Stantec announces renewal of Normal Course Issuer Bid and Automatic Share Purchase Plan
14 Novembro 2022 - 8:45AM
TSX, NYSE: STN
Stantec, a global leader in sustainable design
and engineering, announced today that it has received approval from
the Toronto Stock Exchange ( the “TSX”) respecting the renewal of
its Normal Course Issuer Bid (“NCIB”). Pursuant to the NCIB
documentation filed with the TSX, Stantec may purchase up to
5,538,309 common shares, representing approximately 5% of Stantec’s
110,766,187 issued and outstanding common shares as of November 2,
2022. The purchases may commence on November 16, 2022 and will
terminate no later than November 15, 2023. Except for block
purchases permitted under the rules and policies of the TSX, the
number of shares to be purchased per day will not exceed 55,818 or
approximately 25% of the average daily trading volume for the six
full calendar months ending October 31, 2022, which is 223,273
shares. Stantec will make the purchases on the open market through
the facilities of the TSX or any alternative Canadian trading
system, and the prices that Stantec will pay for any common shares
will be the market price of such shares at the time of acquisition.
All shares purchased by Stantec will be cancelled.
The renewal of the NCIB follows on the
conclusion of Stantec’s previous NCIB that expires November 15,
2022. From November 16, 2021 to November 11, 2022, Stantec
purchased 1,085,676 common shares at a weighted average price of
$60.16 per share.
Stantec also announced today that, in connection
with its intention to implement the NCIB, Stantec has renewed its
automatic share purchase plan (the “ASPP”) with a designated broker
to allow for the purchase of its common shares under the NCIB, once
effective, at times when Stantec normally would not be active in
the market due to applicable regulatory restrictions or internal
trading black-out periods. Before the commencement of any
particular internal trading black-out period, Stantec may, but is
not required to, instruct its designated broker to make purchases
of Stantec’s common shares under the NCIB during the ensuing
black-out period in accordance with the terms of the ASPP. Such
purchases will be determined by the broker in its sole discretion
based on parameters established by Stantec prior to commencement of
the applicable black-out period in accordance with the terms of the
ASPP and applicable TSX rules. Outside of these black-out periods,
common shares will be purchasable by Stantec at its discretion
under its NCIB, once effective.
The ASPP will commence on the effective date of
the NCIB and will terminate on the earliest of the date on which:
(a) the maximum annual purchase limit under the NCIB has been
reached; (b) the NCIB expires; or (c) Stantec terminates the ASPP
in accordance with its terms. The ASPP constitutes an “automatic
securities purchase plan” under applicable Canadian securities
laws.
Stantec believes that, from time to time, the
market price of its common shares may not adequately reflect the
value of its business and its future business prospects. As a
result, Stantec believes at such times that its outstanding common
shares may represent an attractive investment for Stantec and an
appropriate and desirable use of its available funds. This capital
deployment strategy is consistent with Stantec’s priority of
maintaining balance sheet strength, while reinvesting in organic
and acquisitive growth, paying down debt, and increasing dividends,
all of which contribute to enhanced shareholder returns.
About Stantec
Communities are fundamental. Whether around the
corner or across the globe, they provide a foundation, a sense of
place and of belonging. That's why at Stantec, we always
design with community in mind.
We care about the communities we serve—because
they're our communities too. This allows us to assess what's needed
and connect our expertise, to appreciate nuances and envision
what's never been considered, to bring together diverse
perspectives so we can collaborate toward a shared success.
We're designers, engineers, scientists, and
project managers, innovating together at the intersection of
community, creativity, and client relationships. Balancing these
priorities results in projects that advance the quality of life in
communities across the globe.
Stantec trades on the TSX and the NYSE under the
symbol STN. Visit us at stantec.com or find us on social media.
For further information: |
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Investor Contact |
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Media Contact |
Jess Nieukerk |
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Ashley Warnock |
Vice President, Investor Relations |
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Stantec Media Relations |
Ph: (403) 569-5389 |
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Ph: (403) 472-0122 |
ir@stantec.com |
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ashley.warnock@stantec.com |
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