VANCOUVER, British Columbia, March 28, 2022 (GLOBE NEWSWIRE) — Glacier Media Inc. (“Glacier” or the “Company”) (TSX: GVC) announced today that the TSX has accepted its notice of intention to follow a normal course issuer bid (the “Bid”).
The notice provides that Glacier may, during the twelve-month period beginning on April 4, 2022 and ending on April 3, 2023, purchase up to 5,300,000 common shares representing 10% of the “public float” (as defined in the TSX Company Handbook) from the date hereof (each a “To share”). Daily purchases of Shares under the Offering will be limited to 20,016 Shares (equivalent to 25% of the average daily trading volume of Glacier common stock for the past six calendar months), subject to certain exceptions. As of the date hereof, there are 132,755,559 common shares of Glacier issued and outstanding and an estimated 53,228,912 common shares in the “public float”.
Glacier believes that its shares are currently trading or, due to market volatility, may be trading in a price range that does not adequately reflect their underlying value based on Glacier’s assets, business outlook and financial condition. Glacier. Accordingly, the purchase of Shares will increase the proportionate interest in the Shares of all remaining shareholders and will benefit them.
Purchases under the Offer will be made in open market transactions through the facilities of the TSX by CIBC Capital Markets Inc. on behalf of Glacier in accordance with applicable regulatory requirements. All Shares purchased by Glacier under the Offer will be tendered and cancelled. Glacier has not purchased any of its common stock in the past 12 months.
To the Company’s knowledge, no director, senior officer or other insider of the Company currently intends to sell Common Shares pursuant to this offering. However, sales by such persons through the facilities of the TSX may occur if such person’s personal or business circumstances change or if such person makes a decision unrelated to the offer. The Company has reserved the right to stop the Offer if market conditions justify it.
Glacier also announces that in connection with the offer, it has entered into an automatic securities purchase program (“ASPP”) with a Designated Broker. The ASPP is intended to permit the purchase of Shares under the Offer where the Company would not normally be permitted to purchase Shares due to regulatory restrictions and customary self-imposed blackout periods.
Under the terms of the ASPP, the Company has provided instructions to the Designated Broker to make purchases under the OPRA in accordance with the terms of the ASPP, which cannot be modified or suspended during the term of the ASPP. Such purchases will be determined by the Designated Broker in its sole discretion based on the purchase parameters established by the Company in accordance with the rules of the TSX, applicable securities laws and the terms of the ESAP. The Shares will be purchased through the facilities of the TSX. The ASPP has been pre-cleared by the TSX and will be implemented on April 4, 2022, and if not terminated sooner under the terms of the ASPP, will terminate on April 3, 2023.
Outside of pre-determined blackout periods, Shares may be purchased under the Offer at management’s discretion, in accordance with TSX rules and applicable securities laws. All purchases made under the ASPP will be included in the calculation of the number of shares purchased under the offer.
Glacier Media Inc. is an information and marketing solutions company that continues to grow in industries where the provision of critical information and related services provides high customer utility and value. The Company’s products and services focus on two areas: 1) data, analytics and intelligence; and 2) content and marketing solutions.
For more information, please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264.
This press release contains forward-looking statements relating to, among other things, the Company’s objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates. These forward-looking statements include, among other things, statements relating to the Company’s expectations regarding its stock price, assets, business prospects, proposed investments, revenues, expenses, cash flow and future profitability, as well as that the effect of Glacier’s strategic initiatives, including its expectations to grow its digital media business, develop and provide exclusive products and expand its marketing services, expand its audience and products, increase its size, competitiveness and operational strength, and maintain lower debt levels. These forward-looking statements are based on certain assumptions, including continued economic growth and recovery and the realization of cost savings in the timely and expected amounts, and are subject to risks, uncertainties and other factors that may drive results, performance or achievement. of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and undue reliance should not be placed on such statements.
Forward-looking statements made in this press release relate only to events or information as of the date the statements are made. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unforeseen events.
Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, results or results anticipated or implied by such forward-looking statements will occur or that the plans, intentions or expectations upon which the statements are based prospective. – forward-looking statements are based on will occur.
All forward-looking statements included and incorporated in this press release are qualified by these cautionary statements. Unless otherwise indicated, the forward-looking statements contained herein are made as of the date of this press release, and except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement. , whether as a result of new information, future events or otherwise.
Readers are cautioned that actual results obtained may differ from the information provided herein and that such variations may be material. Accordingly, Glacier makes no representation that actual results achieved will be identical, in whole or in part, to those set forth in the forward-looking statements.