ROUGEMONT, QC, Aug. 16,
2022 /CNW Telbec/ - Lassonde Industries Inc.
(TSX: LAS.A) ("Lassonde" or the "Company") announced today
that it has received approval from the Toronto Stock Exchange
("TSX") to amend its normal course issuer bid ("NCIB") in order to
increase the maximum number of Class "A" subordinate voting shares
of its capital (the "Subordinate Voting Shares") that it may
purchase for cancellation during the twelve-month period ending on
or before December 22, 2022 from
80,000 Subordinate Voting Shares (representing approximately 2.98%
of the public float of Subordinate Voting Shares as of
December 14, 2021 (the reference date
for the NCIB)) to 160,000 Subordinate Voting Shares
(representing approximately 5.97% of the public float
of Subordinate Voting Shares as of December 14, 2021) (the "Amendment"). The
effective date of the Amendment is August
18, 2022. No other terms of the NCIB have been amended.
Based on the average daily trading volume of the Subordinate
Voting Shares during the six completed calendar months prior
to the commencement of the NCIB on the TSX, daily purchases under
the NCIB are limited to 1,000 Subordinate Voting Shares, other than
block purchase exceptions. Subordinate Voting Shares purchased
under the NCIB will be cancelled.
Purchases under the NCIB began on December 23, 2021, will end no later than
December 22, 2022, and are
made by means of open market transactions through the
facilities of the TSX or alternative trading systems, in accordance
with the requirements on normal course issuer bids of the TSX.
Purchases made on the open market through the facilities of the TSX
and alternative trading systems will be at the prevailing market
price at the time of acquisition (plus brokerage fees). As of
August 16, 2022, the Company had
acquired for cancellation a total of 74,300 Subordinate Voting
Shares pursuant to the NCIB at a weighted average price of
$134.57.
The Company previously implemented an automatic share purchase
plan with its designated broker in order to facilitate purchases of
Subordinate Voting Shares under the NCIB (the "Plan"). The Company
intends to amend and restate the Plan in order to reflect the
Amendment. The Plan constitutes, and the amended and restated
automatic share purchase plan will (when adopted) constitute, an
"automatic plan" for purposes of applicable Canadian securities
legislation.
Lassonde is of the opinion that the acquisition of Subordinate
Voting Shares is an effective use of its funds and is in the best
interest of the Company and its shareholders. Lassonde is of
the view that it may be advantageous to engage in purchases of
Subordinate Voting Shares, from time to time, when, in the opinion
of management, such shares are trading at prices which reflect a
discount from what management considers to be the appropriate value
of the Subordinate Voting Shares. In addition, Lassonde is of the
opinion that its shareholders will benefit from the reduction of
the number of Subordinate Voting Shares issued and outstanding as a
result of purchases made under the NCIB.
Decisions about the timing and extent of future purchases of
Subordinate Voting Shares as part of the NCIB are at the discretion
of management and are based on various factors, including market
conditions. Lassonde retains discretion as to whether to make
purchases under the NCIB, and to determine the timing, amount and
acceptable price of any such purchases, subject at all times to
applicable TSX and other regulatory requirements.
To the Company's knowledge, no director, senior officer or
associate of a director or senior officer of the Company, person
acting jointly or in concert with the Company, or person holding
10% or more of any class of equity securities of the Company
currently intends to sell any Subordinate Voting Shares of the
Company under the NCIB. However, sales by such persons through the
facilities of the TSX may occur if the personal circumstances of
any such person change or if any such person makes a decision
unrelated to the NCIB. The benefits to any such person whose
Subordinate Voting Shares are purchased under the NCIB would be the
same as the benefits available to all other holders whose
Subordinate Voting Shares are likewise purchased.
Lassonde reserves the right to terminate the NCIB at any time
prior to December 22, 2022.
About Lassonde
Lassonde Industries Inc. is a North American leader in the
development, manufacture and sale of ready-to-drink juices and
drinks marketed under brands such as Apple & Eve, Fairlee,
Fruité, Graves, Oasis, Old Orchard, Rougemont and Sun-Rype. Lassonde is the
largest producer of fruit juices and drinks in Canada and one of the two largest producers of
store brand shelf-stable fruit juices and drinks in the United States. It is also a major producer
of cranberry sauces. The Company also produces fruit-based snacks
in the form of bars and bites.
Lassonde also develops, manufactures and markets specialty food
products such as pasta sauces and soups, mainly under private
label, as well as fondue broths and sauces under the brand Canton.
The Company also imports and markets selected wines from various
countries and manufactures apple ciders and cider-based
beverages.
The Company produces superior quality products through the
expertise of more than 2,700 people working in 17 plants across
Canada and the United States. To learn more, visit
www.lassonde.com.
Caution Concerning Forward-Looking
Statements
This news release contains statements about future events and
plans of the Company that are forward-looking. These statements may
involve, but are not limited to, statements about potential
purchases of shares for cancellation under the normal course issuer
bid, the Company's belief that the normal course issuer bid is
an effective use of funds and is in the best interest of the
Company and its shareholders, the Company's intentions regarding
the normal course issuer bid, and the TSX's approvals.
Forward-looking statements can be recognized by such words as
"may," "should," "believes," "predicts," "plans," "expects,"
"intends," "anticipates," "estimates," "projects," "objective,"
"continues," "proposes," "targets," or "aims" as well as words and
expressions of a similar nature and whether they are used in the
affirmative or negative or used in the conditional or future tense.
Forward-looking statements also include any statements that do not
refer to historical facts.
By their nature, forward-looking statements require the Company
to make assumptions and predictions and are subject to inherent
risks and uncertainties. There is significant risk that the
forward-looking statements will not prove to be accurate. The
forward-looking statements contained in this news release describe
the Company's expectations at the date of this news release and,
accordingly, are subject to change after such date. Readers are
cautioned not to place undue reliance on forward-looking statements
as a number of factors could cause actual future events to differ
materially from the assumptions and predictions expressed in the
forward-looking statements. Such factors include, among others, the
economic, industrial, competitive and regulatory environment in
which Lassonde operates or factors that are likely to have an
impact on its operations, its ability to attract and retain
customers, consumers, and qualified staff, the availability and
cost of raw materials and transportation, its operating costs, and
the price of its finished products in the various markets where it
operates. Specifically, there can be no assurance as to how many
shares, if any, will ultimately be acquired by the Company under
its normal course issuer bid.
The Company cautions that the foregoing list of factors is not
exhaustive. This news release is subject to the disclaimer and
qualified by the assumptions, qualifications and risk factors
referred to in the "Uncertainties and Principal Risk Factors"
section of the Company's most recent annual MD&A and the other
documents it files from time to time with securities regulators in
Canada and available on
www.sedar.com. The forward-looking statements contained in this
press release reflect the Company's expectations on this date and
are subject to change after this date. Lassonde does not undertake
to update publicly or to revise these forward-looking statements,
whether as a result of new information, future events or otherwise,
unless required by applicable legislation or regulation.
SEDAR registration number: 00002099
SOURCE Lassonde Industries Inc.