KINGSEY FALLS, QC, March 17, 2022 /CNW Telbec/ - Cascades Inc. (TSX:
CAS) announces that the Toronto Stock Exchange (the "TSX") accepted
its notice of intention to begin a normal course issuer bid in
respect of its Common Shares. Purchases pursuant to the normal
course issuer bid will commence on March 19,
2022 and will not continue beyond March 18, 2023. The Common Shares purchased shall
be cancelled.
The notice will enable Cascades to acquire up to 2,015,053
Common Shares which represents approximately 2% of the 100,752,662
issued and outstanding Common Shares as of March 7, 2022. Between March 19, 2021, and March
18, 2022, Cascades was authorized to acquire up to 2,045,621
Common Shares. Since March 19, 2021,
and up until March 8, 2022, Cascades
purchased the maximum authorized amount of common shares on the
open market through the facilities of the TSX, at a volume weighted
average price of $14.97.
The average daily trading volume of Cascades' Common Shares was
257,035 on the TSX over the last six completed calendar months (the
ADTV). Accordingly, Cascades is entitled to purchase up to 25% of
the ADTV on any trading day being 64,258 Common Shares.
All purchases will be made through the facilities of the TSX in
accordance with its requirements and/or alternative trading
systems.
Cascades has entered into an automatic share purchase plan (the
"APP") with its designated broker to facilitate repurchases of
Cascades Inc.'s common shares (the "Shares") under its normal
course issuer bid ("NCIB"). The APP is intended to allow for the
purchase of Shares under the NCIB at times when the Company may not
ordinarily be permitted to purchase its shares due to regulatory
restrictions and self-imposed blackout periods. The TSX has
precleared the APP.
Cascades considers that the shares to be acquired may, from time
to time, be undervalued in the market and represent an excellent
opportunity to enhance shareholder value.
About Cascades
Founded in 1964, Cascades offers
sustainable, innovative and value-added solutions for packaging,
hygiene and recovery needs. The company employs approximately
10,000 women and men, who work in a network of nearly 80 production
units in North America. With its
management philosophy, half a century of experience in recycling,
and continuous efforts in research and development as driving
forces, Cascades continues to deliver the innovative products that
customers have come to rely on, while contributing to the
well-being of people, communities and the planet. Cascades' shares
trade on the Toronto Stock Exchange under the ticker symbol
CAS.
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SOURCE Cascades Inc.