FirstService Announces Normal Course Issuer Bid
August 17 2017 - 4:30PM
FirstService Corporation (TSX:FSV) (NASDAQ:FSV) (“FirstService”)
announced today that the Toronto Stock Exchange (the “TSX”) has
accepted a notice filed by FirstService of its intention to make a
normal course issuer bid (the “NCIB”) with respect to its
outstanding subordinate voting shares (the “Subordinate Voting
Shares”).
The notice provides that FirstService may,
during the 12 month period commencing August 24, 2017 and ending no
later than August 23, 2018, purchase through the facilities of the
TSX, alternative Canadian Trading Systems or The NASDAQ Stock
Market (“NASDAQ”) up to 3,100,000 Subordinate Voting Shares in
total, being approximately 10% of the “public float” as of August
14, 2017 of such class of shares. Purchases of Subordinate Voting
Shares through NASDAQ will be made in the normal course and will
not, during the 12 month period ending August 23, 2018 exceed, in
the aggregate, 5% of the outstanding Subordinate Voting Shares as
at the commencement of the NCIB. The price which FirstService will
pay for any such shares will be the market price at the time of
acquisition. During the period of this NCIB, FirstService may make
purchases under the NCIB by means of open market transactions or
otherwise as permitted by the TSX and/or NASDAQ. The actual number
of Subordinate Voting Shares which may be purchased pursuant to the
NCIB and the timing of any such purchases will be determined by
senior management of FirstService. The average daily trading volume
from February 1 to July 31, 2017 was 45,343 Subordinate Voting
Shares. Daily purchases under the NCIB will be limited to 11,336
Subordinate Voting Shares, other than block purchases. All shares
purchased by FirstService under the NCIB will be cancelled.
As of August 14, 2017, there were 34,613,742
Subordinate Voting Shares and 1,325,694 multiple voting shares of
FirstService outstanding.
FirstService may purchase its Subordinate Voting
Shares, from time to time, if it believes that the market price of
its Subordinate Voting Shares is attractive and that the purchase
would be an appropriate use of corporate funds and in the best
interests of FirstService. FirstService may also purchase its
Subordinate Voting Shares in order to mitigate the dilutive effect
of stock options issued under its stock option plan.
FirstService’s previous NCIB expires on August
23, 2017. As of August 14, 2017, FirstService has purchased for
cancellation under the previous NCIB an aggregate of 330,000
Subordinate Voting Shares at an average weighted price of US$47.22
per share.
About FirstService
CorporationFirstService Corporation is a
North American leader in the essential outsourced property services
sector, serving its customers through two industry-leading service
platforms: FirstService Residential - North
America’s largest manager of residential communities; and
FirstService Brands - one of North America’s
largest providers of essential property services delivered through
individually branded franchise systems and company-owned
operations.
FirstService generates more than US$1.5 billion
in annual revenues and has more than 17,000 employees across North
America. With significant insider ownership and an experienced
management team, FirstService has a long-term track record of
creating value and superior returns for shareholders. The
Subordinate Voting Shares of FirstService trade on the NASDAQ and
the Toronto Stock Exchange under the symbol “FSV”. More information
is available at www.firstservice.com.
Forward-Looking
StatementsCertain information included in this news
release is forward-looking, within the meaning of applicable
securities laws. Much of this information can be identified by
words such as “believe”, “expects”, “expected”, “will”, “intends”,
“projects”, “anticipates”, “estimates”, “continues” or similar
expressions suggesting future outcomes or events. FirstService
believes the expectations reflected in such forward-looking
statements are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward-looking
statements should not be unduly relied upon.
Forward-looking statements are based on current
information and expectations that involve a number of risks and
uncertainties, which could cause actual results or events to differ
materially from those anticipated. These risks include, but are not
limited to, risks associated with: (i) general economic and
business conditions, which will, among other things, impact demand
for FirstService’s services and the cost of providing services;
(ii) the ability of FirstService to implement its business
strategy, including FirstService’s ability to identify and acquire
suitable acquisition candidates on acceptable terms and
successfully integrate newly acquired businesses with its existing
businesses; (iii) changes in or the failure to comply with
government regulations; and (iv) such factors as are identified in
the Annual Information Form of FirstService for the year ended
December 31, 2016 under the heading “Risk Factors” (which factors
are adopted herein and a copy of which can be obtained at
www.sedar.com). Forward looking statements contained in this news
release are made as of the date hereof and are subject to change.
All forward-looking statements in this news release are qualified
by these cautionary statements. Except as required by applicable
law, FirstService undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
COMPANY CONTACTS:
D. Scott Patterson
CEO
(416) 960-9500
Jeremy Rakusin
CFO
(416) 960-9500
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