Canada Goose Holdings Inc. (the “Company” or “Canada Goose”) (NYSE:GOOS, TSX:GOOS) today announced that the Toronto Stock Exchange (“TSX”) has approved a normal course issuer bid (the “NCIB”) providing for the purchase for cancellation of up to 5,943,239 subordinate voting shares of Canada Goose over the twelve-month period commencing on August 20, 2021 and ending no later than August 19, 2022. This represents approximately 10% of the 59,432,395 subordinate voting shares comprising the public float determined in accordance with TSX requirements as at August 6, 2021.
Canada Goose currently believes that the purchase of the Company’s subordinate voting shares under the NCIB is an appropriate and desirable use of available excess cash on hand, as part of its broader capital allocation strategy.
Canada Goose has not repurchased any of its outstanding subordinate voting shares under a normal course issuer bid in the past 12 months.
The NCIB will be conducted through the facilities of the TSX and the New York Stock Exchange (“NYSE”) or alternative trading systems, if eligible, and will conform to their regulations. Subordinate voting shares will be acquired under the NCIB at the market price plus brokerage fees. Purchases under the NCIB will be made by means of open market transactions or such other means as a securities regulatory authority may permit. In the event that the Company acquires subordinate voting shares by other means as a securities regulatory authority may permit, the purchase price of the subordinate voting shares may be different than the market price of the subordinate voting shares at the time of the acquisition. Purchases made under an issuer bid exemption order will be at a discount to the prevailing market price as per the terms of the order. Furthermore, under the NCIB, Canada Goose may make, once per week, a block purchase (as such term is defined in the TSX Company Manual) at market price, in accordance with TSX rules. Canada Goose will otherwise be allowed to purchase daily, through the facilities of the TSX, a maximum of 64,002 subordinate voting shares representing 25% of the average daily trading volume of 256,010, as calculated per the TSX rules for the six-month period starting on February 1, 2021 and ending on July 31, 2021.