Trading Symbol: Toronto Stock Exchange – HDI
LANGLEY, BC, March 18, 2019 /CNW/ - Hardwoods Distribution
Inc. ("HDI" or the "Company") today announced
that, in connection with its previously announced normal course
issuer bid (the "Bid") to purchase up to 1,612,147 of its
common shares ("Shares"), it has entered into an automatic
share purchase plan ("ASPP") with a designated broker.
The ASPP is intended to allow for the purchase of Shares under
the Bid at times when the Company would ordinarily not be permitted
to purchase shares due to regulatory restrictions and customary
self-imposed blackout periods.
Pursuant to the ASPP, before entering into a blackout period,
the Company may, but is not required to, instruct the designated
broker to make purchases under the Bid in accordance with the terms
of the ASPP. Such purchases will be determined by the designated
broker at its sole discretion based on purchasing parameters set by
the Company in accordance with the rules of the Toronto Stock
Exchange ("TSX") and any applicable alternative Canadian
trading system, applicable securities laws and the terms of the
ASPP. The ASPP has been pre-cleared by the TSX and will be
implemented today.
Outside of pre-determined blackout periods, Shares may be
purchased under the Bid based on management's discretion, in
compliance with the rules of the TSX and any applicable alternative
Canadian trading system and applicable securities laws. The Bid
commenced on February 5, 2019 and
ends on February 4, 2020. All
purchases made under the ASPP will be included in computing the
number of Shares purchased under the Bid.
About HDI
HDI is North America's largest
distributor of architectural building products to the residential
and commercial construction markets. The Company operates a network
of 63 distribution centres in the U.S. and Canada, as well as one sawmill and kiln drying
operation.
SOURCE Hardwoods Distribution Inc.