VANCOUVER, BC, Jan. 12, 2022 /PRNewswire/ - Aritzia Inc.
("Aritzia" or the "Company") (TSX: ATZ) today announced that the
Toronto Stock Exchange ("TSX") has accepted its notice of intention
to proceed with a normal course issuer bid.
Aritzia's Board of Directors believes that a normal course
issuer bid represents an appropriate and desirable use of its
available cash, after prioritizing investments in boutiques and
strategic infrastructure, to increase shareholder value and is in
the best interest of Aritzia and its shareholders. As at
November 28, 2021, the Company had
approximately $305.9 million of cash
on hand. Any purchases made under the normal course issuer
bid will be made by Aritzia subject to favourable market conditions
at the prevailing market price at the time of acquisition through
the facilities of the TSX and/or alternative Canadian trading
systems.
Pursuant to the notice, Aritzia may purchase up to 3,732,725 of
its subordinate voting shares ("Shares"), representing
approximately 5% of the public float of
74,654,507, during the twelve month period commencing
January 17, 2022 and ending
January 16, 2023. As at January 11, 2022 there were 88,866,274 Shares
issued and outstanding. Under the normal course issuer bid,
other than purchases made under block purchase exemptions, Aritzia
may purchase up to 74,660 Shares on the TSX during any trading day,
which represents approximately 25% of 298,643, which represents the
average daily trading volume on the TSX for the most recently
completed six calendar months prior to the TSX's acceptance of the
notice of the NCIB. Any Shares purchased under the normal
course issuer bid will be cancelled.
Although the Company intends to purchase Shares under its normal
course issuer bid, there can be no assurances that any such
purchases will be completed. Any purchases made under the normal
course issuer bid will be made by Aritzia at the prevailing market
price at the time of acquisition and through the facilities of the
TSX. The Company may rely on an automatic purchase plan during the
NCIB. The automatic purchase plan would allow for purchases by the
Company of Shares during certain pre-determined blackout periods,
subject to certain parameters and approval of the TSX.
About Aritzia
Aritzia is a vertically integrated design house with an
innovative global platform. The Company are creators and purveyors
of Everyday Luxury, home to an extensive portfolio of exclusive
brands for every function and individual aesthetic. The Company is
about good design, quality materials and timeless style — all with
the wellbeing of our people and planet in mind.
Founded in 1984, in Vancouver,
Canada, the Company prides itself on creating immersive, and
highly personal shopping experiences at aritzia.com and in its 100+
boutiques throughout North America
to everyone, everywhere.
Everyday Luxury. To elevate your world.TM
Forward-looking statement
Certain information contained in this press release may
constitute forward-looking information under applicable securities
laws, including statements related to the Company's normal course
issuer bid, investments in boutiques and strategic infrastructure
and other statements that are not historical facts. This
information is based on management's reasonable assumptions and
beliefs in light of the information currently available to us and
are made as of the date of this press release. However, we do not
undertake to update any such forward-looking information whether as
a result of new information, future events or otherwise, except as
required under applicable securities laws in Canada. Actual results and the timing of
events may differ materially from those anticipated in the
forward-looking information as a result of various factors,
including those described in "Risk Factors" which are described in
the Company's annual information form dated May 11, 2021 for the fiscal year ended
February 28, 2021 (the "AIF").
The Company cautions that the list of risk factors and
uncertainties is not exhaustive and other factors could also
adversely affect its results. Readers are urged to consider the
risks, uncertainties and assumptions carefully in evaluating the
forward-looking information and are cautioned not to place undue
reliance on such information. See
"Forward-looking Information" and "Risk Factors" in the AIF
for a discussion of the uncertainties, risks and assumptions
associated with these statements.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this statement.
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SOURCE Aritzia Inc.