VAUGHAN,
ON, May 10, 2022 /CNW/ - GFL Environmental
Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today
announced that the Toronto Stock Exchange ("TSX") has accepted the
Company's notice of intention to implement a normal course issuer
bid (the "NCIB") during the 12-month period commencing on
May 12, 2022 and ending no later than
May 11, 2023. The NCIB will be
conducted through the facilities of the TSX and the New York Stock
Exchange ("NYSE") or alternative Canadian trading systems, if
eligible.
On May 6, 2022, GFL had
330,213,882 subordinate voting shares issued and outstanding.
Under the NCIB, a maximum of 16,510,694 subordinate voting shares
(representing 5% of the issued and outstanding shares) may be
repurchased by GFL. All subordinate voting shares repurchased by
GFL under the NCIB will be cancelled.
"We believe that the market price of our shares does not, from
time to time, reflect the underlying value of our business and
growth prospects," said Patrick
Dovigi, Founder and Chief Executive Officer of GFL. "While
our capital allocation plans do not contemplate share repurchases,
in the right conditions, we believe that the repurchase of our
shares under a share buyback program could be opportunistic and an
appropriate and desirable use of our available cash." Mr. Dovigi
concluded, "The decision to repurchase any of our shares will be
measured against our other organic and inorganic growth
opportunities and leverage guidelines and our overall objective of
creating long-term value for all of our stakeholders."
Purchases under the NCIB will be made by means of open market
transactions, including through an automatic share purchase plan,
privately negotiated transactions or such other means as a
securities regulatory authority may permit. In accordance with TSX
rules, any daily repurchases would be limited to a maximum of
85,481 subordinate voting shares, which represents 25% of the
average daily trading volume on the TSX of 341,925 subordinate
voting shares for the period from November
1, 2021 to April 30, 2022. The
TSX rules also allow the Company to purchase, once a week, a block
of subordinate voting shares not owned by any insiders, which may
exceed such daily limit. The maximum number of shares which can be
purchased per day on the NYSE will be 25% of the average daily
trading volume for the four calendar weeks preceding the date of
purchase, subject to certain exceptions for block purchases. GFL
has not repurchased any of its outstanding subordinate voting
shares under a normal course issuer bid in the past 12 months.
About GFL
GFL, headquartered in Vaughan,
Ontario, is the fourth largest diversified environmental
services company in North America,
providing a comprehensive line of solid waste management, liquid
waste management and soil remediation services through its platform
of facilities across Canada and in
more than half of the U.S. states. Across its organization, GFL has
a workforce of more than 18,000 employees.
Forward-Looking Statements
This release includes certain "forward-looking statements",
including statements relating to the NCIB and the intended purchase
for cancellation of subordinate voting shares of the Company
thereunder. In some cases, but not necessarily in all cases,
forward-looking statements can be identified by the use of forward
looking terminology such as "plans", "targets", "expects" or "does
not expect", "is expected", "an opportunity exists", "is
positioned", "estimates", "intends", "assumes", "anticipates" or
"does not anticipate" or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might", "will" or "will be taken",
"occur" or "be achieved". In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances contain forward-looking statements.
Forward-looking statements are not historical facts, nor guarantees
or assurances of future performance but instead represent
management's current beliefs, expectations, estimates and
projections regarding future events and operating performance.
Forward-looking statements are necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by GFL as of the date of this release, are subject to
inherent uncertainties, risks and changes in circumstances that may
differ materially from those contemplated by the forward-looking
statements. Important factors that could cause actual results to
differ, possibly materially, from those indicated by the
forward-looking statements include, but are not limited to, the
factors described in the "Risk Factors" section of GFL's annual
information form for the 2021 fiscal year filed on Form 40-F and
GFL's other periodic filings with the U.S. Securities and Exchange
Commission and the securities commissions or similar regulatory
authorities in Canada. These
factors are not intended to represent a complete list of the
factors that could affect GFL. However, such risk factors should be
considered carefully. There can be no assurance that such estimates
and assumptions will prove to be correct. You should not place
undue reliance on forward-looking statements, which speak only as
of the date of this release. GFL undertakes no obligation to
publicly update any forward-looking statement, except as required
by applicable securities laws. Purchases made under the NCIB will
be subject to various factors, including GFL's capital and
liquidity positions, debt covenant restrictions, accounting
and regulatory considerations, GFL's financial and operational
performance, alternative uses of capital, the trading price of
GFL's subordinate voting shares and general market conditions. The
NCIB does not obligate GFL to acquire a specific dollar amount or
number of shares and may be extended, modified, or discontinued at
any time at the Company's discretion.
For more information:
Patrick Dovigi
+1 905 326-0101
pdovigi@gflenv.com
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SOURCE GFL Environmental Inc.