Ag Growth International Inc. (TSX: AFN) ("AGI", the "Company", "we" or "our") is pleased to announce that the Toronto Stock Exchange (the "TSX") has accepted AGI's notice of intention to commence a normal course issuer bid (the "NCIB").
Under the NCIB, common shares may be repurchased on the open market through the facilities of the TSX and/or alternative Canadian trading systems and in accordance with the rules of the TSX governing normal course issuer bids. Any common shares that are purchased under the NCIB will be cancelled upon their purchase by AGI.
AGI believes that, at times, the prevailing share price does not reflect the underlying intrinsic value of the common shares and the repurchase of its common shares for cancellation as a part of the NCIB represents an attractive investment opportunity.
The NCIB allows AGI to purchase up to 1,888,505 common shares (representing 10% of AGI's public float, as defined by the TSX, as of October 29, 2024) over a period of twelve months commencing on November 11, 2024. On October 29, 2024, AGI had 19,074,939 common shares outstanding and 18,885,056 common shares in its public float. The NCIB will expire no later than November 10, 2025.
The total number of common shares AGI is permitted to purchase through the TSX is subject to a daily purchase limit of 18,678 common shares, representing 25% of the average daily trading volume of 74,713 common shares on the TSX as calculated for the six-month period ended October 31, 2024. However, AGI may make one block purchase per calendar week on the TSX which exceeds such daily repurchase restrictions.
In connection with the NCIB, AGI has entered into an automatic share purchase plan with a broker to enable the Company to provide standard instructions for the purchase of common shares on the open market during self-imposed blackout periods. Outside of these blackout periods, common shares may be purchased under the NCIB in accordance with management's discretion.
Company Profile
AGI is a provider of the equipment and solutions required to support the efficient storage, transport, and processing of food globally. AGI has manufacturing facilities in Canada, the United States, Brazil, India, France, and Italy and distributes its product worldwide.
Forward-looking Information:
Certain information regarding AGI set forth in this press release contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These statements are only predictions and actual events or results may differ materially.
Many factors could cause AGI's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, AGI. In particular, forward-looking statements contained in this press release include, but are not limited to, statements with respect to the anticipated benefits of the NCIB. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the risk that the anticipated benefits of the NCIB may not be achieved. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the forward-looking statements contained in this press release are based upon assumptions which management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements.
With respect to forward-looking statements contained in this press release, AGI has made assumptions regarding, among other things, the ability of the Company to achieve the benefits of the NCIB. These forward-looking statements are made as of the date of this press release and AGI disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results, or otherwise, other than as required by applicable securities laws.
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