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TORONTO, Sep 13, 2021 (GLOBE NEWSWIRE) – Toromont Industries Ltd. (TSX: TIH) announced today that it has filed with the Toronto Stock Exchange (the “TSX”) a notice of intention to make a normal course issuer bid (“NCIB”) for certain of its common shares through the Toronto Stock Exchange and Canadian alternative trading systems.
Pursuant to this notice, Toromont has the right to purchase up to 8,245,102 ordinary shares, representing 10% of its 82,451,029 ordinary shares in the “public float” as at August 31, 2021, during the period of 12 months starting September 15, 2021 and ending in September. 14, 2022 or on an earlier date on which Toromont purchases or terminates its share buyback offer. Toromont had 82,781,131 common shares issued and outstanding as of August 31, 2021.
The maximum daily purchase limit authorized under this issuer bid is 36,233 common shares. The average daily trading volume for the six-month period ending August 31, 2021 was 144,932 common shares. Exceptions may be made to this daily purchase limit in accordance with the “bulk buy” exemptions from the TSX Rules.
Toromont believes that from time to time purchasing its common shares at prevailing market prices can be an attractive investment and in the best interests of Toromont and its shareholders. All shares purchased under the public tender offer will be canceled. At or near the start of the public tender offer, Toromont will also enter into an automatic securities purchase plan (“ASPP”) with a designated broker to facilitate the repurchase of common shares under the offer. public repurchase agreement, subject to certain trading parameters established by Toromont when it is not in possession of any material non-public information about itself or its securities and in accordance with the conditions of the ASPP. Under the ASPP, the broker may redeem common shares within established trading parameters at any time in its sole discretion and without the control or influence of Toromont. The Broker may make purchases during periods that Toromont would not otherwise do, including during internally imposed blackout periods or when Toromont is subject to insider trading restrictions. Outside the effective period of the RAPA, Toromont may redeem common shares at its discretion, subject to applicable laws. Toromont will not enter into, modify, modify or terminate the ESAP or any of the negotiation parameters contained therein, unless Toromont is in possession of material non-public information relating to itself or to Toromont. to its ordinary shares. The RPAA has been entered into in accordance with the requirements of applicable Canadian securities laws and the rules of the TSX.
With regard to its normal course buyback offer which expired on August 30, 2020, Toromont was authorized to buy back up to 7,004,456 ordinary shares. A total of 67,800 shares were repurchased during this period, at an average price of C $ 59.62 per share. The purchases were made through the TSX and other Canadian trading systems.
Toromont Industries Ltd. operates in two business segments: The Equipment Group and CIMCO. The Equipment group includes one of the largest Caterpillar dealers in terms of sales and geographic area – covering the Canadian provinces of Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Quebec, Ontario and Manitoba, in addition to most of the territory of Nunavut. In addition, the Group includes leading rental activities, a complementary handling activity and an agricultural equipment activity. CIMCO is a market leader in the design, engineering, manufacture and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont Industries are available at www.toromont.com.
For more information, contact:
Michael S. McMillan Executive Vice President and Chief Financial Officer Toromont Industries Ltd. Tel: (416) 514-4790
Source: Toromont Industries Ltée.