MONTREAL, June 28,
2022 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the
"Company") (TSX: MTY), franchisor and operator of multiple concepts
of restaurants, has been informed that the Toronto Stock Exchange
("TSX") has approved the renewal of MTY's normal course issuer bid
("NCIB").
Under the normal course issuer bid, MTY may purchase for
cancellation up to 1,220,673 common shares during the period
starting July 3, 2022 and ending
July 2, 2023, representing
approximately 5% of the 24,413,461 outstanding common shares, as at
June 23, 2022. MTY will make any
purchases in accordance with the rules and policies of the TSX and
through the facilities of the TSX or alternative trading systems in
Canada at the prevailing market
prices.
Under its previous NCIB, which entered into effect on
July 3, 2021 and which expires on
July 2, 2022, MTY was authorized to
purchase 1,235,323 common shares. As of June
23, 2022, MTY purchased 293,000 shares at a weighted average
price paid per security of $57.35,
through the facilities of the TSX and on alternative trading
systems in Canada.
The average daily trading volume for the common shares on the
TSX during the six-month period ended May
31, 2022, was 64,830 common shares. As a result, under the
TSX's rules, MTY may purchase a maximum of 16,207 common shares
(being 25% of the average daily trading volume) on any one day,
except pursuant to permitted block purchase exception. The actual
number of common shares to be purchased and the timing of any such
purchases will generally be determined by MTY from time to time as
market conditions warrant. In addition, MTY may from time to time
repurchase common shares under an automatic securities purchase
plan it would enter into with a broker, which will enable purchases
during times when MTY would typically not be permitted to purchase
its shares due to regulatory or other reasons.
The Board of Directors and senior management of MTY are of the
opinion that from time to time the purchase of common shares at
prevailing market prices is a worthwhile capital allocation
strategy and is in the best interest of MTY's shareholders.
Certain information in this News Release may constitute
"forward-looking" information that involves known and unknown
risks, uncertainties, future expectations and other factors which
may cause the actual results, performance or achievements of the
Company or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. When used in this News Release,
this information may include words such as "anticipate",
"estimate", "may", "will", "expect", "believe", "plan" and other
terminology. This information reflects current expectations
regarding future events and operating performance and speaks only
as of the date of this News Release. Except as required by law, we
assume no obligation to update or revise forward-looking
information to reflect new events or circumstances. Additional
information is available in the Company's Management Discussion and
Analysis, which can be found on SEDAR at www.sedar.com.
SOURCE MTY Food Group Inc.