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BURNABY, BC, Aug. 8, 2019 /CNW/ - Taiga Building Products Ltd.
("Taiga" or the "Company") (TSX: TBL) announces that
the Toronto Stock Exchange (the "TSX") has accepted Taiga's
notice of intention to make a normal course issuer bid (the
"NCIB") for its common shares (Trading Symbol: TBL) (the
"Common Shares") through the facilities of the TSX or any
other Canadian public marketplace or alternative trading system. On
August 13, 2019, Taiga may commence
making purchases, from time to time, up to a maximum of 5,778,181
of its 115,563,638 outstanding Common Shares as at the date
hereof, representing 5% of the outstanding Common Shares. The
actual number of Common Shares which may be purchased pursuant to
the NCIB will be determined by the Company. The NCIB will terminate
on August 12, 2020 or earlier if
Taiga has completed its purchases of the securities subject to the
NCIB. Purchases may be suspended by Taiga at any time and Taiga
reserves the right to terminate the NCIB earlier if it determines
it is appropriate to do so.
Taiga believes that the NCIB is in the best interests of the
Company and its shareholders and that the NCIB represents a
desirable use of corporate funds. Any Common Shares acquired
pursuant to the NCIB will be purchased at the prevailing market
price up to a daily maximum of 1,820 Common Shares, being 25% of
the average daily trading volume for the last six completed
calendar months of 7,282 Common Shares, subject to the block
purchase exemption, and will be cancelled following purchase.
In the previous 12 months from the date here (August 1, 2018 – July 31,
2019), the maximum number of Common Shares that the Company
sought and obtained approval to purchase under its prior normal
course issuer bid (the "Prior NCIB") was 5,841,155 Common
Shares and 759,171 outstanding Common Shares were repurchased
through the facilities of the TSX between the period of
August 1, 2018 to July 31, 2019 at the volume weighted average
price of $1.19 per Common Share.
The Prior NCIB commenced on May 1,
2018 and concluded on April 30,
2019. The Company repurchased an aggregate of 1,259,471
outstanding Common Shares through the facilities of the TSX between
the period of May 1, 2018 to
April 30, 2019 at the volume weighted
average price of $1.32 per Common
Share over the entire course of the Prior NCIB.
Forward-Looking Information
This news release contains forward-looking information that is
based on current expectations, beliefs, assumptions, estimates and
forecasts about the business and the industry and markets in which
the Company operates. Forward-looking information does not
guarantee future performance and involves risks, uncertainties and
assumptions which are difficult to predict and which may cause
Taiga's actual results in future periods to differ materially from
expected results. In particular, statements about the Company's
plans, intentions or potential outcome regarding the NCIB
constitute forward-looking information. Investors are cautioned
that all forward-looking information involves risks and
uncertainties including, without limitation, those risk factors
listed from time to time in the Company's public filings. These
risks, as well as others, could cause actual results and events to
vary significantly. Accordingly, readers should not place undue
reliance on forward-looking information, which are qualified in
their entirety by this cautionary statement. Taiga does not
undertake any obligation to release publicly any revisions to or
updating any voluntary forward-looking information, except as
required by applicable securities law.
SOURCE Taiga Building Products Ltd.