Nutrien Announces TSX Approval for Its Renewed Share Repurchase Program
February 25 2020 - 6:59AM
Business Wire
Nutrien Ltd. (TSX and NYSE: NTR) (Nutrien) today announced that
the Toronto Stock Exchange (TSX) has accepted Nutrien's notice to
commence a normal course issuer bid (NCIB) to purchase up to five
percent of its outstanding common shares.
Under the NCIB, purchases of common shares may be made through
the facilities of the TSX, the New York Stock Exchange or
alternative Canadian trading systems, or as otherwise permitted by
the Canadian Securities Administrators. The actual number of common
shares that may be purchased under the NCIB and the timing of any
such purchases will be determined by Nutrien. Nutrien believes that
purchasing its own common shares represents an attractive
investment opportunity, is in the best interests of the company and
is consistent with Nutrien's objective of delivering a strong
return of capital to its shareholders over time. As of February 14,
2020, Nutrien had 571,449,161 common shares outstanding and,
therefore, is permitted to repurchase up to 28,572,458 of its
outstanding common shares pursuant to the NCIB. Common shares
purchased under the NCIB will be cancelled.
The NCIB will be effected in accordance with the TSX normal
course issuer bid rules and/or Rule 10b-18 under the U.S.
Securities Exchange Act of 1934, which contain restrictions on the
number of common shares that may be purchased on a single day,
subject to certain exceptions for block purchases, based on the
average daily trading volumes of Nutrien's common shares on the
applicable exchange. Subject to exceptions for block purchases,
Nutrien will limit daily purchases of common shares on the TSX in
connection with the NCIB to no more than 25 percent (278,819 common
shares) of the average daily trading volume of the common shares on
the TSX (1,115,279 common shares) during any trading day. Purchases
under the NCIB will be made through open market purchases at market
price, as well as by other means as may be permitted by applicable
securities regulatory authorities, including private agreements.
Any purchases made by private agreement under an issuer bid
exemption order issued by a securities regulatory authority will be
at a discount to the prevailing market price as provided in any
exemption order. Purchases of common shares may commence on
February 27, 2020 and will expire on the earlier of February 26,
2021, the date on which the company has acquired the maximum number
of common shares allowable or otherwise decides not to make any
further repurchases. Nutrien has entered into an automatic purchase
plan with a broker which will enable Nutrien to provide standard
instructions and purchase common shares on the open market during
self-imposed blackout periods. Outside of these black-out periods,
common shares may be purchased in accordance with management's
discretion.
Nutrien's prior NCIB for the purchase of up to 42,164,420 common
shares will expire on February 26, 2020. As of February 14, 2020,
Nutrien has repurchased an aggregate of 31,984,768 common shares at
a weighted-average price of US$51.91 per share, excluding brokerage
fees, under the prior NCIB. Purchases were made on the open
market.
Forward-Looking Statements
Certain statements and other information included in this press
release constitute "forward-looking information" or
"forward-looking statements" (collectively, "forward-looking
statements") under applicable securities laws (such statements are
usually accompanied by words such as "anticipate", "expect",
"believe", "may", "will", "should", "estimate", "intend" or other
similar words). All statements in this press release, other than
those relating to historical information or current conditions, are
forward-looking statements, including, but not limited to the
timing, methods and quantity of any purchases by Nutrien of its
common shares under the NCIB.
Forward looking statements in this press release are based on
certain key expectations and assumptions made by Nutrien, including
expectations and assumptions concerning: Nutrien's views with
respect to its financial condition and prospects, the stability of
general economic and market conditions, currency exchange rates and
interest rates, the availability of cash for repurchases of common
shares under the NCIB, the existence of alternative uses for
Nutrien's cash resources and compliance with applicable laws and
regulations pertaining to the NCIB. Although Nutrien believes that
the expectations and assumptions on which such forward looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because Nutrien can give
no assurance that they will prove to be correct.
Forward-looking statements are subject to various risks and
uncertainties which could cause actual results and experience to
differ materially from the anticipated results or expectations
expressed in this press release. The key risks and uncertainties
include, but are not limited to: Nutrien's future capital
requirements; market and general economic conditions; demand for
Nutrien's products; and unforeseen legal or regulatory developments
and other risk factors detailed from time to time in Nutrien
reports filed with the Canadian securities regulatory authorities
and the United States Securities and Exchange Commission.
Nutrien disclaims any intention or obligation to update or
revise any forward-looking statements in this press release as a
result of new information or future events, except as may be
required under applicable laws.
About Nutrien
Nutrien is the world's largest provider of crop inputs and
services, playing a critical role in helping growers increase food
production in a sustainable manner. We produce and distribute 25
million tonnes of potash, nitrogen and phosphate products
world-wide. With this capability and our leading agriculture retail
network, we are well positioned to supply the needs of our
customers. We operate with a long-term view and are committed to
working with our stakeholders as we address our economic,
environmental and social priorities. The scale and diversity of our
integrated portfolio provides a stable earnings base, multiple
avenues for growth and the opportunity to return capital to
shareholders.
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version on businesswire.com: https://www.businesswire.com/news/home/20200225005354/en/
Investor and Media Relations: Richard Downey Vice
President, Investor Relations (403) 225-7357
Investor Relations: Tim Mizuno Senior Manager, Investor
Relations (306) 933-8548
Contact us at: www.nutrien.com
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