MONTREAL, July 4, 2024
/PRNewswire/ - Dollarama Inc. (TSX: DOL) ("Dollarama" or the
"Corporation") announced today that it received approval from the
Toronto Stock Exchange ("TSX") to renew its normal course issuer
bid.
Pursuant to the normal course issuer bid, the Corporation may,
during the 12‑month period starting on July 7, 2024 and
ending no later than July 6, 2025, purchase up to
16,549,476 of its common shares, representing 6.0% of the
Corporation's public float of 275,824,605 common shares as at the
close of markets on June 28, 2024 (a
total of 282,258,422 common shares were issued and outstanding
as of such date).
Purchases will be conducted through the facilities of the TSX
and Canadian alternative trading systems. Dollarama may also
purchase common shares by way of private agreements or specific
share repurchase programs under issuer bid exemption orders issued
by a securities regulatory authority. Purchases made on the open
market through the facilities of the TSX and Canadian
alternative trading systems will be at the prevailing market
price at the time of acquisition. Purchases made by way of private
agreement under an issuer bid exemption order issued by a
securities regulatory authority will be at a discount to the
prevailing market price at the time of the acquisition. Purchases
made under a specific share repurchase program will be at a
discount to the volume weighted average trading price of the common
shares on the Canadian markets on the date of the purchase.
All shares purchased pursuant to the normal course issuer bid
will either be cancelled or placed in trust to facilitate the
holding and administering of common shares that may be purchased by
the Corporation to hedge its exposure in respect of grants made
under its performance share unit plan, including to settle the
Corporation's obligations under such plan.
The average daily trading volume of the common shares on the TSX
over the period between January 1, 2024 and June 30, 2024, as calculated per TSX rules, was
543,897 common shares. Consequently, under TSX rules,
Dollarama will be allowed to purchase daily, through the facilities
of the TSX, a maximum of 135,974 common shares, representing
25% of such average daily trading volume. In addition, Dollarama
may make, once per week, a block purchase (as such term is defined
in the TSX Company Manual) of common shares not directly or
indirectly owned by insiders of Dollarama, in accordance with TSX
rules.
Under the normal course issuer bid which is set to expire on
July 6, 2024, Dollarama received approval from the TSX to
purchase up to 13,695,242 common shares. As at June 28, 2024, Dollarama had purchased a total of
8,001,240 common shares thereunder, at a weighted average price of
$103.74 per common share. Such
purchases were effected through the facilities of the TSX and
Canadian alternative trading systems.
The Board of Directors of Dollarama believes that the purchase
by Dollarama of its common shares from time to time represents an
appropriate and desirable use of its available funds to increase
shareholder value.
Forward-Looking Statements
This press release may contain forward-looking statements.
Forward-looking statements are based on information currently
available to management and on estimates and assumptions made by
management in light of its experience and perception of historical
trends, current conditions and expected future developments, as
well as other factors that are believed to be appropriate and
reasonable in the circumstances. However, there can be no assurance
that such estimates and assumptions will prove to be correct. Many
factors could cause 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 the factors discussed in the "Risks and
Uncertainties" section of the Corporation's annual management's
discussion and analysis for the fiscal year ended January 28, 2024 and in its other continuous
disclosure filings available on SEDAR+ at www.sedarplus.com and on
the Corporation's website at www.dollarama.com.
These factors are not intended to represent a complete list of
the factors that could affect the Corporation; however, they should
be considered carefully. The purpose of the forward-looking
statements is to provide the reader with a description of
management's expectations regarding the Corporation's financial
performance and may not be appropriate for other purposes. Readers
should not place undue reliance on forward-looking statements made
herein. Furthermore, unless otherwise stated, the forward-looking
statements contained in this press release are made as at
July 4, 2024 and management has no
intention and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. The
forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
About Dollarama
Dollarama is a recognized Canadian value retailer offering a
broad assortment of consumable products, general merchandise and
seasonal items both in-store and online. Our 1,569 locations across
Canada provide customers with
compelling value in convenient locations, including metropolitan
areas, mid-sized cities and small towns. Select products are also
available, by the full case only, through our online store at
www.dollarama.com. Our quality merchandise is sold at select fixed
price points up to $5.00.
Dollarama also owns a 60.1% interest in Dollarcity, a growing
Latin American value retailer. Dollarcity offers a broad assortment
of consumable products, general merchandise and seasonal items at
select, fixed price points up to US$4.00 (or the equivalent in local currency) in
547 conveniently located stores in El
Salvador, Guatemala,
Colombia and Peru.
www.dollarama.com
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SOURCE Dollarama Inc.