ROUGEMONT, QC, Dec. 20, 2021
/CNW Telbec/ - Lassonde Industries Inc. (TSX: LAS.A)
("Lassonde" or the "Company") announces that it has received
approval from the Toronto Stock Exchange ("TSX") to acquire for
cancellation, if considered advisable, a certain number of Class
"A" subordinate voting shares of its capital by means of open
market transactions through the facilities of the TSX or
alternative trading systems, in accordance with the requirements on
normal course issuer bids of the TSX ("Bid"). Purchases made on the
open market through the facilities of the TSX and alternative
trading systems will be at the prevailing market price at the time
of acquisition (plus brokerage fees).
Under the Bid, Lassonde may repurchase for cancellation up to
80,000 Class "A" subordinate voting shares of its capital
(representing 2.52% of the 3,180,900 issued and outstanding Class
"A" subordinate voting shares as at December
14, 2021) during the period beginning on December 23rd, 2021 and ending on or
before December 22nd,
2022. In connection with the Bid, Lassonde has established an
automatic share purchase plan ("Plan"). The Plan enables the
Company to provide predefined instructions regarding how the Class
"A" subordinate voting shares are to be repurchased on the open
market during self-imposed blackout periods. The Plan has been
pre-cleared by the TSX and will be implemented as of December 23, 2021. The Plan should terminate
together with the Bid. It constitutes an automatic plan for
purposes of applicable Canadian securities legislation.
The average daily trading volume of Lassonde's Class "A"
subordinate voting shares over the last six completed calendar
months was 2,744 shares ("ADTV"). Accordingly, pursuant to the TSX
rules and policies, Lassonde is entitled on any trading day to
purchase up to 1,000 Class "A" subordinate voting shares. In
addition to this daily repurchase limit of 1,000 shares, Lassonde
may also, once a week, purchase a block of shares not owned by an
insider (i) having a purchase price of $200,000 or more, or (ii) of at least 5,000
shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of
shares which total 150% or more of the ADTV, the whole in
accordance with the TSX rules. Since May 16,
2019, Lassonde has not acquired any Class "A" subordinate
voting shares.
Lassonde is of the opinion that the acquisition of its shares is
an effective use of its funds and is in the best interest of the
Company and its shareholders. Lassonde is making the normal course
issuer bid because it is of the view that it may be advantageous to
engage in purchases of the Class "A" subordinate voting shares,
from time to time, when, in the opinion of management, they are
trading at prices which reflect a discount from what management
considers to be the appropriate value of the Class "A" subordinate
voting shares. In addition, Lassonde is of the opinion that its
shareholders will benefit from the reduction of the number of Class
"A" subordinate voting shares issued and outstanding as a result of
purchases made under the normal course issuer bid.
Decisions about the timing and extent of future purchases of
Class "A" subordinate voting shares as part of the Bid are at the
discretion of management and are based on various factors,
including market conditions. Lassonde retains discretion as to
whether to make purchases under the normal course issuer bid, and
to determine the timing, amount and acceptable price of any such
purchases, subject at all times to applicable TSX and other
regulatory requirements.
To the Company's knowledge, no director, senior officer or
associate of a director or senior officer of the Company, person
acting jointly or in concert with the Company, or person holding
10% or more of any class of equity securities of the Company
currently intends to sell any Class "A" subordinate voting shares
of the Company under the proposed Bid. However, sales by such
persons through the facilities of the TSX may occur if the personal
circumstances of any such person change or if any such person makes
a decision unrelated to the Bid. The benefits to any such person
whose Class "A" subordinate voting shares are purchased under the
Bid would be the same as the benefits available to all other
holders whose Class "A" subordinate voting shares are likewise
purchased.
Lassonde reserves the right to terminate the normal course
issuer bid at any time prior to December
22nd, 2022.
About Lassonde
Lassonde Industries Inc. is a North American leader in the
development, manufacture and sale of ready-to-drink juices and
drinks marketed under brands such as Apple & Eve, Everfresh,
Fairlee, Fruité, Graves, Oasis, Old Orchard, Rougemont and Sun-Rype. Lassonde is the
largest producer of fruit juices and drinks in Canada and one of the two largest producers of
store brand shelf-stable fruit juices and drinks in the United States. It is also a major producer
of cranberry sauces. The Company also produces fruit-based snacks
in the form of bars and bites.
Lassonde also develops, manufactures and markets specialty food
products under brands such as Antico and Canton. The Company also
imports and markets selected wines from various countries and
manufactures apple ciders and cider-based beverages.
The Company produces superior quality products through the
expertise of more than 2,700 people working in 17 plants across
Canada and the United States. To learn more, visit
www.lassonde.com.
Caution Concerning Forward-Looking Statements
This news release contains statements about future events and
plans of the Company that are forward-looking. These statements may
involve, but are not limited to, statements about potential
purchases of shares for cancellation under the normal course issuer
bid, the Company's belief that the normal course issuer bid is
an effective use of funds and is in the best interest of the
Company and its shareholders, the Company's intentions regarding
the normal course issuer bid, and the TSX's approvals.
Forward-looking statements can be recognized by such words as
"may," "should," "believes," "predicts," "plans," "expects,"
"intends," "anticipates," "estimates," "projects," "objective,"
"continues," "proposes," "targets," or "aims" as well as words and
expressions of a similar nature and whether they are used in the
affirmative or negative or used in the conditional or future tense.
Forward-looking statements also include any statements that do not
refer to historical facts.
By their nature, forward-looking statements require the Company
to make assumptions and predictions and are subject to inherent
risks and uncertainties. There is significant risk that the
forward-looking statements will not prove to be accurate. The
forward-looking statements contained in this news release describe
the Company's expectations at the date of this news release and,
accordingly, are subject to change after such date. Readers are
cautioned not to place undue reliance on forward-looking statements
as a number of factors could cause actual future events to differ
materially from the assumptions and predictions expressed in the
forward-looking statements. Such factors include, among others, the
economic, industrial, competitive and regulatory environment in
which Lassonde operates or factors that are likely to have an
impact on its operations, its ability to attract and retain
customers, consumers, and qualified staff, the availability and
cost of raw materials and transportation, its operating costs, and
the price of its finished products in the various markets where it
operates. Specifically, there can be no assurance as to how many
shares, if any, will ultimately be acquired by the Company under
its normal course issuer bid.
The Company cautions that the foregoing list of factors is not
exhaustive. This news release is subject to the disclaimer and
qualified by the assumptions, qualifications and risk factors
referred to in the "Uncertainties and Principal Risk Factors"
section of the Company's most recent annual MD&A and the other
documents it files from time to time with securities regulators in
Canada and available on
www.sedar.com.
The forward-looking statements contained in this press release
reflect the Company's expectations on this date and are subject to
change after this date. Lassonde does not undertake to update
publicly or to revise these forward-looking statements, whether as
a result of new information, future events or otherwise, unless
required by applicable legislation or regulation.
SEDAR registration number: 00002099
SOURCE Lassonde Industries Inc.