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WINNIPEG, Manitoba, Nov. 10, 2021 (GLOBE NEWSWIRE) – The North West Company Inc. (the “Company” or “North West”) today announced that the Toronto Stock Exchange (the “TSX”) has accepted the ‘notice of the Company’s intention to make a normal course buyback offer (“OPRA”) for a portion of its ordinary and variable voting shares (the “Shares” ) when appropriate opportunities arise from time to time. The Board of Directors of the Company believes that the purchase by the Company of a portion of its outstanding shares may from time to time constitute an appropriate use of available resources and in the best interests of the Company.

In accordance with the public tender offer notice filed with the TSX, the Company may acquire up to a maximum of 4,773,508 of its shares, or approximately 10% of its free float as at October 31, 2021 for cancellation during the Next 12 months. As of October 31, 2021, the Company had 48,055,854 shares issued and outstanding.

Purchases under the public tender offer will be made through the facilities of the TSX or Canadian alternative trading systems and in accordance with applicable regulatory requirements at a price per share equal to the market price at the time of trading. ‘acquisition. The number of Shares which may be purchased pursuant to the public tender offer is subject to a current daily maximum of 27,057 Shares (which is equivalent to 25% of 108,228, being the average daily trading volume of the Shares during the last six calendar months), subject to the Company’s ability to make one block purchase of Shares in any calendar week that exceeds these limits.

Under the NCIB, the Company has established an automatic securities purchase program (the “Plan”) with its designated broker to facilitate the purchase of Shares under the NCIB at times when the Company is not. normally not permitted to purchase its Shares due to regulatory restrictions or self-imposed blackout periods. Under the Plan, prior to entering a self-imposed blackout period, North West may, but is not obligated to, request the Designated Broker to make purchases under the tender offer. within specified parameters. Outside of predetermined blackout periods, shares may be purchased under the public credit repurchase offer at the discretion of the management of the company, in accordance with TSX rules and applicable securities laws. . The Company may choose to suspend or terminate its public tender offer at any time. The automatic securities purchase plan will take effect on November 12, 2021.

All Shares purchased under the public tender offer will be canceled upon purchase. The Company intends to finance the purchases from its available resources. The Company may begin purchasing Shares on November 12, 2021 and the public tender offer will end on November 11, 2022, or on an earlier date on which the Company will complete its purchases in accordance with the public tender offer or provide notice. of termination.

The public tender offer follows the Company’s public tender offer for the 12 months ended November 11, 2021 (the “2021 public tender offer”). As part of the 2021 public buyback offer, the Company obtained authorization to purchase up to 4,807,437 shares. The 2021 tender offer began on November 12, 2020 and will end on November 11, 2021. During the past 12 months, as part of the 2021 tender offer, the company has bought back through the TSX and Canadian Alternative Trading Systems, and canceled 814,788 shares at a weighted average purchase price of $ 34.43 per share as at October 31, 2021.

Notice to readers

Certain forward-looking statements are made in this press release within the meaning of applicable securities laws. These statements reflect North West’s current expectations and are based on information currently available to management. The words can, will, should, believe, expect, plan, anticipate, intend, estimate, predict, potential, continue, or the negative of these terms, identify forward-looking questions. These statements speak only as of the date of this press release. Actual results could differ materially from those anticipated in these forward-looking statements.

Forward-looking statements should not be relied upon because they involve known and unknown risks, uncertainties and other factors, which may cause North West’s actual results, performance, capital expenditures or achievements to differ. significantly of the results, performance, capital expenditure or achievements expressed or implied by these forward-looking statements, including the Company’s intentions regarding a normal course buyback offer, the anticipated impact of the COVID-19 pandemic on the operations of the Company and the related business continuity plans of the Company. Factors that could cause actual results to differ materially from those stated in forward-looking statements include, without limitation, business performance, fluctuations in interest rates and currency values, legislative developments and regulatory developments, the occurrence of weather conditions – related and other natural disasters, changes in tax laws and the risks and uncertainties detailed in the section entitled Risk Factors in North West’s MD&A and Annual Information Form , both for the fiscal year ended January 31, 2021. The foregoing list is not an exhaustive list of possible factors. These and other factors should be carefully considered, and readers are cautioned not to place undue reliance on these forward-looking statements. North West assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.

Company Profile

The North West Company Inc., through its subsidiaries, is a leading retailer of food and everyday products and services to rural communities and urban neighborhoods in Canada, Alaska, the South Pacific and the Caribbean. North West operates 213 stores under the trade names Northern, NorthMart, Giant Tiger, Alaska Commercial Company, Cost-U-Less and RiteWay Food Markets and has annualized sales of approximately C $ 2.0 billion.

North West’s common shares trade on the Toronto Stock Exchange under the symbol NWC.

For more information, contact:

Dan McConnell, President and CEO, The North West Company Inc. Telephone 204-934-1482; fax 204-934-1317; email [email protected]

John King, Executive Vice President and Chief Financial Officer, The North West Company Inc. Telephone 204-934-1397; fax 204-934-1317; email [email protected]

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Source: The North West Company Inc


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