LUNENBURG, NS, June 18, 2021 /CNW/ - High Liner Foods
Incorporated (the "Company") (TSX: HLF) today
announced that it has filed a notice with the Toronto Stock
Exchange ("TSX") and received approval to purchase under a normal
course issuer bid ("NCIB"), through the facilities of the TSX
and/or any alternative trading system in Canada, up to 150,000 (representing
approximately 0.45%) of the 33,451,810 issued and outstanding
common shares ("Shares") of the Company as of June 10, 2021. The price the Company will pay for
any Shares acquired will be the market price at the time of
acquisition. Purchases under this NCIB will be made by the Company
and the Shares so acquired shall be cancelled, reducing any
dilution resulting from Shares issued pursuant to stock-based
compensation plans. Purchases may commence on June 23, 2021 and will terminate no later than
June 22, 2022.
The Company's Defined Benefit Pension Plan ("Pension Plan") may,
from time to time, acquire Shares of the Company. Shares purchased
by the Pension Plan count towards the maximum number of shares the
Company can acquire under this NCIB. If Shares are acquired by the
Pension Plan, those Shares will remain outstanding and held by the
Pension Plan.
The average daily trading volume ("ADTV") of the Company's
Shares on the TSX over the six months ending May 31, 2021 was 27,994 Shares. Under TSX rules,
the Company is entitled to purchase up to the greater of: 25% of
the ADTV of the respective class of shares; or 1,000 shares on any
trading day; or a larger amount of shares per calendar week,
subject to the maximum number that may be acquired under the NCIB
if the transaction meets the block purchase exception under TSX
rules. Accordingly, unless a block purchase meeting the block
purchase exception under TSX rules is made, the Company is entitled
to purchase up to 6,998 Shares on any trading day.
In connection with this NCIB, the Company has established an
automatic securities purchase plan ("the Plan") for the Shares. The
Plan was established to provide standard instructions regarding how
the Shares are to be repurchased under the NCIB. Accordingly, the
Company may repurchase its securities under the Plan on any trading
day during the NCIB including during self-imposed trading blackout
periods. The Plan will commence immediately and terminate when the
NCIB terminates on June 22, 2022. The
Company may otherwise vary, suspend or terminate the Plan only if
it does not have material non-public information and the decision
to vary, suspend or terminate the Plan is not taken during a
self-imposed trading blackout period. The Plan constitutes an
"automatic plan" for purposes of applicable Canadian securities
legislation and has been reviewed by the TSX.
The Board of Directors and Senior Management of the Company are
of the opinion that from time to time the purchase of its Shares at
the prevailing market price is in the best interest of the Company
and its shareholders. As of March 9,
2021, in the previous twelve months, the Company acquired
60,000 Common Shares of the authorized 200,000 Common Shares at a
weighted average price paid per security of $6.64 under the terms of an NCIB that expired on
March 9, 2021.
About High Liner Foods Incorporated
High Liner Foods Incorporated is a leading North American
processor and marketer of value-added frozen seafood. High Liner
Foods' retail branded products are sold throughout the United States and Canada under the High Liner,
Fisher Boy, Mirabel, and Sea Cuisine
labels, and are available in most grocery and club stores. The
Company also sells branded products to restaurants and institutions
under the High Liner, Mirabel, Icelandic Seafood, and
FPI labels and is a major supplier of private label
value-added seafood products to North American food retailers and
foodservice distributors. High Liner Foods is a publicly traded
Canadian company, trading under the symbol HLF on the Toronto Stock
Exchange.
This news release contains forward-looking statements which
reflect management's expectations regarding the Company's plans to
purchase for cancellation shares under the normal course issuer
bid. These statements are based on management's reasonable
assumptions and beliefs in light of the information currently
available to them and reflect expectations as of June 18, 2021. These forward-looking statements
are subject to uncertainties and other factors that could cause
actual results to differ materially from such statements, including
without limitation, regulatory approval, market and economic
conditions, availability of sellers, changes in laws and
regulations, operating efficiencies and cost saving initiatives.
Readers are urged to consider the risks, uncertainties and
assumptions carefully in evaluating the forward-looking information
and are cautioned not to place undue reliance on such
forward-looking information. The Company does not undertake to
update these forward-looking statements other than as required by
applicable securities laws.
For further information about the Company, please visit our
Internet site at www.highlinerfoods.com or send an e-mail to
investor@highlinerfoods.com.
SOURCE High Liner Foods Incorporated