forward-looking
information and are cautioned not to place undue reliance on such
forward-looking information. The Company does not undertake to
update these forward-looking statements other than as required by
applicable securities laws.
For further information about the Company, please visit our
Internet site at www.highlinerfoods.com or send an e-mail to
investor@highlinerfoods.com.
SOURCE High Liner Foods Incorporated