Black Diamond Group Limited (“
Black Diamond” or
the “
Company”) announces that it has obtained
approval from the Toronto Stock Exchange (the
“
TSX”) to renew its normal course issuer bid (the
“
NCIB”) with respect to its common shares (the
“
Common Shares”). The NCIB will commence on March
14, 2023, and will terminate on the earlier of March 13, 2024, the
date on which the Company has purchased the maximum number of
Common Shares permitted under the NCIB or the date on which the
NCIB is terminated.
Under the NCIB, the Company may, over a 12-month
period commencing on March 14, 2023, purchase in the normal course
through the facilities of the TSX or alternative trading systems,
if eligible, up to 4,395,507 Common Shares, such amount
representing 10% of the public float of the Common Shares and
approximately 7.3% of the 60,375,770 issued and outstanding Common
Shares. Furthermore, subject to certain exemptions for block
purchases, the maximum number of Common Shares that the Company may
acquire on any one trading day is 12,464 Common Shares, such amount
representing 25% of the average daily trading volume of the Common
Shares of 49,859 for the six calendar months prior to the start of
the NCIB. All Common Shares purchased by the Company under the NCIB
will be cancelled.
Management of Black Diamond believes that, from
time to time, the market price of the Common Shares may not fully
reflect the underlying value of the Common Shares and that at such
time the purchase of the Common Shares represents attractive
investment value and would be in the best interests of Black
Diamond. The purchase of Common Shares by Black Diamond will
increase the proportionate interest of, and be advantageous to, all
remaining shareholders.
During the prior NCIB of the Company, which will
terminate on March 13, 2023, the Company obtained approval to
purchase 4,324,520 Common Shares, and purchased 551,600 Common
Shares at a weighted average price of approximately $3.99 per
Common Share through the facilities of the TSX and alternative
trading systems.
The Company has engaged Raymond James Ltd. to act
as broker and to administer the NCIB.
About Black Diamond Group
Black Diamond is a specialty rentals and
industrial services Company with two operating business units -
Modular Space Solutions (MSS) and Workforce Solutions (WFS). We
operate in Canada, the United States, and Australia. MSS through
its principal brands, BOXX Modular, Britco, MPA, Schiavi and CL
Martin, owns a large rental fleet of modular buildings of various
types and sizes. Its network of local branches rent, sell, service,
and provide ancillary products and services to a diverse customer
base in the construction, industrial, education, financial, and
government sectors. WFS through its principal brands, Black Diamond
Camps and Black Diamond Energy Services, owns a large rental fleet
of modular accommodation assets of all types and sizes. Its
regional operating terminals rent, sell, service, and provide
ancillary products and services including turn-key operated camps
to a wide array of customers in the resource, infrastructure,
construction, disaster recovery, and education sectors. The WFS
business unit also includes the Company’s wholly owned subsidiary,
LodgeLink, which operates a digital marketplace for
business-to-business crew accommodation, travel, and logistics in
North America.
Learn more at www.blackdiamondgroup.com.
Investor and Media
Inquiries
Jason Zhang at 403-206-4739 or
investor@blackdiamondgroup.com. To sign up for news alerts please
go to
https://www.blackdiamondgroup.com/investor-centre/news-alerts-subscription/.
Cautionary Note Regarding Forward
Looking Statements
Certain information set forth in this news
release contains “forward looking statements” as defined under
applicable Canadian securities laws. Forward-looking statements can
generally be identified by the use of forward-looking terminology
such as “may”, “will”, “expect”, “intend”, “estimate”,
“anticipate”, “believe”, “continue”, “plans” or similar
terminology. Forward-looking statements in this news release
include, but are not limited to, statements with respect to
expectations or intentions regarding potential future purchases of
Common Shares under the NCIB. Although Black Diamond believes that
the expectations reflected in the forward-looking statements
contained in this news release, and the assumptions on which such
forward-looking statements are made, are reasonable, there can be
no assurances that such expectations or assumptions will prove to
be correct. Readers are cautioned that assumptions used in the
preparation of such statements may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties and other factors, many of which are beyond the
control of Black Diamond. These risks include but are not limited
to: the impact of general economic conditions, industry conditions,
fluctuation of commodity prices and stock market volatility. The
risks outlined above should not be construed as exhaustive.
Additional information on these and other factors that could affect
Black Diamond’s operations and financial results are included in
Black Diamond’s annual information form for the year ended December
31, 2022 and other reports on file with the Canadian securities
regulatory authorities which can be accessed on SEDAR. Readers are
cautioned not to place undue reliance on these forward-looking
statements. Furthermore, the forward-looking statements contained
in this news release are made as at the date of this news release
and Black Diamond does not undertake any obligation to update or
revise any of the forward-looking statements, except as may be
required by applicable securities laws.
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