WINNIPEG, June 12, 2019 /CNW/ - (TSX:NFI) NFI Group
Inc. ("NFI") today announced that the Toronto Stock Exchange
("TSX") has accepted a notice filed by NFI of its intention to
renew its normal course issuer bid ("NCIB") for its common shares
(the "Shares"). NFI believes that in the event the Shares
trade in a price range that does not fully reflect their value, the
acquisition of Shares may represent an attractive and desirable use
of its funds.
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Under the NCIB, the board of directors of NFI authorized the
repurchase of up to 5,357,914 Shares, which represents 10% of the
public float of Shares on June 4,
2019. At the close of business on June
4, 2019, there were 62,335,706 Shares issued and
outstanding. Under the NCIB, NFI may purchase up to 82,742
Shares on the TSX during any trading day, which represents 25% of
the average daily trading volume of 330,971 Shares on the TSX for
the six months ended May 31,
2019. Repurchases are authorized to commence on June 17, 2019 and will terminate on June 16, 2020, or earlier should NFI complete its
repurchases prior to such date. NFI Group is not required to
purchase any or a particular number of Shares under the bid.
All purchases will be made through the facilities of the TSX and
any alternative Canadian trading systems and all Shares acquired
under the NCIB will be cancelled. Repurchases will be subject
to compliance with applicable Canadian securities laws.
Under the prior normal course issuer bid, which commenced on
June 14, 2018 and ended on
June 13, 2019, NFI sought the
purchase of 5,549,465 Shares and purchased 2,306,275 Shares through
open market purchases through the facilities of the TSX and
alternative Canadian trading systems at a weighted average price
paid per Share of C$40.70.
About NFI
With over 8,900 team members operating from
more than 50 facilities across ten countries, NFI is a leading
independent global bus manufacturer providing a comprehensive suite
of mass transportation solutions under brands: New
Flyer® (heavy-duty transit buses), Alexander Dennis
Limited (single and double-deck buses), Plaxton (motor coaches),
MCI® (motor coaches), ARBOC® (low-floor
cutaway and medium-duty buses), and NFI Parts™. NFI buses and
motor coaches incorporate the widest range of drive systems
available including: clean diesel, natural gas, diesel-electric
hybrid, and zero-emission electric (trolley, battery, and fuel
cell). In total, NFI now supports over 105,000 buses and
coaches currently in service around the world. NFI common
shares are traded on the Toronto Stock Exchange under the symbol
NFI. News and information are available at www.nfigroup.com.
Forward-Looking Statements
This press release may
contain forward-looking statements relating to expected future
events that involve risks and uncertainties, including statements
regarding potential future purchases by NFI of its Shares pursuant
to the NCIB. The future performance and prospects of NFI may
differ materially from management expectations as projected in such
forward-looking statements for a variety of reasons, including
market and general economic conditions and the other risks and
uncertainties detailed in the disclosure documents filed with the
Canadian securities regulatory authorities and available on SEDAR
at www.sedar.com. NFI disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, unless
required by applicable law.
SOURCE NFI Group Inc.