MONTREAL, April 12, 2023 /CNW/ - (TSX: GBT)
The Company announces that it has received the required regulatory approvals to renew its normal course issuer bid to acquire for cancellation Common Shares listed on the Toronto Stock Exchange (the "TSX") for the period between April 15th, 2023 and April 14th, 2024, at the latest. The Company's previous normal course issuer bid ends April 14th, 2023. Pursuant to its renewed normal course issuer bid, the Company intends to acquire, through the facilities of the TSX and through alternative Canadian trading systems (such as Alpha ATS) and in accordance with their requirements and also outside the facilities of the Toronto Stock Exchange pursuant to exemption orders issued by Canadian securities regulatory authorities, up to 1,650,085 Common Shares, representing about 5% of the 33,001,700 Common Shares issued and outstanding as at April 1st, 2023.
Within the last 12 months and as of April 1st, 2023, the Company acquired for cancellation, under its previous normal course issuer bid a total of 348,900 Common Shares with respect to which the weighted average price paid was $14.38 per share. The shares were acquired through the facilities of the TSX and through alternative Canadian trading systems authorized under applicable regulations (including Alpha ATS, Pure Trading, CHI-X Canada and Omega) in accordance with their requirements and the Company had sought and obtained approval to purchase a total of 1,668,125 Common Shares.
In accordance with TSX requirements, the average daily trading volume of BMTC's Common Shares over the last six complete calendar months was 1,657 shares (the "ADTV"). Accordingly, under TSX rules and policies, BMTC is entitled on any trading day to purchase up to 1,000 Common Shares until April 14th, 2024. Once a week, in excess of the daily Common Shares repurchase limit, BMTC may also purchase a block of Common Shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 Common Shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of Common Shares which total 150% or more of the ADTV in accordance with TSX rules. BMTC has retained National Bank Financial Inc. as broker to manage the Normal Course Issuer Bid.
When acquiring Common Shares through alternative Canadian trading systems (such as Alpha ATS), none of the requirements listed in the previous paragraph are applicable. The price that the Company will pay for purchases effected outside the facilities of the Toronto Stock Exchange pursuant to exemption orders issued by securities regulatory authorities will be at discount to the prevailing market prices in compliance with the requirements under such exemption orders
BMTC considers that the acquisition of Common Shares that it may effect from time to time in the course of its normal course issuer bid is a sound use of its funds.
BMTC Group Inc.'s Common Shares are listed on the Toronto Stock Exchange and through its three divisions, Ameublements Tanguay, Brault & Martineau and EconoMax, the Company is a major retailer of furniture, electronic goods and household appliances operating in the province of Quebec.
SOURCE BMTC Group Inc.
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