Student Transportation Announces Normal Course Issuer Bid BARRIE, ONTARIO--(Marketwired - May 19, 2017) - Student Transportation Inc. ("STI") (TSX:STB)(NASDAQ:STB) announced today that the Toronto Stock Exchange (the "Exchange") has approved its notice of intention to approve its normal course issuer bid for a portion of its common shares ("Common Shares") as appropriate opportunities arise from time to time. STI's normal course issuer bid will be made in accordance with the requirements of the Exchange. STI may begin to purchase Common Shares on or about May 24, 2017. The normal course issuer bid will expire on May 23, 2018.
As of May 14, 2017, there were 94,561,635 Common Shares issued and outstanding. Pursuant to the notice, STI is permitted to acquire up to a maximum number of Common Shares equal to 9,225,542 Common Shares, being 10% of the public float as of May 14, 2017. Purchases will be made by STI through the facilities of TSX, NASDAQ Stock Market and other alternative Canadian trading systems. The price which STI will pay for any Common Share will be the market price of such Common Share at the time of acquisition. Pursuant to the Toronto Stock Exchange rules, the maximum number of Common Shares that may be repurchased during the same trading day is 49,381 Common Shares, subject to STI's ability to make one block purchase per calendar week which exceeds such limit. The Common Shares will be cancelled upon their purchase by STI. STI will fund the purchases either through borrowings on its senior debt facility or out of available cash. STI believes that the purchase by STI of a portion of outstanding Common Shares is an appropriate use of senior borrowing capacity and/or available cash and is in the best interests of STI and its security holders.
STI acquired 435,159 Common Shares at a weighted average trading price of $3.80 through its normal course issuer bid that expired on October 23, 2016.
The notice of intention provides that no appraisal or valuation regarding STI, its material assets or securities, has been prepared within the two years preceding the date of the notice.
Profile
Founded in 1997, Student Transportation Inc. (STI) is an industry leader in safety and North America's largest independent provider of school bus transportation services. STI operates the youngest fleet in the business with more than 13,500 vehicles, providing customers with the highest level of safe and reliable student transportation, management, logistics and technology solutions possible. STI's services are delivered by drivers, dispatchers, maintenance technicians, terminal managers, information technology professionals and others who are caring members of their local communities. For more information, please visit www.RideSTBus.com.