Toromont Industries Ltd. – Normal Course Issuer Bid
13 Setembro 2021 - 9:00AM
Toromont Industries Ltd. (TSX:TIH) announced today that it has
filed with the Toronto Stock Exchange (the “TSX”) a notice of
intention to make a normal course issuer bid (“NCIB”) for certain
of its common shares through the facilities of the Toronto Stock
Exchange and alternative Canadian trading systems.
Under this notice, Toromont is entitled to
purchase up to 8,245,102 common shares, representing 10% of its
82,451,029 common shares in the “public float” as of August 31,
2021, during the 12-month period commencing September 15, 2021 and
ending September 14, 2022 or such earlier date on which Toromont
completes its purchases of shares under, or terminates, the NCIB.
Toromont had 82,781,131 common shares issued and outstanding as at
August 31, 2021.
The maximum daily purchase limit allowed under
this NCIB is 36,233 common shares. The average daily trading volume
for the six-month period ending August 31, 2021 was 144,932 common
shares. Exceptions may be made to this daily purchase limit in
accordance with the “block purchase” exemptions of the TSX
rules.
Toromont believes that from time-to-time the
purchase of its common shares at prevailing market prices may be a
worthwhile investment and in the best interests of both Toromont
and its shareholders. All shares purchased under the NCIB will be
cancelled. On or around the commencement of the NCIB, Toromont will
also enter into an automatic securities purchase plan (“ASPP”) with
a designated broker to facilitate the repurchase of common shares
under the NCIB, subject to certain trading parameters set out by
Toromont when not in possession of any material non-public
information about itself or its securities and in accordance with
the terms of the ASPP. Under the terms of the ASPP, the broker may
repurchase common shares within the established trading parameters
at any time in its own discretion, and without the control or
influence of Toromont. The broker may make purchases during periods
that Toromont would not otherwise do so, including during
internally imposed trading blackout periods or periods when
Toromont is subject to insider trading restrictions. Outside of the
effective period of the ASPP, Toromont may repurchase common shares
at its discretion, subject to applicable law. Toromont will not
enter into, modify, vary or terminate the ASPP or any of the
trading parameters contained therein, unless Toromont is not in
possession of material non-public information related to itself or
its common shares. The ASPP has been entered into in accordance
with the requirements of applicable Canadian securities laws and
TSX rules.
With respect to its previous normal course
issuer bid that expired on August 30, 2020, Toromont was
approved to repurchase up to 7,004,456 common shares. A total of
67,800 shares were repurchased during such period, at an average
price of $59.62 CAD per share. The purchases were made through the
TSX and alternative Canadian trading systems.
ABOUT TOROMONT
Toromont Industries Ltd. operates through two
business segments: The Equipment Group and CIMCO. The Equipment
Group includes one of the larger Caterpillar dealerships by revenue
and geographic territory - spanning the Canadian provinces of
Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince
Edward Island, Québec, Ontario and Manitoba in addition to most of
the territory of Nunavut. In addition, the Group includes industry
leading rental operations, a complementary material handling
business and an agricultural equipment business. CIMCO is a market
leader in the design, engineering, fabrication and installation of
industrial and recreational refrigeration systems. Both segments
offer comprehensive product support capabilities. This press
release and more information about Toromont Industries can be found
at www.toromont.com.
For more information contact:
Michael S. McMillan Executive Vice President and
Chief Financial OfficerToromont Industries Ltd.Tel: (416)
514-4790
Toromont Industries (TSX:TIH)
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