VANCOUVER, BC, July 27,
2023 /CNW/ - Premium Brands Holdings Corporation
(TSX: PBH) (the "Company") announced today that it has
received approval from the Toronto Stock Exchange (the
"TSX") respecting the renewal of its normal course issuer
bid ("NCIB").
Pursuant to the NCIB documentation filed with the TSX, the
Company may purchase up to 2,231,469 common shares, representing 5%
of the Company's 44,629,382 issued and outstanding common shares as
of July 19, 2023. The purchases may
commence on July 31, 2023 and will
terminate no later than July 30,
2024. Except for block purchases permitted under the rules
and policies of the TSX, the number of shares to be purchased per
day will not exceed 12,308, which represents 25% of the average
daily trading volume for the six full calendar months ending
June 30, 2023, which is 49,232
shares. The Company will make the purchases on the open market
through the facilities of the TSX or any alternative Canadian
trading system, and the prices that the Company will pay for any
common shares will be the market price of such shares at the time
of acquisition. All shares purchased by the Company will be
cancelled.
The renewal of the NCIB will follow the conclusion of the
Company's previous NCIB that expired on July
25, 2023, under which the Company was authorized to purchase
2,239,887 common shares. From July 26,
2022 to July 25, 2023, the
Company purchased 184,586 common shares at a weighted average
trading price of $81.77 per share.
All shares purchased by the Company under the previous NCIB were
made on the open market through the facilities of the TSX or
alternative trading systems in Canada and were cancelled.
The Company also announced today that, in connection with its
intention to renew the NCIB, the Company has also renewed its
automatic share purchase plan (the "ASPP") with a designated
broker to allow for the purchase of common shares under the NCIB at
times when the Company would ordinarily not be permitted to
purchase shares due to regulatory restrictions and customary
self-imposed blackout periods.
The ASPP will renew upon the renewal of the NCIB and will
terminate on the earliest of the date on which: (a) the maximum
annual purchase limit under the NCIB has been reached; (b) the NCIB
expires; or (c) the Company terminates the ASPP in accordance with
its terms. The ASPP constitutes an "automatic securities purchase
plan" under applicable Canadian securities laws.
The Company is renewing the NCIB because it believes that, from
time to time, the prevailing market price of the Company's common
shares may not adequately reflect the underlying value of the
Company, and that purchasing common shares for cancellation will
increase the proportionate interest of, and be advantageous to, all
remaining shareholders.
About Premium Brands
Premium Brands owns a broad range of leading specialty food
manufacturing and differentiated food distribution businesses with
operations across Canada,
the United States and Italy.
www.premiumbrandsholdings.com
Forward Looking
Statements
This press release contains forward looking statements with
respect to the Company, including, without limitation, the
anticipated benefits of the NCIB and the number of common shares
that may be purchased under the NCIB. While management believes
that the expectations reflected in such forward looking statements
are reasonable and represent the Company's internal expectations
and beliefs as of July 27, 2023,
there can be no assurances that such expectations will prove to be
correct as such forward looking statements involve unknown risks
and uncertainties beyond the Company's control which may cause the
actual results, performance and achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. Such risks and uncertainties include, without
limitation, market reaction to the NCIB and those assumptions
outlined in the Company's Management's Discussion and Analysis for
the 13 weeks ended April 1, 2023
under Risks and Uncertainties, which is filed electronically
through SEDAR and available online at www.sedar.com.
Unless otherwise indicated, the forward looking statements in
this press release are made as of the date hereof and, except as
required by applicable law, will not be publicly updated or
revised. This cautionary statement expressly qualifies the forward
looking information in this press release.
SOURCE Premium Brands Holdings Corporation