This news release contains forward-looking statements. For a
description of the related risk factors and assumptions, please see
the section entitled "Caution Concerning Forward-Looking
Statements" later in this news release.
MONTRÉAL, Nov. 2, 2023
/CNW/ - BCE Inc. (BCE) today announced that the Toronto Stock
Exchange (the "TSX") has accepted a notice filed by BCE of its
intention to renew its normal course issuer bid ("NCIB") to
purchase up to 10% of the public float of each series of BCE's
outstanding First Preferred Shares that are listed on the TSX (the
"Preferred Shares"). The period of the NCIB will extend from
November 9, 2023 to November 8, 2024, or an earlier date should BCE
complete its purchases under the NCIB. BCE will pay the prevailing
market price at the time of acquisition for any Preferred Shares
purchased plus brokerage fees payable by BCE (except with respect
to purchases made under an issuer bid exemption order, which will
be at a discount to the prevailing market price), and all Preferred
Shares acquired by BCE under the NCIB will be cancelled.
The actual number of Preferred Shares repurchased under the NCIB
and the timing of such repurchases will be at BCE's discretion and
shall be subject to the limitations set out in the TSX Company
Manual.
The NCIB will be conducted through a combination of
discretionary transactions and purchases under an automatic
securities purchase plan through the facilities of the TSX as well
as alternative trading systems in Canada, if eligible, or by such other means as
may be permitted by securities regulatory authorities, including
pre-arranged crosses, exempt offers, private agreements under an
issuer bid exemption order issued by securities regulatory
authorities and block purchases of Preferred Shares. Purchases made
under an issuer bid exemption order will be at a discount to the
prevailing market price.
Under the NCIB, BCE is authorized to repurchase shares of each
respective series of the Preferred Shares as follows:
Series
|
Ticker
|
Issued and
Outstanding Shares(1)
|
Public
Float(1)
|
Average Daily
Trading
Volume(2)
|
Maximum
Number of
Shares Subject to
Purchase
|
|
|
|
|
|
Total(3)
|
Daily(4)
|
R
|
BCE.PR.R
|
7,894,800
|
7,894,800
|
5,406
|
789,480
|
1,351
|
S
|
BCE.PR.S
|
2,064,967
|
2,064,967
|
1,499
|
206,496
|
1,000
|
T
|
BCE.PR.T
|
5,354,833
|
5,354,833
|
4,556
|
535,483
|
1,139
|
Y
|
BCE.PR.Y
|
6,667,052
|
6,667,052
|
4,878
|
666,705
|
1,219
|
Z
|
BCE.PR.Z
|
2,785,698
|
2,785,698
|
1,827
|
278,569
|
1,000
|
AA
|
BCE.PR.A
|
11,604,661
|
11,604,661
|
9,332
|
1,160,466
|
2,333
|
AB
|
BCE.PR.B
|
7,055,639
|
7,055,639
|
5,602
|
705,563
|
1,400
|
AC
|
BCE.PR.C
|
6,505,774
|
6,505,774
|
5,029
|
650,577
|
1,257
|
AD
|
BCE.PR.D
|
12,671,126
|
12,671,126
|
11,791
|
1,267,112
|
2,947
|
AE
|
BCE.PR.E
|
6,097,913
|
6,097,913
|
5,653
|
609,791
|
1,413
|
AF
|
BCE.PR.F
|
9,145,387
|
9,145,387
|
5,502
|
914,538
|
1,375
|
AG
|
BCE.PR.G
|
8,636,930
|
8,636,930
|
4,969
|
863,693
|
1,242
|
AH
|
BCE.PR.H
|
4,878,370
|
4,878,370
|
2,998
|
487,837
|
1,000
|
AI
|
BCE.PR.I
|
9,362,540
|
9,362,540
|
4,724
|
936,254
|
1,181
|
AJ
|
BCE.PR.J
|
4,279,960
|
4,279,960
|
1,509
|
427,996
|
1,000
|
AK
|
BCE.PR.K
|
22,455,312
|
22,455,312
|
15,074
|
2,245,531
|
3,768
|
AL
|
BCE.PR.L
|
1,761,188
|
1,761,188
|
795
|
176,118
|
1,000
|
AM
|
BCE.PR.M
|
10,253,978
|
10,253,978
|
6,779
|
1,025,397
|
1,694
|
AN
|
BCE.PR.N
|
1,042,322
|
1,042,322
|
741
|
104,232
|
1,000
|
AQ
|
BCE.PR.Q
|
8,410,414
|
8,410,414
|
8,561
|
841,041
|
2,140
|
(1)
|
As of October 31,
2023.
|
(2)
|
For the 6 months ended
October 31, 2023.
|
(3)
|
Represents
approximately 10% of the public float in respect of each series of
Preferred Shares.
|
(4)
|
Represents the maximum
number of shares of each series of Preferred Shares that may be
purchased over the TSX (or alternative trading systems in Canada,
if eligible) during the course of one trading day. This amount is
equal to the greater of (i) 25% of the average daily trading
volume on the TSX calculated in accordance with the rules of the
TSX, and (ii) 1,000 shares. This limitation does not apply to
purchases made pursuant to block purchase exemptions.
|
BCE is making this NCIB because it believes that, from time to
time, the Preferred Shares may trade in price ranges that do not
fully reflect their value. BCE believes that, in such
circumstances, the repurchase of its Preferred Shares represents an
appropriate use of its available funds.
