DISAPPOINTED: A MEASLY 1000 WARRANTS NCIB DAILY LIMIT !- although there are BLOCK PURCHASE EXEMPTIONS
^^^ Algoma Steel receives TSX approval for NCIB
2024-08-29 17:48 ET - News Release
Mr. Michael Moraca reports
ALGOMA STEEL GROUP ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
The Toronto Stock Exchange (the TSX) has approved Algoma Steel Group Inc.'s intention to renew its normal course issuer bid (NCIB) for a portion of its common shares and a portion of its warrants to purchase shares as appropriate opportunities arise from time to time. The company believes that the market price of the shares and warrants may not, from time to time, fully reflect their value and accordingly the purchase of shares and warrants would be in the best interests of the company and an attractive use of available funds.
Pursuant to the NCIB, the company may acquire, from time to time, over a period of 12 months starting Sept. 5, 2024, and ending Sept. 4, 2025, up to a maximum of 5,206,153 of its shares, or 5 per cent of its 104,123,072 issued and outstanding shares, and up to a maximum of 1,208,950 of its warrants, or 5 per cent of its 24,179,000 issued and outstanding warrants, in each case as of Aug. 26, 2024. In accordance with TSX rules, the number of shares that can be purchased pursuant to the NCIB is subject to current daily maximums of 12,066 shares (which is equal to 25 per cent of 48,264 shares, being the average daily trading volume from Feb. 1, 2024, to July 1, 2024) and 1,000 warrants (as 25 per cent of 1,059 warrants, being the average daily trading volume from Feb. 1, 2024, to July 1, 2024, is less than the 1,000 limit), subject to certain exceptions prescribed by the TSX, including block purchase exceptions. In addition, all purchases under the NCIB will be conducted in accordance with applicable United States securities laws.
The NCIB commences on Sept. 5, 2024, and will terminate on the earlier of Sept. 4, 2025, or such earlier time as the company completes its purchases pursuant to the NCIB or provides notice of termination. Purchases under the NCIB will be made through the facilities of the TSX, Nasdaq, and/or other exchanges and through alternative Canadian systems and in accordance with applicable regulatory requirements at a price per share or warrant equal to the market price at the time of acquisition. All shares and warrants purchased under the NCIB will be cancelled upon their purchase.
In connection with the NCIB, the company has entered into an automatic repurchase plan with its designated broker. The plan is intended to allow for the purchase of shares and warrants under the NCIB at times when it would ordinarily not be permitted to purchase shares and warrants due to regulatory restrictions and customary self-imposed blackout periods. The plan is also intended to meet the requirements of applicable U.S. securities laws. The plan constitutes an automatic securities purchase plan for purposes of applicable Canadian securities legislation and has been reviewed by the TSX.
The company previously maintained a normal course issuer bid for the 12-month period commencing on March 6, 2023, and ending on March 5, 2024, under which the company sought and received approval from the TSX to purchase up to 5,178,394 of its shares, or approximately 5 per cent of its 103,567,884 issued and outstanding shares as of Feb. 28, 2023. The company did not purchase any common shares under its previous normal course issuer bid.
About Algoma Steel Group Inc.
Based in Sault Ste. Marie, Ont., Canada, Algoma is a fully integrated producer of hot and cold rolled steel products, including sheet and plate. Driven by a purpose to build better lives and a greener future, Algoma is positioned to deliver responsive, customer-driven product solutions to applications in the automotive, construction, energy, defence and manufacturing sectors. Algoma is a key supplier of steel products to customers in North America and is the only producer of discrete plate products in Canada. Its state-of-the-art direct strip production complex (DSPC) is one of the lowest-cost producers of hot rolled sheet steel (HRC) in North America.
Algoma is on a transformation journey, modernizing its plate mill and adopting electric arc technology that builds on the strong principles of recycling and environmental stewardship to significantly lower carbon emissions. Today, Algoma is investing in its people and processes, working safely, as a team to become one of North America's leading producers of green steel.
As a founding industry in its community, Algoma is drawing on the best of its rich steelmaking tradition to deliver greater value, offering North America the comfort of a secure steel supply and a sustainable future as your partner in steel.
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https://www.stockwatch.com/News/Item/Z-C!ASTL-3594462/C/ASTL
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- STILL, this is the FIRST TIME that I have OBSERVED that a COMPANY BUYS BACK it's WARRANTS through the NCIB
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