LUNENBURG, NS, June 5, 2024
/CNW/ - High Liner Foods Incorporated (the
"Company") (TSX: HLF) today announced that it has filed
a notice with the Toronto Stock Exchange ("TSX") and
received approval to purchase through the facilities of the TSX
and/or any alternative trading system in Canada, up to 700,000, or approximately 2.13%,
of the 32,866,814 issued and outstanding Common Shares of the
Company ("Common Shares") as of May
24, 2024. The price the Company will pay for any Common
Shares acquired will be the market price at the time of
acquisition. Purchases under the normal course issuer bid ("NCIB")
will be made by the Company and the Common Shares acquired shall be
cancelled, reducing any dilution resulting from Common Shares
issued pursuant to stock-based compensation plans. Purchases may
commence on June 7, 2024, and will
terminate no later than June 6, 2025.
The actual number of Common Shares purchased under the NCIB, the
timing of purchases and the price at which the Common Shares are
purchased will depend on management discretion based on factors
such as market conditions.
The Company's Defined Benefit Pension Plan ("Pension
Plan") may, from time to time, acquire Common Shares of the
Company. Common Shares purchased by the Pension Plan count towards
the maximum number of Common Shares the Company can acquire under
the NCIB. If Common Shares are acquired by the Pension Plan, those
Common Shares will remain outstanding and held by the Pension
Plan.
The average daily trading volume ("ADTV") of the
Company's Shares on the TSX over the six months ending May 31, 2024, was 14,879 Shares. Under TSX rules,
the Company is entitled to purchase up to the greater of: 25% of
the ADTV of the respective class of shares; or 1,000 shares on any
trading day; or a larger amount of shares per calendar week,
subject to the maximum number that may be acquired under the NCIB,
if the transaction meets the block purchase exception under TSX
rules. Accordingly, unless a block purchase meeting the block
purchase exception under TSX rules is made, the Company is entitled
to purchase up to 3,719 Common Shares on any trading day.
In connection with the NCIB, the Company has established an
automatic securities purchase plan ("the Plan") for the
Common Shares. The Plan was established to provide standard
instructions regarding how the Common Shares are to be repurchased
under the NCIB. Accordingly, the Company may repurchase its
securities under the Plan on any trading day during the NCIB
including during regulatory restrictions or self-imposed trading
blackout periods. The Plan will commence on June 7, 2024 and terminate on June 6, 2025. The Company may otherwise vary,
suspend or terminate the Plan only if it does not have material
non-public information and the decision to vary, suspend or
terminate the Plan is not taken during a self-imposed trading
blackout period. The Plan constitutes an "automatic plan" for
purposes of applicable Canadian securities legislation and has been
reviewed by the TSX.
The Board of Directors and Senior Management of the Company are
of the opinion that from time to time the purchase of its Common
Shares at the prevailing market price is in the best interest of
the Company and its shareholders. By making such repurchases, the
number of Common Shares in circulation will be reduced and the
proportionate interest of remaining shareholders of the Company in
the share capital of the Company will be increased on pro rata
basis. As of May 24, 2024, in the
previous 12 months, the Company acquired 638,500 Common Shares of
the authorized 700,000 Common Shares, through the facilities of
the TSX and alternative Canadian trading systems, for an
approximate total cost of CDN $7,406,903 at a weighted average price paid per
security of $11.60 under the terms of
an NCIB that expires on June 6,
2024.
About High Liner Foods
Incorporated
High Liner Foods Incorporated is a leading North American
processor and marketer of value-added frozen seafood. High Liner
Foods' retail branded products are sold throughout the United States and Canada under the High Liner,
Fisher Boy, Mirabel, and Sea Cuisine
labels, and are available in most grocery and club stores. The
Company also sells branded products to restaurants and institutions
under the High Liner, Mirabel, Icelandic Seafood, and
FPI labels and is a major supplier of private label
value-added seafood products to North American food retailers and
foodservice distributors. High Liner Foods is a publicly traded
Canadian company, trading under the symbol HLF on the Toronto Stock
Exchange.
This press release contains forward-looking information
within the meaning of applicable securities laws, including, but
not limited to, statements concerning June
5, 2024. Forward-looking statements are based on information
currently available to the Company and management's estimates,
expectations and assumptions, which we believe are reasonable as of
the current date but may prove to be incorrect. These statements
are also subject to risks and uncertainties. Actual results or
events may differ materially from those expressed or implied by
such forward-looking statements. Additional information about these
assumptions, risks and uncertainties is included in the Company's
securities regulatory filings, including under the headings "Risk
Factors" and "Forward-Looking Information" in the Company's annual
Management's Discussion & Analysis, which can be found under
the Company's profile on SEDAR+ at www.sedarplus.ca.
Undue reliance should not be placed on this forward-looking
information, which applies only as of the date hereof, and the
Company does not undertake to update or revise any forward-looking
information, whether as a result of any new information, future
events or otherwise, except as may be required by applicable
law.
For further information about the Company, please visit our
Internet site at www.highlinerfoods.com or send an e-mail to
investor@highlinerfoods.com.
SOURCE High Liner Foods Incorporated