As of October 31, 2023, under its
current normal course issuer bid that commenced on November 9, 2022 and will expire on November 8, 2023, and for which the company
received approval from the TSX, BCE purchased, through the
facilities of the TSX and alternative eligible trading systems,
Preferred Shares as follows:
Series
|
Ticker
|
Maximum Number
of Shares
Subject to Purchase
|
Number of Shares
Purchased
|
Weighted Average
Price
Paid per Security
|
R
|
BCE.PR.R
|
799,890
|
104,100
|
$14.76
|
S
|
BCE.PR.S
|
212,826
|
63,300
|
$18.05
|
T
|
BCE.PR.T
|
587,013
|
515,300
|
$17.85
|
Y
|
BCE.PR.Y
|
807,929
|
353,200
|
$17.76
|
Z
|
BCE.PR.Z
|
191,850
|
191,850
|
$19.11
|
AA
|
BCE.PR.A
|
1,230,766
|
703,000
|
$16.83
|
AB
|
BCE.PR.B
|
768,873
|
633,100
|
$17.95
|
AC
|
BCE.PR.C
|
1,002,799
|
238,500
|
$16.61
|
AD
|
BCE.PR.D
|
996,320
|
575,800
|
$17.90
|
AE
|
BCE.PR.E
|
651,291
|
415,800
|
$18.22
|
AF
|
BCE.PR.F
|
948,148
|
336,100
|
$16.04
|
AG
|
BCE.PR.G
|
897,953
|
342,600
|
$15.15
|
AH
|
BCE.PR.H
|
501,757
|
139,200
|
$18.08
|
AI
|
BCE.PR.I
|
953,504
|
172,500
|
$15.12
|
AJ
|
BCE.PR.J
|
446,496
|
185,000
|
$18.22
|
AK
|
BCE.PR.K
|
2,319,031
|
735,000
|
$14.22
|
AL
|
BCE.PR.L
|
179,938
|
38,200
|
$16.25
|
AM
|
BCE.PR.M
|
1,043,997
|
186,000
|
$14.71
|
AN
|
BCE.PR.N
|
105,472
|
12,400
|
$17.16
|
AQ
|
BCE.PR.Q
|
920,000
|
789,586
|
$20.50
|
BCE will enter into an automatic securities purchase plan
("ASPP") with a designated broker in relation to the NCIB on or
about the commencement date of the NCIB. The ASPP will allow for
the purchase of Preferred Shares, subject to certain trading
parameters, at times when BCE ordinarily would not be active in the
market due to applicable regulatory restrictions or self-imposed
trading black-out periods. Outside of these periods, the Preferred
Shares will be repurchased by BCE at its discretion under the
NCIB.
Caution Concerning Forward-Looking
Statements
Certain statements made in this news release constitute
forward-looking statements, including, but not limited to,
statements relating to potential future purchases by BCE of its
Preferred Shares pursuant to the NCIB and ASPP. All such
forward-looking statements are made pursuant to the "safe harbour"
provisions of applicable Canadian securities laws and of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking statements, by their very nature, are subject to
inherent risks and uncertainties and are based on several
assumptions, both general and specific, which give rise to the
possibility that actual results or events could differ materially
from our expectations expressed in or implied by such
forward-looking statements. These statements are not guarantees of
future performance or events and we caution you against relying on
any of these forward-looking statements. There can be no assurance
that BCE will repurchase all or any of the numbers of Preferred
Shares referred to in this news release under the NCIB. In
particular, the purchase by BCE of its Preferred Shares pursuant to
the NCIB will depend, among other, on the prevailing market price
from time to time of the Preferred Shares. The forward-looking
statements contained in this news release describe our expectations
at the date of this news release and, accordingly, are subject to
change after such date. Except as may be required by applicable
securities laws, we do not undertake any obligation to update or
revise any forward-looking statements contained in this news
release, whether as a result of new information, future events or
otherwise. Forward-looking statements are provided herein for the
purpose of giving information about the potential future purchases
of Preferred Shares by BCE pursuant to the NCIB and ASPP referred
to above. Readers are cautioned that such information may not be
appropriate for other purposes. For additional information on
assumptions and risks underlying certain of our forward-looking
statements made in this news release, please consult BCE's 2022
Annual MD&A dated March 2, 2023, BCE's 2023 First Quarter
MD&A dated May 3, 2023, BCE's
2023 Second Quarter MD&A dated August 2,
2023, BCE's 2023 Third Quarter MD&A dated November 1, 2023 and BCE's news release dated
November 2, 2023 announcing its
financial results for the third quarter of 2023, filed by BCE with
the Canadian securities regulatory authorities (available at
Sedarplus.com) and with the U.S. Securities and Exchange Commission
(available at SEC.gov). These documents are also available at
BCE.ca.
About BCE
BCE is Canada's largest
communications company,1 providing advanced Bell
broadband wireless, Internet, TV, media and business communications
services. To learn more, please visit Bell.ca or BCE.ca.
Through Bell for Better, we are investing to create a better
today and a better tomorrow by supporting the social and economic
prosperity of our communities. This includes the Bell Let's Talk
initiative, which promotes Canadian mental health with national
awareness and anti-stigma campaigns like Bell Let's Talk Day and
significant Bell funding of community care and access, research and
workplace initiatives throughout the country. To learn more, please
visit Bell.ca/LetsTalk.
1 Based on
total revenue and total combined customer connections.
|
Media inquiries:
Ellen
Murphy
media@bell.ca
Investor inquiries:
Richard
Bengian
richard.bengian@bell.ca
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content:https://www.prnewswire.com/news-releases/bce-announces-renewal-of-normal-course-issuer-bid-for-preferred-shares-301975052.html
SOURCE BCE Inc.