TORONTO, Aug. 6, 2021 /PRNewswire/ -- 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 9, 2021.
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 13,025,895 common shares, being 5% of its 260,517,909 issued
and outstanding common shares as of August
3, 2021.
In accordance with TSX rules, any daily repurchases would be
limited to a maximum of 75,704 common shares, which
represents 25% of the average daily trading volume on the TSX of
302,816 common shares for the period from February 1, 2021 to July
31, 2021. 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, 2021 to
August 9, 2022 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 10, 2020 and that will expire on
August 9, 2021, the Company sought
and obtained approval from the TSX to purchase up to
13,144,773 common shares for cancellation. Since the
commencement of the current NCIB, the Company has purchased and
cancelled a total of 2,745,990 common shares through open
market transactions on the NYSE at a volume-weighted average share
price of approximately US$111.30.
About Waste Connections
Waste Connections is an
integrated solid waste services company that provides non-hazardous
waste collection, transfer and disposal services, along with
resource recovery primarily through recycling and renewable fuels
generation. The Company serves more than seven million
residential, commercial and industrial customers in mostly
exclusive and secondary markets across 43 states in the U.S. and
six provinces in Canada. Waste Connections also provides
non-hazardous oilfield waste treatment, recovery and disposal
services in several basins across the U.S., as well as intermodal
services for the movement of cargo and solid waste containers in
the Pacific Northwest. For more information, visit Waste
Connections at www.wasteconnections.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:
Mary Anne Whitney / (832)
442-2253 Joe
Box / (832) 442-2153
maryannew@wasteconnections.com joe.box@wasteconnections.com
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SOURCE Waste Connections, Inc.