MONTREAL, Sept. 14,
2022 /CNW Telbec/ - Alithya Group inc. (TSX: ALYA)
(NASDAQ: ALYA) ("Alithya" or the "Company"), a leader in
strategy and digital transformation employing approximately 3,900
highly qualified professionals and offering enterprise cloud
solutions across Canada,
the United States and
internationally, is pleased to announce today that the Toronto
Stock Exchange (the "TSX") has accepted the notice filed by the
Company of its intention to renew its normal course issuer bid
("NCIB") program.
Under the NCIB, the Company will be allowed to purchase for
cancellation on the open market through the facilities of the TSX
and NASDAQ, or through alternative Canadian trading systems, if
eligible, or outside the facilities of the TSX pursuant to
exemption orders issued by securities regulatory authorities, up to
2,491,128 Class A subordinate voting shares ("Class A
Shares"), representing 5% of the Company's public float
(49,822,567 Class A Shares) and 2.86% of the total number of
issued and outstanding Class A Shares (87,137,376 Class A
Shares) as of the close of markets on September 8, 2022. The amount of purchases on any
given day will not exceed 7,813 Class A Shares, which represents
25% of the average daily trading volume on the TSX for the
six-month ended August 31, 2022,
being 31,255 Class A Shares, calculated in accordance
with the rules of the TSX. All Class A Shares purchased under the
NCIB will be cancelled.
Purchases under the NCIB may commence on September 20, 2022 and will end on the earlier of
September 19, 2023 and the date on which the Company will
have acquired the maximum number of Class A Shares allowable under
the NCIB or otherwise decided not to make any further purchases.
All purchases of Class A Shares will be made by means of open
market transactions at their market price at the time of
acquisition, plus brokerage fees, except for purchases that could
be effected pursuant to exemption orders issued by securities
regulatory authorities, which would be at a discount to the
prevailing market price as per the terms of the order.
The decisions regarding the timing and size of purchases under
the NCIB are subject to management's discretion and are based on a
variety of factors, including market conditions. The Company
believes that the purchase of Class A Shares from time to time can
be undertaken at prices that do not fully reflect their value. The
Company believes that, in such circumstances, the purchase for
cancellation of such Class A Shares represents an appropriate use
of the Company's available funds to support shareholder value.
The Company entered into an automatic share purchase plan
("ASPP") with a designated broker in connection with its NCIB. The
ASPP will allow for the purchase for cancellation of Class A
Shares, subject to certain trading parameters, by its designated
broker during times when Alithya would ordinarily not be active in
the market due to applicable regulatory restrictions or
self-imposed blackout periods. Outside of these periods, the Class
A Shares will be purchased by Alithya at its discretion under the
NCIB.
Under its current NCIB that commenced on September 20, 2021 and will expire on
September 19, 2022, the Company is
authorized to purchase for cancellation up to 5,462,572 Class A
Shares. As at September 8, 2022,
Alithya had purchased 633,286 Class A Shares by means of open
market transactions, through the facilities of the TSX, other
markets and through alternative Canadian trading systems, at a
weighted average price of $3.15 per
Class A Share, for a total consideration of $1,993,667.
Forward-Looking
Statements
This press release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities laws and "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995 and other applicable U.S. safe harbours (collectively
"forward-looking statements"). Statements that do not exclusively
relate to historical facts, as well as statements relating to
management's expectations regarding the future growth, results of
operations, performance and business prospects of Alithya, and
other information related to Alithya's business strategy and future
plans or which refer to the characterizations of future events or
circumstances represent forward-looking statements. Such statements
often contain the words "anticipates," "expects," "intends,"
"plans," "predicts," "believes," "seeks," "estimates," "could,"
"would," "will," "may," "can," "continue," "potential," "should,"
"project," "target," and similar expressions and variations
thereof, although not all forward-looking statements contain these
identifying words.
Forward-looking statements in this press release include, among
other things, information or statements relating to potential
future purchases by Alithya of its Class A Shares pursuant to the
NCIB and the ASPP.
Forward-looking statements are presented for the sole purpose of
assisting investors and others in understanding Alithya's
objectives, strategies and business outlook as well as its
anticipated operating environment and may not be appropriate for
other purposes. Although management believes the expectations
reflected in Alithya's forward-looking statements were reasonable
as at the date they were made, forward-looking statements are based
on the opinions, assumptions and estimates of management and, as
such, are subject to a variety of risks and uncertainties and other
factors, many of which are beyond Alithya's control, and which
could cause actual events or results to differ materially from
those expressed or implied in such statements. Such risks and
uncertainties include but are not limited to those discussed in the
section titled "Risks and Uncertainties" of Alithya's annual and
interim Management's Discussion and Analysis and other materials
made public, including documents filed with Canadian and U.S.
securities regulatory authorities from time to time and which are
available on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Additional risks and uncertainties not currently known to Alithya
or that Alithya currently deems to be immaterial could also have a
material adverse effect on its financial position, financial
performance, cash flows, business or reputation.
There can be no assurance that Alithya will purchase for
cancellation all or any of the numbers of Class A Shares referred
to in this press release that are subject to the NCIB.
Forward-looking statements contained in this press release are
qualified by these cautionary statements and are made only as of
the date of this press release. Alithya expressly disclaims any
obligation to update or alter forward-looking statements, or the
factors or assumptions underlying them, whether as a result of new
information, future events or otherwise, except as required by
applicable law. Investors are cautioned not to place undue reliance
on forward-looking statements since actual results may vary
materially from them.
About Alithya
Alithya is a trusted leader in strategy and digital
transformation, employing a dedicated and highly skilled workforce
of approximately 3,900 professionals in Canada, the United
States and internationally. Alithya's strategy is based on a
plan of accelerated organic growth and complementary acquisitions
to create a global leader. The Company's integrated offer is based
on four pillars of expertise: business strategies, enterprise cloud
solutions, application modernisation services, and data and
analytics. To learn more about Alithya, visit www.alithya.com.
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SOURCE Alithya