Toromont Industries Ltd. - Normal Course Issuer Bid
August 28 2019 - 3:10PM
Toromont Industries Ltd. (TSX:TIH) announced today that it has
filed with the Toronto Stock Exchange a notice of intention to make
a normal course issuer bid for certain of its common shares through
the facilities of the Toronto Stock Exchange and alternative
Canadian trading systems.
Under this notice, Toromont is entitled to
purchase up to 7,004,456 common shares representing 10% of its
common shares in the public float (70,044,565 as of August 16,
2019) during the 12-month period commencing August 31, 2019 and
ending August 30, 2020. Toromont had 81,533,398 common shares
issued and outstanding as at August 16, 2019.
The daily purchase limit allowed under this
issuer bid is 36,002 and the actual number of shares which may be
purchased and the timing of any such purchases will be determined
by Toromont. All shares purchased under this issuer bid will
be cancelled. The average daily trading volume for the six-month
period ending July 31, 2019 was 144,008.
Toromont believes that from time-to-time the
purchase of its common shares at prevailing market prices may be a
worthwhile investment and in the best interests of both Toromont
and its shareholders. For its current normal course issuer
bid that expires on August 30, 2019, Toromont was approved to
repurchase up to 6,988,686 common shares. A total of 237,952
shares were repurchased during such period at an average price of
$53.83 CAD per share. The purchases were made through the TSX and
alternative Canadian trading systems.
ABOUT TOROMONT
Toromont Industries Ltd. operates through two
business segments: The Equipment Group and CIMCO. The
Equipment Group includes one of the larger Caterpillar dealerships
by revenue and geographic territory - spanning the Canadian
provinces of Newfoundland & Labrador, Nova Scotia, New
Brunswick, Prince Edward Island, Québec, Ontario and Manitoba in
addition to most of the territory of Nunavut. In addition,
the Group includes industry leading rental operations, a
complementary material handling business and an agricultural
equipment business. CIMCO is a market leader in the design,
engineering, fabrication and installation of industrial and
recreational refrigeration systems. Both segments offer
comprehensive product support capabilities. This press release and
more information about Toromont Industries can be found at
www.toromont.com.
For more information contact:
Paul R. Jewer Executive Vice President and Chief
Financial Officer Toromont Industries Ltd. Tel: (416) 514-4790
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