MONTREAL, July 5, 2022
/PRNewswire/ - Dollarama Inc. (TSX: DOL) ("Dollarama" or the
"Corporation") announced today that it received approval from the
Toronto Stock Exchange ("TSX") to renew its normal course issuer
bid in order to purchase for cancellation up to 18,713,765 of its
common shares, representing 7.5% of the public float of
249,516,878 common shares as at the close of markets on
June 30, 2022, during the 12‑month period starting on
July 7, 2022 and ending no later than
July 6, 2023.
Purchases will be conducted through the facilities of the TSX
and Canadian alternative trading systems. Dollarama may also
purchase common shares for cancellation by way of private
agreements or specific share repurchase programs under issuer bid
exemption orders issued by a securities regulatory authority.
Purchases made on the open market through the facilities of the TSX
and Canadian alternative trading systems will be at the
prevailing market price at the time of acquisition. Purchases made
by way of private agreement under an issuer bid exemption order
issued by a securities regulatory authority will be at a discount
to the prevailing market price at the time of the acquisition.
Purchases made under a specific share repurchase program will be at
a discount to the volume weighted average trading price of the
common shares on the Canadian markets on the date of the purchase.
All shares purchased pursuant to the normal course issuer bid will
be cancelled.
The average daily trading volume of the common shares on the TSX
over the period between January 1,
2022 and June 30, 2022, as
calculated per TSX rules, was 651,003 common shares.
Consequently, under TSX rules, Dollarama will be allowed to
purchase daily, through the facilities of the TSX, a maximum of
162,750 common shares, representing 25% of such average daily
trading volume. In addition, Dollarama may make, once per week, a
block purchase (as such term is defined in the TSX Company Manual)
of common shares not directly or indirectly owned by insiders of
Dollarama, in accordance with TSX rules. As at June 30, 2022,
a total of 289,823,095 common shares were issued and outstanding,
of which 374,060 were repurchased by the Corporation and will be
cancelled in the normal course of business.
Under the normal course issuer bid which is set to expire on
July 6, 2022, Dollarama received approval from the TSX to
purchase for cancellation up to 19,376,824 common shares. As
at June 30, 2022, Dollarama had
repurchased a total of 15,807,623 common shares thereunder, at
a weighted average price of $62.49
per common share. Such purchases were effected through the
facilities of the TSX and Canadian alternative trading systems.
The Board of Directors of Dollarama believes that the purchase
by Dollarama of its common shares continues to represent an
appropriate and desirable use of its available funds to increase
shareholder value.
Forward-Looking Statements
This press release may contain forward-looking statements.
Forward-looking statements are based on information currently
available to us and on estimates and assumptions made by us in
light of our experience and perception of historical trends,
current conditions and expected future developments as well as
other factors that we believe are appropriate and reasonable in the
circumstances. However, there can be no assurance that such
estimates and assumptions will prove to be correct. Many factors
could cause actual results, level of activity, performance,
achievements, future events or developments to differ materially
from those expressed or implied by the forward-looking statements,
including, but not limited to, the factors discussed in the "Risks
and Uncertainties" section of the Corporation's management's
discussion and analysis (MD&A) for the fiscal year ended
January 30, 2022 and in its other
continuous disclosure filings (available on SEDAR at
www.sedar.com).
These factors are not intended to represent a complete list of
the factors that could affect the Corporation; however, they should
be considered carefully. The purpose of the forward-looking
statements is to provide the reader with a description of
management's expectations regarding the Corporation's financial
performance and may not be appropriate for other purposes. Readers
should not place undue reliance on forward-looking statements made
herein. Furthermore, unless otherwise stated, the forward-looking
statements contained in this press release are made as at
July 5, 2022 and management has no
intention and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. The
forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
About Dollarama
Dollarama is a recognized Canadian value retailer offering a
broad assortment of consumable products, general merchandise and
seasonal items both in-store and online. Our 1,431 locations across
Canada provide customers with
compelling value in convenient locations, including metropolitan
areas, mid-sized cities and small towns. Select products are also
available, by the full case only, through our online store at
www.dollarama.com. Our quality merchandise is sold at select, fixed
price points up to $5.00.
Dollarama also owns a 50.1% interest in Dollarcity, a growing
Latin American value retailer. Dollarcity offers a broad assortment
of consumable products, general merchandise and seasonal items at
select, fixed price points up to US$4.00 (or the equivalent in local currency) in
358 conveniently located stores in El Salvador, Guatemala, Colombia and Peru.
www.dollarama.com
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SOURCE Dollarama Inc.