Stella-Jones Announces Normal Course Issuer Bid
December 18 2018 - 7:00AM
Stella-Jones Inc. (TSX: SJ) (“Stella-Jones” or the “Company”)
announced today that the Toronto Stock Exchange (“TSX”) has
accepted its Notice of Intention to Make a Normal Course Issuer Bid
(the “Notice”). Pursuant to the Notice, Stella-Jones may, during
the 12-month period commencing December 20, 2018 and ending
December 19, 2019, purchase for cancellation, up to 3,000,000
Common Shares, representing approximately 4.3% of its outstanding
Common Shares. As at December 14, 2018, Stella-Jones had 69,364,204
Common Shares issued and outstanding. Stella-Jones has not
purchased Common Shares within the last twelve months.
The Notice provides that purchases under the
Normal Course Issuer Bid will be effected on the open market
through the facilities of the TSX. The average daily trading volume
(the “ADTV”) of the Common Shares on the TSX for the six month
period ended November 30, 2018 was 149,927 Common Shares and,
therefore, in accordance with the requirements of the TSX, the
daily purchase limit under the NCIB on the TSX will be 37,481
Common Shares, representing 25% of the ADTV, subject to certain
prescribed exceptions. The price that Stella-Jones will pay for any
Common Shares acquired by Stella-Jones under the Normal Course
Issuer Bid will be the market price of the Common Shares at the
time of acquisition. Purchases will be made at management’s
discretion. Additionally, Stella-Jones has implemented an automatic
share purchase plan with its designated broker in connection with
the Normal Course Issuer Bid in order to allow, if deemed advisable
by Stella-Jones, for share purchases during self-imposed blackout
periods.
The Board of Directors of Stella-Jones believes
that the repurchase of Common Shares, which Stella-Jones may carry
out from time to time, represents an attractive and responsible
investment of funds on hand and is in the best interests of
Stella-Jones.
ABOUT STELLA-JONES Stella-Jones
Inc. (TSX: SJ) is a leading producer and marketer of pressure
treated wood products. The Company supplies North America’s
railroad operators with railway ties and timbers, and the
continent’s electrical utilities and telecommunication companies
with utility poles. Stella-Jones also manufactures and distributes
residential lumber and accessories to retailers for outdoor
applications, as well as industrial products for construction and
marine applications. The Company’s common shares are listed on the
Toronto Stock Exchange.
Except for historical information provided
herein, this press release may contain information and statements
of a forward-looking nature concerning the future performance of
the Company. These statements are based on suppositions and
uncertainties as well as on management's best possible evaluation
of future events. Such factors may include, without excluding other
considerations, fluctuations in quarterly results, evolution in
customer demand for the Company's products and services, the impact
of price pressures exerted by competitors, the ability of the
Company to raise the capital required for acquisitions, and general
market trends or economic changes. As a result, readers are advised
that actual results may differ from expected results.
Source: |
Stella-Jones
Inc. |
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Contacts: |
Éric Vachon, CPA, CASenior Vice-President and
Chief Financial OfficerTel.: (514)
940-3903evachon@stella-jones.com |
Pierre Boucher, CPA, CMAJennifer
McCaughey, CFA MaisonBrison CommunicationsTel.: (514)
731-0000pierre@maisonbrison.com jennifer@maisonbrison.com |
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HEAD OFFICE3100 de la Côte-Vertu Blvd.Suite
300Saint-Laurent, QuébecH4R 2J8 Tel.: (514)
934-8666Fax: (514) 934-5327 |
EXCHANGE LISTINGSThe Toronto Stock ExchangeStock
Symbol: SJTRANSFER AGENTAND
REGISTRARComputershare Investor Services Inc. |
INVESTOR RELATIONSÉric VachonSenior Vice-President
and Chief Financial OfficerTel.: (514) 940-3903Fax:
(514) 934-5327evachon@stella-jones.com |
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