CALGARY, AB, March 4, 2022 /CNW/ - The Toronto Stock Exchange
(the "Exchange") has accepted ATCO Ltd.'s (the "Company")
(TSX: ACO.X) (TSX: ACO.Y) Notice of Intention to
make a Normal Course Issuer Bid (the "Notice") pursuant to which
the Company intends to make a Normal Course Issuer Bid ("NCIB") for
certain of its outstanding Class I Non-Voting Shares ("Class I
Shares") on the terms set forth in the Notice. The Company believes
that, from time to time, the market price of its Class I Shares may
not fully reflect the value of its business, and that purchasing
its own Class I Shares represents an attractive investment
opportunity and desirable use of available funds. The purchase of
Class I Shares, at appropriate prices, will also minimize any
dilution resulting from the exercise of stock options.
On February 28, 2022, 101,190,749
Class I Shares were issued and outstanding. Under the terms of the
Notice and the rules of the Exchange, the Company may acquire up to
1,011,907 Class I Shares (being 1 per cent of the Class I Shares
issued and outstanding as at February 28,
2022, excluding any Class I Shares held by or on behalf of
the Company on such date), during the period commencing on
March 9, 2022 and ending on
March 8, 2023 or such earlier date on
which the Company completes its purchases of Class I Shares under
the NCIB or terminates the NCIB at its option.
The aggregate number of Class I Shares that the Company may
purchase under the NCIB during any trading day is subject to a
maximum daily purchase limit of 79,058 Class I Shares (being 25 per
cent of the average daily trading volume for the six calendar
months preceding the date of the acceptance of the Notice, which
was equal to 316,235 Class I Shares). Exceptions may be made to
this daily purchase limit in accordance with the "block purchase"
exemptions of the Exchange policy.
Any Class I Shares purchased pursuant to the Notice will be
cancelled. Class I Shares will be purchased at the market price of
the Class I Shares at the time of purchase and will be purchased on
behalf of the Company by a registered investment dealer through the
facilities of the Exchange and any alternate trading systems
through which trades of the Class I Shares may be effected under
applicable securities laws. Any purchase of Class I Shares pursuant
to the NCIB will be financed out of cash and working capital of the
Company.
The Company purchased 220,000 Class I Shares at an average
trading price of $42.14 during the
most recent 12-month period preceding the date hereof pursuant to a
normal course issuer bid, which commenced on March 9, 2021 and expires on March 8, 2022 and permitted the Company to
purchase up to 1,013,478 Class I Shares. All such purchases were
made by means of open market transactions at the market price as at
the time of purchase.
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With approximately
6,400 employees and assets of $23 billion, ATCO is a diversified
global corporation with investments in the essential services of
Structures & Logistics (workforce and residential housing,
innovative modular facilities, construction, site support services,
workforce lodging services, facility operations and maintenance,
defence operations services, and disaster and emergency management
services); Utilities (electricity and natural gas transmission and
distribution, and international electricity operations); Energy
Infrastructure (electricity generation, energy storage and
industrial water solutions); Retail Energy (electricity and natural
gas retail sales); Transportation (ports and transportation
logistics); and Commercial Real Estate. More information can be
found at www.ATCO.com.
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Forward-Looking
Information:
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Certain statements
contained in this news release may constitute forward-looking
information. Forward-looking information is often, but not always,
identified by the use of words such as "anticipate", "plan",
"estimate", "expect", "may", "will", "intend", "should", and
similar expressions.
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Forward-looking
information involves known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information.
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The Company's actual
results could differ materially from those anticipated in this
forward-looking information as a result of regulatory decisions,
competitive factors in the industries in which the Company
operates, prevailing economic conditions (including as may be
affected by the COVID-19 pandemic), and other factors, many of
which are beyond the control of the Company.
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The Company believes
that the expectations reflected in the forward-looking information
are reasonable, but no assurance can be given that these
expectations will prove to be correct and such forward-looking
information should not be unduly relied upon.
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Any forward-looking
information contained in this news release represents the Company's
expectations as of the date hereof, and is subject to change after
such date. The Company disclaims any intention or obligation to
update or revise any forward-looking information whether as a
result of new information, future events or otherwise, except as
required by applicable securities legislation.
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SOURCE ATCO Ltd.