(TSX: GBT)
MONTREAL, April 9, 2021 /CNW Telbec/ - 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, 2021 and April
14th, 2022, at the latest. The Company's previous
normal course issuer bid ends April
14th, 2021. Pursuant to its renewed normal course
issuer bid, the Company intends to acquire, through the facilities
of the TSX and through alternative 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
1,692,440 Common Shares, representing about 5% of the 33,848,800
Common Shares issued and outstanding as at April 1st, 2021.
Within the last 12 months and as of April
1st, 2021, the Company acquired for cancellation,
under its previous normal course issuer bid a total of 167,200
Common Shares with respect to which the weighted average price paid
was $10.60 per share. The shares were
acquired through the facilities of the TSX and through alternative
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 1,700,820 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 3,413 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, 2022. 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 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 subsidiary Ameublements Tanguay Inc., and
its two divisions, 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.