MONTREAL, Oct. 25, 2021 / CNW Telbec / – LOGISTEC COMPANY (âLOGISTECâ) (TSX: LGT.A) (TSX: LGT.B) today announced that it is renewing its public tender offer (âNCIBâ). LOGISTEC considers that the repurchase of its shares may constitute an appropriate and desirable use of its available cash. Therefore, LOGISTEC believes that the offer is in the best interest of LOGISTEC and its shareholders.
The Toronto Stock Exchange (the âExchangeâ) has accepted a notice filed by LOGISTEC of its intention to make a public tender offer. According to the Notice, LOGISTEC intends to repurchase, for cancellation, in accordance with the requirements of the Exchange i) up to 368,851 Class A common shares (the âClass A Sharesâ), representing 5 % of Class A Shares outstanding and ii) up to 284,301 Class B Subordinate Voting Shares (the âClass B Sharesâ), representing 5% of the Class B Shares outstanding.
The average daily trading volume (the âADTVâ) of Class A Shares and Class B Shares of LOGISTEC over the past six completed calendar months was 14 and 2,355, respectively. Consequently, under the stock market rules, LOGISTEC is entitled, each trading day, to buy back up to 1,000 class A shares and 1,000 class B shares. Once a week, in excess of the limit daily of 1,000 purchases, LOGISTEC may also buy back a block of shares of any class not belonging to an insider (i) having a purchase price of $ 200,000 or more, (ii) at least 5,000 shares having a purchase price of at least $ 50,000, or (iii) at least 20 regular lots of shares totaling 150% or more of the ADTV in accordance with the rules of the Bourse. LOGISTEC has retained the services of BMO Nesbitt Burns Inc. as broker to manage the program.
LOGISTEC has repurchased some of its shares during the last twelve (12) months under a public tender offer which began on October 28, 2020 and will end no later than October 27, 2021. The purchases were executed by the brokerage as well as Canadian alternative trading systems. During this period, a total of 600 Class A shares and 15,900 Class B shares were repurchased at a weighted average price of $ 38.41 and $ 37.39, respectively. The maximum number of securities approved for purchase under this public tender offer was 368,881 Class A shares and 277,113 Class B shares.
The new public tender offer will begin on October 28, 2021 and will end no later than October 27, 2022. Purchases will be made through the facilities of the Exchange or other Canadian trading systems and may be made at the exterior of Exchange facilities in accordance with exemptions available under applicable securities legislation or exemption orders issued by securities regulatory authorities. LOGISTEC has set up an automatic share purchase plan with its broker, which will allow the latter to buy shares for LOGISTEC during blackout periods. The purchase and payment for the shares will be made by LOGISTEC in accordance with the requirements of the Stock Exchange and the price that LOGISTEC will pay for any share will be the market price of those shares at the time of acquisition, with the exception of purchases made in outside stock exchange facilities in accordance with exemptions provided by applicable securities legislation or exemption orders issued by securities authorities which may be at a discount to the prevailing market price. As of the close of business on October 15, 2021, there were 7,377,022 Class A shares and 5,686,036 Class B shares issued and outstanding.
LOGISTEC Corporation is based in Montreal (Quebec) and offers specialized services to the maritime community and industrial companies. LOGISTEC offers bulk, break-bulk and container handling in some 54 ports and 80 terminals located North America. In addition, LOGISTEC offers maritime transport services focused primarily on Arctic coastal trade, as well as shipping agency services to foreign shipowners and operators serving the Canadian market.
LOGISTEC also operates in the environmental sector where it provides services to industrial, municipal and government clients for the renewal of underground water pipes, site rehabilitation, dredging and dewatering, soil management and materials, risk assessment and the manufacture of woven pipes.
A public company since 1969, LOGISTEC’s shares are listed on the Toronto Stock Exchange under the symbols LGT.A and LGT.B. For more information, please visit www.logistec.com.
SOURCE Logistec Corporation
For further information: Jean-Claude Dugas CPA, CA, Chief Financial Officer, LOGISTEC Corporation, [emailÂ protected], (514) 985-2345