North American Construction Group Ltd. Announces Normal Course Issuer Bid
30 Outubro 2024 - 6:06PM
North American Construction Group Ltd. (“NACG” or “the Company”)
(TSX:NOA/NYSE:NOA) today announced that it intends to commence a
normal course issuer bid (the “NCIB”) to purchase, for
cancellation, up to 2,087,577 common shares in the capital of the
Company (“Common Shares”), which represents approximately 10% of
the public float (as defined in the TSX Company Manual) and
approximately 7.5% of the issued and outstanding Common Shares as
of October 24, 2024. As at October 24, 2024, the Company had
27,827,282 Common Shares issued and outstanding.
Purchases of Common Shares under the NCIB may be made through
the facilities of the Toronto Stock Exchange (“TSX”), the New York
Stock Exchange (“NYSE”) and alternative trading systems in Canada
and the United States by means of open market transactions or by
such other means as may be permitted under applicable securities
laws. Under the NCIB, and in order to comply with applicable
securities laws, the Company will purchase a maximum of 1,391,364
Common Shares (or approximately 5% of the issued and outstanding
voting common shares) on the NYSE and alternative trading
systems.
The Company believes that the current market price of its Common
Shares does not fully reflect their underlying value and that
current market conditions provide opportunities for the Company to
acquire Common Shares at attractive prices. In the Company’s view,
a repurchase of Common Shares would be an effective use of its cash
resources and would be in the best interests of the Company and its
shareholders. The Company believes that it would both enhance
liquidity for shareholders seeking to sell and provide an increase
in the proportionate interests of shareholders wishing to maintain
their positions.
The NCIB is expected to commence on or about November 4, 2024
and will terminate no later than November 3, 2025. All purchases of
Common Shares will be made in compliance with applicable TSX and
NYSE rules. The average daily trading volume of the Common Shares
on the TSX for the six calendar months preceding October 1, 2024 is
62,910 Common Shares. In accordance with the TSX rules and subject
to the exemption for block purchases, a maximum daily repurchase of
25% of this average may be made, representing 15,727 Common Shares.
The price per Common Share will be based on the market price of
such shares at the time of purchase in accordance with regulatory
requirements.
About NACGNACG is one of Canada
and Australia’s largest providers of heavy construction and mining
services. For over 70 years, NACG has provided services to mining,
resource, and infrastructure construction markets.
Jason Veenstra, CPA, CAChief Financial OfficerP: 780.960.7171E:
ir@nacg.ca
The information provided in this release
contains forward-looking statements. Forward-looking statements
include statements preceded by, followed by or that include the
words “expected”, “estimated” or similar expressions, including the
anticipated revenues and backlog to be generated by the contract.
The material factors or assumptions used to develop the above
forward-looking statements and the risks and uncertainties to which
such forward-looking statements are subject are highlighted in the
Company’s MD&A for the year ended December 31, 2023 and quarter
ending September 30, 2024. Actual results could differ materially
from those contemplated by such forward-looking statements because
of any number of factors and uncertainties, many of which are
beyond NACG’s control. For more complete information about NACG,
please read our disclosure documents filed with the SEC and the
CSA. These free documents can be obtained by visiting EDGAR on the
SEC website at www.sec.gov or on the CSA website at
www.sedarplus.com.
North American Construct... (TSX:NOA)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
North American Construct... (TSX:NOA)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024