MONTREAL, January 13, 2022 /CNW Telbec/ – Cogeco Inc. (the “Corporation” or “Cogeco”) (TSX: CGO) announces that the Toronto Stock Exchange (the “TSX”) has accepted its notice of intention for a normal course issuer bid for its voting shares Restricted Shares (the “Restricted Shares”). Purchases pursuant to the advisory will not begin until January 18, 2022 and will not continue beyond January 17, 2023.
The notice will allow Cogeco to acquire up to 325,000 subordinate shares for cancellation, representing approximately 2.3% of the 14,399,638 subordinate shares outstanding January 4, 2022.
Cogeco currently believes that the purchase of its subordinate shares under the normal course issuer bid is an appropriate and desirable use of available cash to enhance shareholder value and to provide returns additional investment to its shareholders.
All purchases will be made through the facilities of the TSX or Canadian alternative trading systems, if eligible, and will be in accordance with their rules. Purchases under the normal course issuer bid will be effected through open market transactions.
Under the rules of the TSX, the Company will be permitted to purchase daily, through the facilities of the TSX, a maximum of 3,184 subordinate shares representing 25% of the average daily trading volume, as calculated under the rules of the TSX. In addition, the Company may make, once a week, a block purchase (as such term is defined in the TSX Company Manual) of Restricted Shares which are not held directly or indirectly by insiders of the Company, in accordance with the rules of the TSX. Restricted shares purchased under the normal course issuer bid will be cancelled.
The price to be paid by the Company for any subordinate share will be the market price at the time of acquisition, plus brokerage fees, if any.
The Company has also entered into an automatic stock purchase plan with a Designated Broker to permit the purchase of subordinate shares under the normal course issuer bid at times when the Company does not would normally not be permitted to purchase shares due to regulatory restrictions or self-imposed actions. blackout periods.
During the past 12 months, Cogeco has not purchased any of its restricted shares.
Rooted in the communities it serves, Cogeco inc. (TSX: CGO) is a growing competitive force in the North American telecommunications and media industries with a heritage of over 60 years. Through its Cogeco Connexion and Breezeline (formerly Atlantic Broadband) business units, Cogeco provides broadband services (Internet, television and telephone) to 1.6 million residential and business customers in Quebec and Ontario in Canada as well as in twelve states of United States. Through Cogeco Media, it owns and operates 23 radio stations and a news agency in Quebec. To learn more about Cogeco’s growth strategy and its commitment to supporting its communities, promoting inclusive growth and fighting climate change, please visit us online at corpo.cogeco.com.
This press release contains certain forward-looking statements. These statements are inherently subject to important risks, uncertainties and changes in circumstances, many of which are beyond the Company’s control. The reader should not place undue importance on the forward-looking information contained in this press release which represents Cogeco’s expectations as of the date of this press release (or as of the date on which they are otherwise stated) and are subject to change after this date. . Although management may choose to do so, the Company has no obligation (and expressly disclaims any such obligation) and does not undertake to update or change the forward-looking information at any time, whether whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Cogeco Inc.
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