MONTREAL, April 8, 2022 /CNW Telbec/ – GBT The Company announces that it has received the necessary regulatory approvals to renew its normal course issuer bid to acquire for cancellation common shares listed on the Toronto Stock Exchange (the “TSX”) for the period between April 15and2022 and April 14and, 2023, at the latest. Company’s Previous Normal Course Issuer Bid Ends April 14and2022. Pursuant to its renewed normal course issuer bid, the Company intends to acquire, through the facilities of the TSX and alternative trading systems (such as Alpha ATS) and pursuant to their requirements and also outside the facilities of the Toronto Stock Exchange To exchange, pursuant to exemption orders issued by Canadian securities regulators, up to 1,668,125 common shares, representing approximately 5% of the 33,362,500 common shares issued and in circulation at April 1st2022.
During the past 12 months and as of April 1st2022, the Company acquired for cancellation under its prior normal course issuer bid an aggregate of 482,600 common shares for which the weighted average price paid was $14.89 per share. The shares were acquired through the TSX and alternative trading systems authorized under applicable regulations (including Alpha ATS, Pure Trading, CHI-X Canada and Omega) in accordance with their requirements and the Company had requested and received approval to purchase a total of 1,692,440 common shares.
In accordance with TSX requirements, the average daily trading volume of the common shares of BMTC over the past six full calendar months was 1,908 shares (the “ADTV”). Accordingly, under the rules and policies of the TSX, BMTC is entitled on each trading day to purchase up to 1,000 common shares up to April 14and2023. Once a week, beyond the daily common stock repurchase limit, BMTC may also purchase a block of common stock that is not owned by an insider (i) having a purchase price of $200,000 or more, (ii) at least 5,000 common shares having a purchase price of at least $50,000, or (iii) at least 20 board lots of common shares that aggregate 150% or more of the ADTV in accordance with TSX rules. BMTC has retained National Bank Financial Inc. as broker to manage the normal course issuer bid.
When acquiring common stock through alternative trading systems (such as Alpha ATS), none of the requirements listed in the preceding paragraph apply. The price the Company will pay for purchases made outside the facilities of the Toronto Stock Exchange pursuant to exemption orders issued by securities regulatory authorities will be at a discount to prevailing market prices pursuant to the requirements of such exemption orders
BMTC considers the acquisition of common shares that it may make from time to time in the normal course of its issuer bid to be a wise use of its funds.
The common shares of Groupe BMTC inc. are listed on the Toronto Stock Exchange and through its subsidiary Ameublements Tanguay inc. and its two divisions, Brault & Martineau and EconoMax, the Company is a leading furniture, electronics and appliance retailer operating in the province of Quebec.
SOURCEBMTC Group Inc.
View original content: http://www.newswire.ca/en/releases/archive/April2022/08/c7075.html