CAMBRIDGE, ON, Dec. 3, 2018 /CNW/ - ATS Automation Tooling
Systems Inc. (TSX: ATA) ("ATS" or the "Company") today
announced that the Toronto Stock Exchange ("TSX") has accepted a
notice filed by it of its intention to make a normal course issuer
bid ("NCIB"). Under the NCIB, ATS will have the ability to
purchase for cancellation up to a maximum of 3,000,000 common
shares, representing approximately 3.2% of the 94,139,097 common
shares that were issued and outstanding as of November 16, 2018.
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Purchases under the NCIB will be made through the facilities of
the TSX and/or alternative Canadian trading systems in accordance
with applicable regulatory requirements, during the twelve month
period commencing on December 5, 2018
and ending on or before December 4,
2019. The average daily trading volume of the common shares
on the TSX for the six calendar months ending October 31, 2018 is 240,474 common shares. On any
trading day ATS will not purchase more than 25% of such average
daily trading volume, representing 60,118 common shares, except
where such purchases are made in accordance with available block
purchase exemptions. The common shares purchased under this NCIB
will be cancelled.
Some purchases under the NCIB may be made pursuant to an
automatic purchase plan between ATS and its broker, which is
expected to be established on or about December 7, 2018.
This plan would enable the purchase of ATS common shares when ATS
would not ordinarily be active in the market due to internal
trading blackout periods, insider trading rules, or otherwise.
ATS believes that there are times when the market price of ATS
common shares may not reflect their underlying value and that the
purchase of shares by ATS will both provide liquidity to existing
shareholders and benefit remaining shareholders. The NCIB is
viewed by ATS management as one component of an overall capital
structure strategy and complimentary to its acquisition growth
plans.
About ATS
ATS is an industry-leading automation
solutions provider to many of the world's most successful
companies. ATS uses its extensive knowledge base and global
capabilities in custom automation, repeat automation, automation
products and value-added services, including pre-automation and
after-sales services, to address the sophisticated manufacturing
automation systems and service needs of multinational customers in
markets such as life sciences, chemicals, consumer products,
electronics, food, beverage, transportation, energy, and oil and
gas. Founded in 1978, ATS employs approximately 3,900 people at 21
manufacturing facilities and over 50 offices in North America, Europe, Southeast
Asia and China. The
Company's shares are traded on the Toronto Stock Exchange under the
symbol ATA. Visit the Company's website at
www.atsautomation.com.
SOURCE ATS Automation Tooling Systems Inc.