/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
BURNABY, BC, Aug. 29, 2024 /CNW/ - Taiga Building Products Ltd. ("Taiga" or the "Company") (TSX: TBL) announces that the Toronto Stock Exchange (the "TSX") has accepted Taiga's notice of intention to make a new normal course issuer bid (the "2024NCIB") for its common shares (Trading Symbol: TBL) (the "Common Shares") through the facilities of the TSX or any other Canadian alternative trading system and renew Taiga's normal course issuer bid program that expires on August 30, 2024. On September 4, 2024, Taiga may commence making purchases, from time to time, up to a maximum of 5,397,226 of its 107,944,523 outstanding Common Shares as at August 21, 2024, representing 5% of the outstanding Common Shares. The actual number of Common Shares which may be purchased pursuant to the 2024 NCIB will be determined by the Company. The 2024 NCIB will terminate on September 3, 2025 or earlier if Taiga has completed its purchases of the securities subject to the 2024 NCIB. In connection with the 2024 NCIB, the Company has entered into an automatic share purchase plan (an "ASPP") with its designated broker to allow for purchases of its Common Shares.
Taiga believes that the 2024 NCIB is in the best interests of the Company and its shareholders and that the NCIB represents a desirable use of corporate funds. Any Common Shares acquired pursuant to the 2024 NCIB will be purchased at the prevailing market price up to a daily maximum of 2,813 Common Shares, being 25% of the average daily trading volume for the last six completed calendar months of 11,252 Common Shares, subject to the block purchase exemption, and will be cancelled following purchase.
The Prior NCIB commenced on August 31, 2023 and concludes on August 30, 2024. The maximum number of Common Shares that the Company sought and obtained approval to purchase under its prior normal course issuer bid (the "Prior NCIB") was 5,403,487 Common Shares and 125,232 outstanding Common Shares were repurchased through the facilities of TSX and other alternative Canadian trading systems between the period of August 31, 2023 to August 28, 2024 at the volume weighted average price of $2.89 per Common Share.
The Company has entered into an ASPP with RBC Dominion Securities Inc. ("RBC DS") to allow for the purchase of Shares under the NCIB at times when the Company would ordinarily not be permitted to purchase Shares due to regulatory restrictions or self-imposed blackout periods. Pursuant to the ASPP, the Company may, but is not required to, instruct RBC DS to make purchases under the NCIB in accordance with the terms of the ASPP. Such purchases will be determined by RBC DS in its sole discretion based on parameters established by the Company in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. All purchases of Common Shares made under the ASPP will be included in determining the number of Common Shares purchased under the 2024 NCIB. The ASPP has been pre-cleared by the TSX concurrently with the initiation of the 2024 NCIB.
Forward-Looking Information
This news release contains forward-looking information that is based on current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Forward-looking information does not guarantee future performance and involves risks, uncertainties and assumptions which are difficult to predict and which may cause Taiga's actual results in future periods to differ materially from expected results. In particular, statements about the Company's plans, intentions or potential outcome regarding the 2024 NCIB constitute forward-looking information. Investors are cautioned that all forward-looking information involves risks and uncertainties including, without limitation, those risk factors listed from time to time in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking information, which are qualified in their entirety by this cautionary statement. Taiga does not undertake any obligation to release publicly any revisions to or updating any voluntary forward-looking information, except as required by applicable securities law.
SOURCE Taiga Building Products Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2024/29/c2418.html