TORONTO, Sept. 15,
2022 /CNW/ - Toromont Industries Ltd. (TSX: TIH)
announced today that it has filed with the Toronto Stock Exchange
(the "TSX") a notice of intention to make a normal course issuer
bid ("NCIB") for certain of its common shares through the
facilities of the Toronto Stock Exchange and alternative Canadian
trading systems.
Under this notice, Toromont is entitled to purchase up to
8,193,292 common shares, representing 10% of its 81,932,922 common
shares in the "public float" as of September
9, 2022, during the 12-month period commencing September 19, 2022 and ending September 18, 2023 or such earlier date on which
Toromont completes its purchases of shares under, or terminates,
the NCIB. Toromont had 82,238,087 common shares issued and
outstanding as at September 9,
2022.
The maximum daily purchase limit allowed under this NCIB is
33,498 common shares. The average daily trading volume for the
six-month period ending August 31,
2022 was 133,995 common shares. Exceptions may be made to
this daily purchase limit in accordance with the "block purchase"
exemptions of the TSX rules.
Toromont believes that from time-to-time the purchase of its
common shares at prevailing market prices may be a worthwhile
investment and in the best interests of both Toromont and its
shareholders. All shares purchased under the NCIB will be
cancelled. On or around the commencement of the NCIB, Toromont will
also enter into an automatic securities purchase plan ("ASPP") with
a designated broker to facilitate the repurchase of common shares
under the NCIB, subject to certain trading parameters set out by
Toromont when not in possession of any material non-public
information about itself or its securities and in accordance with
the terms of the ASPP. Under the terms of the ASPP, the broker may
repurchase common shares within the established trading parameters
at any time in its own discretion, and without the control or
influence of Toromont. The broker may make purchases during periods
that Toromont would not otherwise do so, including during
internally imposed trading blackout periods or periods when
Toromont is subject to insider trading restrictions. Outside of the
effective period of the ASPP, Toromont may repurchase common shares
at its discretion, subject to applicable law. Toromont will not
enter into, modify, vary or terminate the ASPP or any of the
trading parameters contained therein, unless Toromont is not in
possession of material non-public information related to itself or
its common shares. The ASPP has been entered into in accordance
with the requirements of applicable Canadian securities laws and
TSX rules.
With respect to its previous normal course issuer bid that
expires on September 14, 2022, Toromont was approved to
repurchase up to 8,245,102 common shares. A total of 943,700 shares
were repurchased during such period, at an average price of
$104.37 CAD per share. The
purchases were made through the TSX and alternative Canadian
trading systems.
ABOUT TOROMONT
Toromont Industries Ltd. operates through two business segments:
The Equipment Group and CIMCO. The Equipment Group includes one of
the larger Caterpillar dealerships by revenue and geographic
territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New
Brunswick, Prince Edward
Island, Québec, Ontario and
Manitoba in addition to most of
the territory of Nunavut. In
addition, the Group includes industry leading rental operations, a
complementary material handling business and an agricultural
equipment business. CIMCO is a market leader in the design,
engineering, fabrication and installation of industrial and
recreational refrigeration systems. Both segments offer
comprehensive product support capabilities. This press release and
more information about Toromont Industries can be found at
www.toromont.com.
SOURCE Toromont Industries Ltd.
