VANCOUVER, BC, Aug. 18, 2021 /PRNewswire/ - BBTV Holdings Inc. (TSX: BBTV) (OTCQX: BBTVF) ("BBTV" or the "Company"), today announced that it will commence its previously announced Normal Course Issuer Bid ("NCIB") with the Toronto Stock Exchange ("TSX").
BBTV believes that share purchases pursuant to the NCIB will contribute to the facilitation of an orderly market and be in the best interests of the Company and its shareholders. BBTV believes that its subordinate voting shares ("Subordinate Voting Shares") may, from time to time, trade at prices that do not adequately reflect their underlying value based on BBTV's business prospects and financial position, and therefore, BBTV intends to purchase the Subordinate Voting Shares pursuant to the NCIB depending on future price movements and other factors. In these instances, BBTV believes that its outstanding Subordinate Voting Shares represent an attractive investment and a desirable use of a portion of its corporate funds. BBTV intends to appoint Eight Capital as its broker to conduct the NCIB on its behalf.
Under the NCIB, the Company may acquire, over a 12-month period, up to an aggregate of 714,649 Subordinate Voting Shares, representing up to an aggregate of 5% of the 14,292,987 Subordinate Voting Shares of the Company issued and outstanding as of August 10, 2021. The average daily trading volume for the last 6 calendar months is 70,325, and the daily purchase restriction for the NCIB will be 17,581 Subordinate Voting Shares. The Company received TSX approval for the NCIB, and the NCIB shall commence August 20, 2021 and terminate on August 19, 2022. There have been no previous purchases in the preceding 12-month period.
Purchases subject to this NCIB will be carried out pursuant to open market transactions through the facilities of the TSX and any other available markets and alternative trading systems in Canada by a broker on behalf of the Company in accordance with applicable regulatory requirements. All Subordinate Voting Shares purchased by the Company under the NCIB will be returned to treasury and cancelled.
To the knowledge of the Company, no director, senior officer or other insider of the Company or any of their associates currently intends to sell any Subordinate Voting Shares under this bid. However, sales by such persons through the facilities of the TSX or any other available market or alternative trading system in Canada may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Subordinate Voting Shares are purchased would be the same as the benefits available to all other holders whose Subordinate Voting Shares are purchased.