TORONTO, Aug. 6, 2020 /CNW/ -- Waste Connections,
Inc. (TSX/NYSE: WCN) ("Waste Connections" or the "Company") today
announced that it has received approval from the Toronto Stock
Exchange (the "TSX") for the annual renewal of its normal course
issuer bid (the "NCIB"). The renewal will follow on the
conclusion of the Company's current NCIB expiring August 7, 2020.
Pursuant to the renewed NCIB, Waste Connections proposes to
purchase through the facilities of the TSX, the New York Stock
Exchange (the "NYSE") and/or alternative Canadian trading systems,
from time to time over the next 12 months, if considered advisable,
up to 13,144,773 common shares, being 5% of its 262,895,476 issued
and outstanding common shares as of August
1, 2020.
In accordance with TSX rules, any daily repurchases would be
limited to a maximum of 112,638 common shares, which
represents 25% of the average daily trading volume on the TSX of
450,555 common shares for the period from February 1, 2020 to July
31, 2020. The TSX rules also allow the Company to purchase,
once a week, a block of common shares not owned by any insiders,
which may exceed such daily limit. The maximum number of shares
which can be purchased per day on the NYSE will be 25% of the
average daily trading volume for the four calendar weeks preceding
the date of purchase, subject to certain exceptions for block
purchases.
Waste Connections is authorized to make purchases during the
period of August 10, 2020 to
August 9, 2021 or until such earlier
time as the NCIB is completed or terminated at the option of the
Company. Any common shares Waste Connections purchases under the
NCIB will be purchased on the open market through the facilities of
the TSX, the NYSE and/or alternative Canadian trading systems at
the prevailing market price at the time of such transaction.
Management's decisions regarding any share repurchases will be
based on market conditions, share price and other factors,
including potential acquisition growth opportunities. The NCIB has
been renewed because Waste Connections believes that the repurchase
of common shares is consistent with its objective to return capital
to shareholders over time. All common shares purchased through the
NCIB will be returned to treasury for cancellation.
Under the current NCIB that commenced on August 8, 2019 and that will expire on
August 7, 2020, the Company sought
and obtained approval from the TSX to purchase up to
13,184,474 common shares for cancellation. Since the
commencement of the current NCIB, the Company has purchased and
cancelled a total of 1,271,977 common shares through open market
transactions on the NYSE at a volume-weighted average share price
of approximately US$83.06.
About Waste Connections
Waste Connections is an
integrated solid waste services company that provides non-hazardous
waste collection, transfer, disposal and recycling services in
mostly exclusive and secondary markets in the U.S. and Canada. Through its R360 Environmental
Solutions subsidiary, Waste Connections is also a leading provider
of non-hazardous oilfield waste treatment, recovery and disposal
services in several of the most active natural resource producing
areas in the United States,
including the Permian, Bakken and Eagle Ford Basins. Waste
Connections serves more than seven million residential, commercial,
industrial, and exploration and production customers in 42 states
in the U.S., and six provinces in Canada. The Company also provides intermodal
services for the movement of cargo and solid waste containers in
the Pacific Northwest.
For more information, visit the Waste Connections web site at
www.wasteconnections.com. Copies of financial literature, including
this release, are available on the Waste Connections website or
through contacting us directly at (905) 532-7510. Investors can
also obtain these materials and other documents filed with the U.S.
Securities and Exchange Commission (the "SEC") and the Canadian
securities regulators free of charge at the SEC's website,
www.sec.gov, and at the System for Electronic Document Analysis and
Retrieval maintained by the Canadian Securities Administrators at
www.sedar.com.
Safe Harbor and Forward-Looking
Statements
This press release contains
forward-looking statements within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995 ("PSLRA"), including "forward-looking information" within the
meaning of applicable Canadian securities laws. These
forward-looking statements are neither historical facts nor
assurances of future performance and reflect Waste
Connections' current beliefs and expectations regarding future
events and operating performance. These forward-looking
statements can be identified by use of forward-looking terminology,
such as "believes," "expects," "intends," "may," "might," "will,"
"could," "should," or "anticipates," or the negative thereof or
comparable terminology, or by the discussions of strategy. All of
the forward-looking statements included in this press release are
made pursuant to the safe harbor provisions of the PSLRA and
applicable securities laws in Canada. Forward-looking statements involve
risks and uncertainties. Forward-looking statements in this press
release include, but are not limited to, statements about the
return of capital to shareholders, including repurchases of common
shares of the Company and management's decisions related
thereto. Important factors that could cause actual results to
differ, possibly materially, from those indicated by the
forward-looking statements include, but are not limited to, risk
factors detailed from time to time in the Company's filings with
the SEC and the securities commissions or similar regulatory
authorities in Canada. You should not place undue reliance on
forward-looking statements, which speak only as of the date of this
press release. Waste Connections undertakes no obligation to
update the forward-looking statements set forth in this press
release, whether as a result of new information, future events, or
otherwise, unless required by applicable securities laws.
CONTACT:
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Mary Anne Whitney /
(832) 442-2253
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Joe Box / (281)
873-3205
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maryannew@wasteconnections.com
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joe.box@wasteconnections.com
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SOURCE Waste Connections, Inc.