VANCOUVER, BC, Jan. 18,
2023 /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 ("NCIB").
Aritzia's Board of Directors believes that an NCIB 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
27, 2022, the Company had approximately $131.9 million of cash and cash equivalents. Any
purchases made under the NCIB 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 3,860,745 of
its subordinate voting shares ("Shares"), representing
approximately 5% of the public float of 77,214,916 Shares, during
the twelve-month period commencing January
20, 2023 and ending January 19,
2024. As at January 12, 2023,
there were 89,843,643 Shares issued and outstanding. Under the
NCIB, other than purchases made under block purchase exemptions,
Aritzia may purchase up to 82,277 Shares on the TSX during any
trading day, which represents approximately 25% of the average
daily trading volume on the TSX for the most recently completed six
calendar months (being 329,109 Shares) prior to the TSX's
acceptance of the notice of the NCIB. Any Shares purchased under
the NCIB will be cancelled.
Although the Company presently intends to purchase Shares under
its NCIB, 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 or alternative
Canadian trading systems, as applicable. 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.
Pursuant to the Company's previous notice of intention to
conduct an NCIB, the Company sought and received approval from the
TSX to purchase up to 3,732,725 of its Shares for the period from
January 17, 2022 to January 16, 2023. The Company repurchased a total
of 1,783,780 Shares on the market for cancellation at a volume
weighted average price of $38.77 per
Share for total cash consideration of $69.2
million under that prior bid.
About Aritzia
Aritzia is a vertically integrated design house with an
innovative global platform, home to an extensive portfolio of
exclusive brands for every function and individual aesthetic. We're
about good design, quality materials, and timeless style that
endures and inspires — all with the wellbeing of our People and
Planet in mind. We call this Everyday Luxury.
Founded in 1984, in Vancouver,
Canada, we create and curate products that are both
beautiful and beautifully made, cultivate aspirational
environments, offer engaging service that delights, and connect
through captivating communications. We pride ourselves on providing
immersive and highly personal shopping experiences at aritzia.com
and in our 100+ boutiques throughout North America to everyone, everywhere.
Everyday Luxury. To elevate your
world.TM
Forward-looking Information
Certain statements made in this press release may constitute
forward-looking information under applicable securities laws,
including statements related to the Company's NCIB, investments in
boutiques and strategic infrastructure, future purchases of Shares
pursuant to the NCIB and potential use of an automatic share
purchase plan. Particularly, information regarding our expectations
of future results, targets, performance achievements, prospects or
opportunities is forward-looking information. Often but not always,
forward-looking statements can be identified by the use of
forward-looking terminology such as "may", "will", "expect",
"believe", "estimate", "plan", "could", "should", "would",
"outlook", "forecast", "anticipate", "foresee", "continue" or the
negative of these terms or variations of them or similar
terminology. In addition, any statements that refer to
expectations, intentions, projections or other characterizations of
future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not
historical facts but instead represent our expectations, estimates
and projections regarding future events or circumstances.
Given this unprecedented period of uncertainty, there can be no
assurances regarding: (a) the limitations or restrictions that may
be placed on servicing our clients in reopened boutiques or
potential re-closing of boutiques; (b) the COVID-19-related impacts
on Aritzia's business, operations, supply chain performance and
growth strategies; (c) Aritzia's ability to mitigate such impacts,
including ongoing measures to enhance short-term liquidity, contain
costs and safeguard the business; (d) general economic conditions
related to COVID-19 and impacts to consumer discretionary spending
and shopping habits; (e) credit, market, currency, interest rates,
operational, and liquidity risks generally; (f) geopolitical
events; and (g) other risks inherent to Aritzia's business and/or
factors beyond its control which could have a material adverse
effect on the Company.
Many factors could cause our actual results, level of activity,
performance or achievements or future events or developments to
differ materially from those expressed or implied by the
forward-looking statements, including, without limitation, the
factors discussed in the "Risk Factors" section of the Company's
annual information form dated May 5,
2022 for the fiscal year ended February 27, 2022 (the "AIF"). A copy of the AIF
and the Company's other publicly filed documents can be accessed
under the Company's profile on the System for Electronic Document
Analysis and Retrieval ("SEDAR") at www.sedar.com.
The Company cautions that the list of risk factors and
uncertainties described in the AIF 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. The forward-looking
information contained in this press release represents our
expectations as of the date of this press release (or as the date
they are otherwise stated to be made), and are subject to change
after such date. However, we disclaim any intention or obligation
or undertaking to update or revise any forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable securities laws.
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.(Communications)