- Partner News
- Media Releases
- Mainstream News
VANCOUVER, B.C. – July 22, 2022 – Premium Brands Holdings Corporation (TSX:PBH) (the “Company”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted its notice of intention to make a normal course issuer bid (“NCIB”) to purchase for cancellation up to 2,239,887 common shares, representing 5% of the Company’s issued and outstanding common shares.
As of July 20, 2022, the Company had 44,797,746 common shares issued and outstanding. In accordance with applicable TSX rules, daily purchases under the NCIB will not exceed 21,482 common shares, which represent 25% of the average daily trading volume of the common shares for the 6-month period ending June 30, 2022, being 85,928 common shares. In addition, the Company may, once per calendar week, make a block purchase of common shares not owned, directly or indirectly, by insiders of the Company.
The NCIB will begin on July 26, 2022, and will terminate on July 25, 2023, or on such earlier date as the Company completes the purchase of the maximum number of common shares permitted under the NCIB. All purchases will be made on the open market through the facilities of the TSX and/or alternative Canadian trading platforms, in accordance with their policies. The price to be paid by the Company for its common shares will be the market price at the time of purchase. Any common shares purchased by the Company under the NCIB will be cancelled.
From time to time, when the Company does not possess material non-public information about itself or its securities, it may enter into a pre-defined purchase plan with its broker to allow for the repurchase of common shares at times when the Company’s internal trading blackout periods, insider trading or other rules prohibit such repurchases. Any such plan will be adopted in accordance with applicable Canadian securities laws and the rules of the TSX.
The Company is making the NCIB because it believes that, from time to time, the prevailing market price of the Company’s common shares may not adequately reflect the underlying value of the Company, and that purchasing common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.
The Company has not made any NCIB purchases during the 12-month period preceding the date of the notice of intention filed with the TSX.
About Premium Brands
Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada, the United States and Italy.
For further information, please contact George Paleologou, President and CEO, or Will Kalutycz, CFO, at (604) 656-3100.
108 total views, 4 views today