MONTREAL, Sept. 13,
2023 /PRNewswire/ - Alithya Group inc. (TSX: ALYA)
(NASDAQ: ALYA) ("Alithya" or the "Company"), a leader in
strategy and digital transformation, is pleased to announce today
that the Toronto Stock Exchange (the "TSX") has accepted the notice
filed by the Company of its intention to renew its normal course
issuer bid ("NCIB") program.
The Company believes that the market price of its Class A
subordinate voting shares ("Class A Shares") does not, from time to
time, reflect its underlying value and undervalues its future
growth prospects. The Company believes that, in such circumstances,
the purchase for cancellation of such Class A Shares would be an
appropriate use of the Company's available funds to enhance
shareholder value.
Under the NCIB, the Company will be allowed to purchase for
cancellation on the open market through the facilities of the TSX,
NASDAQ or alternative Canadian trading systems, if eligible, or
outside the facilities of the TSX pursuant to exemption orders
issued by securities regulatory authorities, up to
2,411,570 Class A Shares, representing 5% of the Company's
public float (48,231,402 Class A Shares) based on a total of
88,481,257 issued and outstanding Class A Shares as of the
close of markets on September 7,
2023. The amount of purchases on any given day will not
exceed 6,791 Class A Shares, which represents 25% of the average
daily trading volume on the TSX for the six-month ended
August 31, 2023, being 27,166 Class A Shares, calculated
in accordance with the rules of the TSX. All Class A Shares
purchased under the NCIB will be cancelled.
Purchases under the NCIB may commence on September 20, 2023 and will end on the earlier of
September 19, 2024 and the date on which the Company will
have acquired the maximum number of Class A Shares allowable under
the NCIB or otherwise decided not to make any further purchases.
All purchases of Class A Shares will be made by means of open
market transactions through the facilities of the TSX, NASDAQ or
alternative Canadian trading systems, if eligible, or by such other
means as may be permitted by a securities regulatory authorities,
at their market price at the time of acquisition, plus brokerage
fees, except for purchases that could be effected pursuant to
exemption orders issued by securities regulatory authorities, which
would be at a discount to the prevailing market price as per the
terms of the order.
The decisions regarding the timing and size of purchases under
the NCIB are subject to management's discretion and are based on a
variety of factors, including market conditions.
The Company entered into an automatic share purchase plan
("ASPP") with a designated broker in connection with its NCIB. The
ASPP will allow for the purchase for cancellation of Class A
Shares, subject to certain trading parameters, by its designated
broker during times when Alithya would ordinarily not be active in
the market due to applicable regulatory restrictions or
self-imposed blackout periods. Outside of these periods, the Class
A Shares will be purchased by Alithya at its discretion under the
NCIB.
Under its current NCIB that commenced on September 20, 2022 and will expire on
September 19, 2023, the Company is
authorized to purchase for cancellation up to 2,491,128 Class A
Shares. As at September 7, 2023,
Alithya had purchased 167,578 Class A Shares by means of open
market transactions, through the facilities of the TSX and
alternative Canadian trading systems, at a weighted average price
of $2.26 per Class A Share, for a
total consideration of approximately $378,316.
Forward-Looking
Statements
This press release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities laws and "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and other applicable U.S. safe harbours (collectively
"forward-looking statements"). Statements that do not exclusively
relate to historical facts, as well as statements relating to
management's expectations regarding the future growth, results of
operations, performance and business prospects of Alithya, and
other information related to Alithya's business strategy and future
plans or which refer to the characterizations of future events or
circumstances represent forward-looking statements. Such statements
often contain the words "anticipates," "expects," "intends,"
"plans," "predicts," "believes," "seeks," "estimates," "could,"
"would," "will," "may," "can," "continue," "potential," "should,"
"project," "target," and similar expressions and variations
thereof, although not all forward-looking statements contain these
identifying words.
Forward-looking statements in this press release include, among
other things, information or statements relating to the value of
Alithya's Class A Shares and its future growth prospects as well as
the potential future purchases by Alithya of its Class A Shares
pursuant to the NCIB and the ASPP.
Forward-looking statements are presented for the sole purpose of
assisting investors and others in understanding Alithya's
objectives, strategies and business outlook as well as its
anticipated operating environment and may not be appropriate for
other purposes. Although management believes the expectations
reflected in Alithya's forward-looking statements were reasonable
as at the date they were made, forward-looking statements are based
on the opinions, assumptions and estimates of management and, as
such, are subject to a variety of risks and uncertainties and other
factors, many of which are beyond Alithya's control, and which
could cause actual events or results to differ materially from
those expressed or implied in such statements. Such risks and
uncertainties include but are not limited to those discussed in the
section titled "Risks and Uncertainties" of Alithya's annual and
interim Management's Discussion and Analysis and other materials
made public, including documents filed with Canadian and U.S.
securities regulatory authorities from time to time and which are
available on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov.
Additional risks and uncertainties not currently known to Alithya
or that Alithya currently deems to be immaterial could also have a
material adverse effect on its financial position, financial
performance, cash flows, business or reputation.
There can be no assurance that Alithya will purchase for
cancellation all or any of the numbers of Class A Shares referred
to in this press release that are subject to the NCIB.
Forward-looking statements contained in this press release are
qualified by these cautionary statements and are made only as of
the date of this press release. Alithya expressly disclaims any
obligation to update or alter forward-looking statements, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
applicable law. Investors are cautioned not to place undue reliance
on forward-looking statements since actual results may vary
materially from them.
About Alithya
Empowered by the passion and enthusiasm of a talented global
workforce, Alithya is positioned on the crest of the digital wave
as a trusted advisor in strategy and digital technology services.
Transforming the world one digital step at a time, Alithya
leverages collective intelligence and expertise to develop
practical IT solutions tailored to complex business challenges. As
shared stewards of its clients' success, Alithya accompanies them
through the full cycle of their digital evolutions, paving new
roads to the future of their businesses.
Living up to its name, meaning truth, Alithya embraces a
business model that avoids industry buzzwords and technical jargon
to deliver straight talk provided by collaborative teams focused on
five main pillars: business strategy, business applications
implementation, application services, data and analytics, and
digital skilling and change enablement.
With two gender parity certifications obtained in Canada and the
United States, and in pursuit of indigenous relations and
carbon neutral certifications, Alithya strives to balance its
desire to do the right thing with its commitment to doing things
right.
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SOURCE Alithya