ROUGEMONT, QC, Jan. 10, 2014 /CNW Telbec/ - Lassonde Industries Inc.
(TSX: LAS.A) announces that it intends to acquire for cancellation, if
considered advisable, a certain number of Class "A" subordinate voting
shares of its share capital through the facilities of the Toronto Stock
Exchange, in accordance with the requirements on normal course issuer
bids of the Toronto Stock Exchange (Bid).
Lassonde intends to acquire Class "A" subordinate voting shares, without
exceeding 177,712 Class "A" subordinate voting shares of its share capital (representing
10% of the public float being 1,777,128 shares as at January 1, 2014)
during the period beginning on January 14, 2014 and ending on or before
January 13, 2015. As at January 1, 2014, there were 3,235,300 issued
and outstanding Class "A" subordinate voting shares. In connection with
the Bid, Lassonde will establish an automatic purchase plan (Plan). The
Plan will enable Lassonde to provide standard instructions regarding
how the Class "A" subordinate voting shares are to be repurchased on
the open market during self-imposed blackout periods. The Plan should
terminate together with the Bid. It will constitute an automatic plan
for purposes of applicable Canadian securities legislation and will be
reviewed by the TSX.
The average daily trading volume of Lassonde's Class "A" subordinate
voting shares over the last six completed calendar months was 1,619
(ADTV). Accordingly, under the Toronto Stock Exchange Rules and
policies, Lassonde is entitled on any trading day to purchase up to
1,000 Class "A" subordinate voting shares. Once a week, in excess of
the daily 1,000 repurchase limit, Lassonde may also purchase a block of
shares not owned by an insider (i) having a purchase price of $200,000
or more, or (ii) of at least 5,000 shares having a purchase price of at
least $50,000, or (iii) of at least 20 board lots of shares which total
150% or more of the ADTV, the whole in accordance with the Toronto
Stock Exchange rules.
During the period from January 13, 2013 to January 1, 2014 Lassonde has
not acquired any Class "A" subordinate voting shares.
Lassonde is making the normal course issuer bid because it is of the
view that it may be advantageous to engage in purchases of the Class
"A" subordinate voting shares, from time to time, when, in the opinion
of management, they are trading at prices which reflect a discount from
what management considers to be the appropriate value of the Class "A"
subordinate voting shares. In addition, Lassonde is of the opinion that
its shareholders will benefit from the reduction of the number of Class
"A" subordinate voting shares issued and outstanding as a result of
purchases under the normal course issuer bid.
No directors, officers or insiders of Lassonde intend to sell their
Class "A" subordinate voting shares under the proposed purchase.
Lassonde reserves the right to discontinue purchases at any time prior
to January 13, 2015.
About Lassonde Industries Inc.
Lassonde Industries Inc. is a North American leader in the development,
manufacture and sale of a wide range of fruit and vegetable juices and
drinks marketed under brands such as Everfresh, Fairlee, Flavür,
Fruité, Graves, Oasis and Rougemont.
Lassonde is also the second largest producer of store brand
ready-to-drink fruit juices and drinks in the United States and a major
producer of cranberry juices, drinks and sauces.
Lassonde also develops, manufactures and markets specialty food products
under brands such as Antico and Canton. The Company imports and markets
selected wines from various countries and manufactures apple ciders and
wine-based beverages.
The Company produces superior quality products through the efforts of
some 2,000 people working in 14 plants across Canada and the United
States. To learn more, visit www.lassonde.com.
SEDAR registration number: 00002099
SOURCE Lassonde Industries Inc.
