Stantec announces renewal of Normal Course Issuer Bid and Automatic Share Purchase Plan
09 November 2021 - 12:45PM
TSX, NYSE: STN
Stantec Inc. (“Stantec”) announced today that it
has received approval from the Toronto Stock Exchange (the “TSX”)
respecting the renewal of its Normal Course Issuer Bid (“NCIB”).
Pursuant to the NCIB documentation filed with the TSX, Stantec may
purchase up to 5,559,312 common shares, representing approximately
5% of Stantec’s 111,186,257 issued and outstanding common shares as
of November 2, 2021. The purchases may commence on November 16,
2021 and will terminate no later than November 15, 2022. Except for
block purchases permitted under the rules and policies of the TSX,
the number of shares to be purchased per day will not exceed 52,973
or approximately 25% of the average daily trading volume for the
six full calendar months ending October 31, 2021, which is 211,895
shares. Stantec will make the purchases on the open market through
the facilities of the TSX or any alternative Canadian trading
system, and the prices that Stantec will pay for any common shares
will be the market price of such shares at the time of acquisition.
All shares purchased by Stantec will be cancelled.
The renewal of the NCIB follows on the
conclusion of Stantec’s previous NCIB that expires November 15,
2021. From November 16, 2020 to November 8, 2021, Stantec purchased
1,701,129 common shares at a weighted average price of $47.34 per
share.
Stantec also announced today that, in connection
with its intention to implement the NCIB, Stantec has renewed its
automatic share purchase plan (the “ASPP”) with a designated broker
to allow for the purchase of its common shares under the NCIB, once
effective, at times when Stantec normally would not be active in
the market due to applicable regulatory restrictions or internal
trading black-out periods. Before the commencement of any
particular internal trading black-out period, Stantec may, but is
not required to, instruct its designated broker to make purchases
of Stantec’s common shares under the NCIB during the ensuing
black-out period in accordance with the terms of the ASPP. Such
purchases will be determined by the broker in its sole discretion
based on parameters established by Stantec prior to commencement of
the applicable black-out period in accordance with the terms of the
ASPP and applicable TSX rules. Outside of these black-out periods,
common shares will be purchasable by Stantec at its discretion
under its NCIB, once effective.
The ASPP will commence on the effective date of
the NCIB and will terminate on the earliest of the date on which:
(a) the maximum annual purchase limit under the NCIB has been
reached; (b) the NCIB expires; or (c) Stantec terminates the ASPP
in accordance with its terms. The ASPP constitutes an “automatic
securities purchase plan” under applicable Canadian securities
laws.
Stantec believes that, from time to time, the
market price of its common shares does not fully reflect the value
of its business and its future business prospects. As a result,
Stantec believes at such times that its outstanding common shares
represent an attractive investment for Stantec and an appropriate
and desirable use of its available funds. This capital deployment
strategy is consistent with Stantec’s priority of maintaining
balance sheet strength, while reinvesting in organic and
acquisitive growth, paying down debt, and increasing dividends, all
of which contribute to enhanced shareholder returns.
About Stantec
Communities are fundamental. Whether around the
corner or across the globe, they provide a foundation, a sense of
place and of belonging. That's why at Stantec, we always
design with community in mind.
We care about the communities we serve—because
they're our communities too. This allows us to assess what's needed
and connect our expertise, to appreciate nuances and envision
what's never been considered, to bring together diverse
perspectives so we can collaborate toward a shared success.
We're designers, engineers, scientists, and
project managers, innovating together at the intersection of
community, creativity, and client relationships. Balancing these
priorities results in projects that advance the quality of life in
communities across the globe.
Stantec trades on the TSX and the NYSE under the
symbol STN. Visit us at stantec.com or find us on social media.
For further information:
Investor Contact |
Media
Contact |
Tom McMillan |
Stephanie Smith |
Stantec Investor Relations |
Stantec Media Relations |
Ph: 780-917-8159 |
Ph: 780-917-7230 |
tom.mcmillan@stantec.com |
stephanie.smith2@stantec.com |
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