LUNENBURG, NS - High Liner Foods Incorporated (the "Company") (TSX: HLF) today announced that it has filed a notice with the Toronto Stock Exchange ("TSX") and received approval to purchase under a normal course issuer bid ("NCIB"), through the facilities of the TSX and/or any alternative trading system in Canada, up to 200,000 (representing approximately 0.6%) of the 33,383,481 issued and outstanding common shares ("Shares") of the Company as of February 28, 2020. The price the Company will pay for any Shares acquired will be the market price at the time of acquisition. Purchases under this NCIB will be made by the Company and the Shares so acquired shall be cancelled. Purchases may commence on March 10, 2020 and will terminate no later than March 9, 2021.
The Company's Defined Benefit Pension Plan ("Pension Plan") may, from time to time, acquire Shares of the Company. Shares purchased by the Pension Plan count towards the maximum number of shares the Company can acquire under this NCIB. If Shares are acquired by the Pension Plan, those Shares will remain outstanding and held by the Pension Plan.
The average daily trading volume ("ADTV") of the Company's Shares on the TSX over the six months ending February 29, 2020 was 51,251 Shares. Under TSX rules, the Company is entitled to purchase up to the greater of: 25% of the ADTV of the respective class of shares; or 1,000 shares on any trading day; or a larger amount of shares per calendar week, subject to the maximum number that may be acquired under the NCIB if the transaction meets the block purchase exception under TSX rules. Accordingly, unless a block purchase meeting the block purchase exception under TSX rules is made, the Company is entitled to purchase up to 12,812 Shares on any trading day.
In connection with this NCIB, the Company has established an automatic securities purchase plan ("the Plan") for the Shares. The Plan was established to provide standard instructions regarding how the Shares are to be repurchased under the NCIB. Accordingly, the Company may repurchase its securities under the Plan on any trading day during the NCIB including during self-imposed trading blackout periods. The Plan will commence immediately and terminate when the NCIB terminates on March 9, 2021. The Company may otherwise vary, suspend or terminate the Plan only if it does not have material non-public information and the decision to vary, suspend or terminate the Plan is not taken during a self-imposed trading blackout period. The Plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the TSX.
Source : CISION