VANCOUVER, BC, July 12, 2022 /CNW/ - Premium Brands Holdings Corporation (TSX: PBH) (the "Company") announced today that its board of directors resolved to seek Toronto Stock Exchange ("TSX") approval to institute a normal course issuer bid ("NCIB") providing for the repurchase of the Company's common shares through the facilities of the TSX and other Canadian trading platforms.
The Company is seeking to proceed with a NCIB on the basis that the prevailing market price of its common shares may not adequately reflect the underlying value of the Company, and that purchasing common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.
The Company will file a notice of intention to make a NCIB with the TSX. The NCIB will be subject to receipt of certain approvals, including acceptance of the notice of intention by the TSX. The NCIB will promptly commence following receipt of all such approvals and will continue for a period of up to one year.
From time to time, when the Company does not possess material non-public information about itself or its securities, it may enter into a pre-defined purchase plan with a broker to allow for the repurchase of common shares at times when the Company's internal trading blackout periods, insider trading or other rules prohibit such repurchases. Any such plan entered into with the Company's broker will be adopted in accordance with applicable Canadian securities laws and the rules of the TSX.
All purchases will be made on the open market through the facilities of the TSX, and other Canadian trading platforms, in accordance with their policies. The price to be paid by the Company for its common shares will be the market price at the time of purchase.
The Company also announced today that its most recent annual letter to shareholders from George Paleologou, the Company's President and CEO, has been posted to its website and can be accessed here or on the Company's website at https://premiumbrandsholdings.com. The letter is titled Staying the Course Through Adversity.
About Premium Brands
Premium Brands owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada, the United States and Italy.
www.premiumbrandsholdings.com
SOURCE Premium Brands Holdings Corporation
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