MONTREAL, June 28, 2022 /CNW Telbec/ – MTY Food Group Inc. (“MTY” or the “Company”) (TSX: MTY), franchisor and operator of multiple restaurant concepts, has been informed that the Toronto Stock Exchange (“TSX”) has approved the renewal of MTY’s normal course issuer bid (“NCIB”).
Under the normal course issuer bid, MTY may purchase for cancellation up to 1,220,673 common shares during the period commencing July 3, 2022 and ending July 2, 2023representing approximately 5% of the 24,413,461 common shares outstanding, at June 23, 2022. MTY will make any purchases in accordance with the rules and policies of the TSX and through the facilities of the TSX or alternative trading systems in Canada at prevailing market prices.
Under its previous NCIB, which came into effect on July 3, 2021 and which expires on July 2, 2022, MTY was authorized to purchase 1,235,323 shares of common stock. From June 23, 2022MTY purchased 293,000 shares at a weighted average price paid per share of $57.35through the facilities of the TSX and on alternative trading systems in Canada.
The average daily trading volume of the Common Shares on the TSX during the six-month period ended May 31, 2022, was 64,830 common shares. Therefore, under TSX rules, MTY may purchase a maximum of 16,207 common shares (or 25% of average daily trading volume) in a single day, except under the permitted bulk purchase exception. . The actual number of Common Shares to be purchased and the timing of such purchases will generally be determined by MTY from time to time, depending on market conditions. In addition, MTY may from time to time repurchase Common Shares pursuant to an automatic securities purchase program that it enters into with a broker, which will permit purchases during periods when MTY would not generally be permitted to buy its shares for regulatory or other reasons.
MTY’s Board of Directors and senior management believe that, from time to time, the purchase of common stock at prevailing market prices is a sound and best-interest capital allocation strategy. shareholders of MTY.
Certain information contained in this press release may constitute “forward-looking” information that involves known and unknown risks, uncertainties, future expectations and other factors that may cause the Company’s actual results, performance or achievements or industry results are materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this press release, this information may include words such as “anticipate”, “estimate”, “may”, “should”, “expect”, “believe”, “plan” and other terms. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Company’s MD&A, which may be viewed on SEDAR at www.sedar.com.
SOURCE MTY Food Group Inc.
For further information: For more information, please contact Eric Lefebvre, CEO at 1-514-336-8885 or by email at [email protected]or visit our website: www.mtygroup.com or the SEDAR website at www.sedar.com under the name of the Company.