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BURNABY, BC, Aug. 11, 2020 /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 new normal course issuer bid
(the "2020 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 and renews Taiga's normal course issuer bid program
that is scheduled to expire on August
12, 2020. On August 13,
2020, Taiga may commence making purchases, from time to
time, up to a maximum of 5,489,272 of its
109,785,457 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 2020 NCIB
will be determined by the Company. The 2020 NCIB will terminate on
August 12, 2021 or earlier if Taiga
has completed its purchases of the securities subject to the 2020
NCIB. Purchases may be suspended by Taiga at any time and Taiga
reserves the right to terminate the 2020 NCIB earlier if it
determines it is appropriate to do so.
Taiga believes that the 2020 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 2020 NCIB will be purchased at the prevailing
market price up to a daily maximum of 2,270 Common Shares, being
25% of the average daily trading volume for the last six completed
calendar months of 9,080 Common Shares, subject to the block
purchase exemption, and will be cancelled following purchase.
In the previous 12 months from the date here (August 13, 2019 – July 31,
2020), 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 5,778,181 Common
Shares and 5,778,181 outstanding Common Shares were
repurchased through the facilities of the TSX and Chi-X Canada
exchange between the period of August 1,
2019 to July 31, 2020 at the
volume weighted average price of $1.02 per Common Share.
The Prior NCIB commenced on August 13,
2019 and will conclude on August 12,
2020. The Company repurchased an aggregate of 5,778,181
outstanding Common Shares through the facilities of the TSX and
Chi-X Canada exchange at the volume weighted average price of
$1.02 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 2020 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.