MONTREAL, June 27, 2018 /CNW Telbec/ - MTY Food Group
Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator
of multiple concepts of restaurants, has been informed that the
Toronto Stock Exchange ("TSX") has accepted MTY's notice of
intention to make a normal course issuer bid to purchase some of
its common shares for cancellation.
Under the normal course issuer bid, MTY may purchase up to
1,258,024 common shares during the period starting July 3, 2018 and ending July 2, 2019, representing approximately 5% of
the outstanding common shares, as at June
21, 2018. MTY will make any purchases through the
facilities of the TSX or alternative trading systems in
Canada at the prevailing market
prices.
The average daily trading volume for the common shares on the
TSX during the six-month period ended May
31, 2018 was 47,508 common shares. As a result, under the
TSX's rules, MTY may purchase a maximum of 11,877 common shares
(being 25% of the average daily trading volume) on any one day,
except pursuant to permitted block purchase exception. The actual
number of common shares to be purchased and the timing of any such
purchases will generally be determined by MTY from time to time as
market conditions warrant. In addition, MTY may from time to time
repurchase common shares under an automatic securities purchase
plan it has established with its broker, which will enable
purchases during times when MTY would typically not be permitted to
purchase its shares due to regulatory or other reasons.
The Board of Directors and senior management of MTY are of the
opinion that from time to time the purchase of common shares at
prevailing market prices is a worthwhile capital allocation
strategy and is in the best interest of MTY's shareholders.
All repurchased shares will be cancelled. MTY has not purchased
any common shares in the past 12 months through a normal course
issuer bid.
Certain information in this News Release may constitute
"forward-looking" information that involves known and unknown
risks, uncertainties, future expectations and other factors which
may cause the actual results, performance or achievements of the
Company or industry results, to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. When used in this News Release,
this information may include words such as "anticipate",
"estimate", "may", "will", "expect", "believe", "plan" and other
terminology. This information reflects current expectations
regarding future events and operating performance and speaks only
as of the date of this News Release. Except as required by law, we
assume no obligation to update or revise forward-looking
information to reflect new events or circumstances. Additional
information is available in the Company's Management Discussion and
Analysis, which can be found on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
MTY Food
Group Inc.
_____________________________________
Stanley Ma, Chairman, President & CEO
SOURCE MTY Food Group Inc.