Renewal of Its Normal Course Issuer Bid Plan MONTRAL, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Transcontinental Inc. (TSX: TCL.A TCL.B) has been authorized to purchase for cancellation on the open market, between October 1st, 2021 and September 30, 2022, up to 1,000,000 of its Class A Subordinate Voting Shares and up to 190,300 of its Class B Shares, representing approximately 1.37% of the 73,111,944 issued and outstanding Class A Subordinate Voting Shares and of the 13,913,226 issued and outstanding Class B Shares as of September 17, 2021. The average daily trading volume on the Toronto Stock Exchange of Class A Subordinate Voting Shares for the past six months was 175,745 and the average daily trading volume on the Toronto Stock Exchange of Class B Shares for the past six months was 392. In accordance with the Toronto Stock Exchange requirements, a maximum daily purchase of the greater of 25% of these averages or 1,000 shares may be made, which represent a total of 43,936 Class A subordinate Voting Shares and a total of 1,000 Class B Shares. The purchases will be made in the normal course of business at market prices through the facilities of the Toronto Stock Exchange and/or alternative Canadian trading systems in accordance with the requirements of the exchange, and/or subject to the approval of any securities authority by private agreements. If applicable, purchases through private agreements will be executed at a price that is less than the prevailing market price on the Toronto Stock Exchange at the time of the purchase.
The Corporation believes that the purchase of the Class A subordinate Voting Shares and Class B Shares would constitute an appropriate and desirable use of its funds to increase long-term shareholder value. The last normal course issuer bid, in effect from October 1st, 2020 until September 30, 2021, covered a maximum of 1,000,000 Class A Subordinate Voting Shares and 191 320 Class B Shares. At the close of the market on September 27, 2021, Transcontinental Inc. did not purchase Class A Subordinate Voting Shares or Class B Shares.
In connection with the program, the Corporation established an automatic securities purchase plan to provide standard instructions regarding how the Corporation’s shares are to be repurchased under the program. Accordingly, the Corporation may repurchase its shares under the automatic plan on any trading day during the program including during self-imposed trading blackout periods. The automatic plan will commence and should terminate together with the program. It constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been reviewed by the Toronto Stock Exchange.
https://www.globenewswire.com/news-release/2021/09/29/2305383/0/en/Transcontinental-Inc-Announces-the-Renewal-of-Its-Normal-Course-Issuer-Bid-Plan.html