VANCOUVER, BC, July 12, 2022 /CNW/ – Premium Brands Holdings Corporation (TSX: PBH) (the “Company“) announced today that its Board of Directors has decided to solicit the Toronto Stock Exchange (“TSX“) approval to initiate a normal course issuer bid (“ORCN“) providing for the redemption of the common shares of the Company through the facilities of the TSX and other Canadian trading platforms.
The Company is seeking to proceed with a takeover bid on the basis that the prevailing market price of its common stock may not adequately reflect the underlying value of the Company, and that the purchase of common stock for cancellation will increase the proportionate interest of, and will benefit, all remaining shareholders.
The Company will file a notice of intention to make an issuer bid with the TSX. The NCIB will be subject to the receipt of certain approvals, including the acceptance of the notice of intention by the TSX. The NCIB will begin soon after all such approvals are received and will continue for a period of up to one year.
From time to time, when the Company does not have material non-public information about itself or its securities, it may enter into a predefined purchase plan with a broker to permit the repurchase of Common Shares at times when internal Company trading blackout periods, insider trading or other rules prohibit such redemptions. Any such plan entered into with the Company’s broker will be adopted in accordance with applicable Canadian securities laws and the rules of the TSX.
All purchases will be made on the open market through the facilities of the TSX and other Canadian trading platforms in accordance with their policies. The price to be paid by the Company for its common shares will be the market price at the time of purchase.
The Company also announced today that its most recent annual letter to shareholders of George Paleologou, President and Chief Executive Officer of the Company, was posted on its website and can be viewed here or on the Company’s website at https://premiumbrandsholdings.com. The letter is titled Stay the course in adversity.
About Premium Brands
Premium Brands has a broad portfolio of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada, United States and Italy.
SOURCE Premium Brands Holdings Corporation
For further information: George Paleologou, President and CEO, or Will Kalutycz, Chief Financial Officer, at (604) 656-3100.