VANCOUVER, BC, July 22, 2022 /CNW/ - Premium Brands Holdings Corporation (TSX: PBH) (the "Company") announced today that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to make a normal course issuer bid ("NCIB") to purchase for cancellation up to 2,239,887 common shares, representing 5% of the Company's issued and outstanding common shares.
As of July 20, 2022, the Company had 44,797,746 common shares issued and outstanding. In accordance with applicable TSX rules, daily purchases under the NCIB will not exceed 21,482 common shares, which represent 25% of the average daily trading volume of the common shares for the 6-month period ending June 30, 2022, being 85,928 common shares. In addition, the Company may, once per calendar week, make a block purchase of common shares not owned, directly or indirectly, by insiders of the Company.
The NCIB will begin on July 26, 2022, and will terminate on July 25, 2023, or on such earlier date as the Company completes the purchase of the maximum number of common shares permitted under the NCIB. All purchases will be made on the open market through the facilities of the TSX and/or alternative 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. Any common shares purchased by the Company under the NCIB will be cancelled.
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 its 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 will be adopted in accordance with applicable Canadian securities laws and the rules of the TSX.
The Company is making the NCIB because it believes that, from time to time, the prevailing market price of the Company's 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 has not made any NCIB purchases during the 12-month period preceding the date of the notice of intention filed with the TSX.
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
Forward Looking Statements
This press release contains forward looking statements with respect to the Company, including, without limitation, the anticipated benefits of the NCIB and the number of common shares that may be purchased under the NCIB. While management believes that the expectations reflected in such forward looking statements are reasonable and represent the Company's internal expectations and beliefs as of July 22, 2022, there can be no assurances that such expectations will prove to be correct as such forward looking statements involve unknown risks and uncertainties beyond the Company's control which may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such risks and uncertainties include, without limitation, market reaction to the NCIB and those assumptions outlined in the Company's 2021 Management's Discussion and Analysis under Risks and Uncertainties, which is filed electronically through SEDAR and available online at www.sedar.com.
Unless otherwise indicated, the forward looking statements in this press release are made as of the date hereof and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward looking information in this press release.
SOURCE Premium Brands Holdings Corporation
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