NORTH PLAINS, Ore.,
June 6, 2018 /PRNewswire/ --
Jewett-Cameron Trading Company Ltd. ("Jewett-Cameron")
(NASDAQ:JCTCF) is pleased to announce that its Board of Directors
has authorized the implementation of a share repurchase plan to
purchase for cancellation up to 250,000 common shares through
facilities of the NASDAQ Stock Market ("NASDAQ"). This amount
represents approximately 5.6% of the 4,468,988 common shares
outstanding (after adjustment for the 2-for-1 stock split effective
May 29, 2018).
The share repurchase plan will be effected in accordance with
Rule 10b-18 under the U.S. Securities
Exchange Act of 1934, which contains restrictions on the number of
shares that may be purchased on a single day, subject to certain
exceptions for block purchases, based on the average daily trading
volumes ("ADTV") of Jewett-Cameron's shares on NASDAQ.
Purchases shall be limited to daily purchases in an amount up
to 25% of the ADTV in its shares, or one "Block" purchase per week
in lieu of the 25% of ADTV limitation for compliance with Rule
10b-18(b)(4). A "block" as defined
under Rule 10b-18(a)(5) means a
quantity of stock that, among other things, is at least 5,000
shares and has a purchase price of at least US$50,000.
Transactions may involve Jewett-Cameron insiders or their
affiliates executed in compliance with Jewett-Cameron's Insider
Trading Policy.
This share repurchase plan may commence on June 11, 2018 and will remain in place until
November 30, 2018 but may be limited
or terminated at any time without prior notice.
The share repurchase program was approved by the Company's Board
of Directors who believe that a share repurchase program at this
time is in the best interests of the Company and its shareholders
and will not impact the Company's ability to execute its growth
plans.
About Jewett-Cameron Trading Company Ltd.
Jewett-Cameron Trading Company is a holding company that,
through its subsidiaries (Jewett-Cameron Companies), operate out of
facilities located in North Plains,
Oregon. Those businesses consist of the manufacturing and
distribution of patented and patent pending specialty metal
products, wholesale distribution of wood products, seed processing
and sales, and sales of industrial tools and clamps. The Company's
brands include Lucky Dog, Animal House and AKC licensed products in
the expanding pet market; fencing products under the
Adjust-A-Gates, Fit-Right, Perimeter Patrol, and INFINITY Euro
fence systems brands; Early Start, Spring
Gardner, and Weatherguard for greenhouses; and TrueShade for
patio umbrellas, furniture covers and canopies. Additional
information about the Company and its products can be found the
Company's website at www.jewettcameron.com.
Forward-looking Statements
The information in this release contains certain forward-looking
statements that anticipate future trends and events. These
statements are based on certain assumptions that may prove to be
erroneous and are subject to certain risks, including but not
limited to, the uncertainties of the Company's new product
introductions, the risks of increased competition and technological
change in the Company's industry, and other factors detailed in the
Company's SEC filings. Accordingly, actual results may
differ, possibly materially, from predictions contained herein.
For further information, contact:
Charlie Hopewell
President and CEO
(503) 647-0110
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SOURCE Jewett-Cameron Trading Company Ltd.