Stella-Jones Announces Normal Course Issuer Bid
09 November 2021 - 1:00PM
Stella-Jones Inc. (TSX: SJ) (“Stella-Jones” or the “Company”)
announced today that the Toronto Stock Exchange (“TSX”) has
accepted its Notice of Intention to Make a Normal Course Issuer Bid
(the “Notice”). Pursuant to the Notice, Stella-Jones may, during
the 12-month period commencing November 12, 2021 and ending
November 11, 2022, purchase for cancellation, up to 4,000,000
Common Shares, representing approximately 8% of the public float of
its Common Shares. As at October 31, 2021, Stella-Jones had
64,485,647 Common Shares issued and outstanding. As approved by the
TSX, the Company was authorized to purchase for cancelation up to
3,500,000 Common Shares during the 12-month period commencing on
August 10, 2020 and ending on August 9, 2021. During such period,
the Company purchased 3,057,326 Common Shares through the
facilities of the TSX at a weighted average price of $45.40 per
Common Share, for a total consideration of $138,796,156.
The Notice provides that purchases under the
Normal Course Issuer Bid will be effected on the open market
through the facilities of the TSX. The average daily trading volume
(the “ADTV”) of the Common Shares on the TSX for the six-month
period ended October 31, 2021 was 175,851 Common Shares and,
therefore, in accordance with the requirements of the TSX, the
daily purchase limit under the NCIB on the TSX will be 43,962
Common Shares, representing 25% of the ADTV, subject to certain
prescribed exceptions. The price that Stella-Jones will pay for any
Common Shares acquired by Stella-Jones under the Normal Course
Issuer Bid will be the market price of the Common Shares at the
time of acquisition. Purchases will be made at management’s
discretion. Additionally, Stella-Jones has implemented an automatic
share purchase plan with its designated broker in connection with
the Normal Course Issuer Bid in order to allow, if deemed advisable
by Stella-Jones, for share purchases during self-imposed blackout
periods.
The Board of Directors of Stella-Jones believes
that the repurchase of Common Shares, which Stella-Jones may carry
out from time to time, represents an attractive and responsible
investment of capital and is in the best interests of
Stella-Jones.
ABOUT STELLA-JONES Stella-Jones
Inc. (TSX: SJ) is a leading producer and marketer of pressure
treated wood products. The Company supplies North America’s
electrical utilities and telecommunication companies with utility
poles and the continent’s railroad operators with railway ties and
timbers. Stella-Jones also manufactures and distributes residential
lumber and accessories to retailers for outdoor applications, as
well as industrial products for construction and marine
applications. The Company’s common shares are listed on the Toronto
Stock Exchange.
CAUTION REGARDING FORWARD-LOOKING
INFORMATION Except for historical information provided
herein, this press release may contain information and statements
of a forward-looking nature concerning the future performance of
the Company. These statements are based on suppositions and
uncertainties as well as on management's best possible evaluation
of future events. Such factors may include, without excluding other
considerations, general economic and business conditions (including
the impact of the coronavirus pandemic), evolution in customer
demand for the Company's products and services, product selling
prices, availability and cost of raw materials, changes in foreign
currency rates, and the ability of the Company to raise capital. As
a result, readers are advised that actual results may differ from
expected results. Unless required to do so under applicable
securities legislation, the Company does not assume any obligation
to update or revise forward-looking statements to reflect new
information, future events or other changes after the date
hereof.
Source: |
Stella-Jones Inc. |
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Contacts: |
Silvana Travaglini, CPA,
CA |
Pierre Boucher, CPA,
CMA |
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Senior Vice-President and Chief
Financial Officer Stella-Jones |
Jennifer McCaughey,
CFA MaisonBrison CommunicationsTel.:
(514) 731-0000 |
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Tel.: (514) 940-8660 |
pierre@maisonbrison.com |
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stravaglini@stella-jones.com |
jennifer@maisonbrison.com |
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