VEGREVILLE, AB, March 15,
2023 /CNW/ - TerraVest Industries Inc.
("TerraVest" or the "Corporation") (TSX: TVK)
announced today that it has received the approval of the Toronto
Stock Exchange (the "TSX") to renew its normal course issuer
bid (the "Bid") for up to 949,963 of its issued and
outstanding common shares (the "Shares") on the TSX. In
connection with the Bid, TerraVest has entered into an automatic
share purchase plan with its designated broker to allow for
purchase of Shares (the "Share Purchase Plan").
Purchases under the Bid may commence on March 17, 2023 and will terminate on March 16, 2024 or on such earlier date as the Bid
is complete. Purchases of Shares will be made either through the
facilities of the TSX in accordance with its rules or through
alternative Canadian trading systems.
The average daily trading volume of the Shares for the previous
six calendar months ("ADTV") was 3,434 Shares. Subject to
the TSX's block purchase exception, on any trading day, purchases
under the Bid will not exceed 1,000 Shares. The price that the
Corporation will pay for any Shares purchased under the Bid will be
the prevailing market price at the time of purchase. Any Shares
purchased by the Corporation will be cancelled.
As of March 7, 2023, there were
17,831,318 Shares issued and outstanding. The
949,963 Shares that may be repurchased under the Bid
represents approximately 10% of the public float of Shares on
March 7, 2023.
Pursuant to the Corporation's normal course issuer bid which
commenced on March 17, 2022 and
terminates on March 16, 2023,
TerraVest had obtained approval to purchase up to 947,259 Shares,
and purchased 97,800 Shares at a weighted average price of
$23.43 per Share.
The Board of Directors of the Corporation has authorized the Bid
because it believes that it is an efficient use of the
Corporation's financial resources to purchase Shares when the
market price of the Shares does not fully reflect their underlying
value.
The Share Purchase Plan will commence on March 17, 2023 and end on, or before,
March 16, 2024. Purchases under the
Share Purchase Plan will be determined by TerraVest's broker in its
sole discretion, without consultation with TerraVest, subject to
the limitations of the Share Purchase Plan and the rules of the
TSX. The Share Purchase Plan is considered an "automatic plan" for
purposes of applicable Canadian securities laws and has been
reviewed by the TSX.
The Share Purchase Plan was established to provide standard
instructions regarding how the Shares are to be purchased under the
Bid. Accordingly, TerraVest may purchase Shares in accordance with
the Share Purchase Plan on any trading day during the Bid,
including during self-imposed trading blackout periods. TerraVest
may otherwise vary, suspend or terminate the Share Purchase Plan
only if it does not have material non-public information, the
decision to vary, suspend or terminate the Share Purchase Plan is
not taken during a self- imposed trading blackout period and any
variation, suspension or termination is made in accordance with the
terms of the Share Purchase Plan.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements.
All statements other than statements of historical fact contained
in this news release are forward-looking statements, including,
without limitation, statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of TerraVest; statements related
to the timing and quantity of any purchases of Shares under the Bid
and the Share Purchase Plan; our strategic direction and evaluation
of the business segments and TerraVest as a whole; and other plans
and objectives of or involving TerraVest. Readers can identify many
of these statements by looking for words such as "expects", "may"
and "will" or similar terms or variations of these words. Although
management believes that the expectations represented in such
forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct.
By their nature, forward-looking statements require us to
make assumptions and, accordingly, forward looking statements are
subject to inherent risks and uncertainties. There is significant
risk that the forward-looking statements will not prove to be
accurate. We caution readers of this news release not to place
undue reliance on our forward-looking statements because a number
of factors may cause actual future circumstances, results,
conditions, actions or events to differ materially from the plans,
expectations, estimates or intentions expressed in the
forward-looking statements and the assumptions underlying the
forward-looking statements.
Assumptions and analysis about the performance of TerraVest
as a whole and its business segments, the markets in which the
business segments compete and the prospects and values of the
business segments are considered in setting the business plan for
TerraVest, plans and/or ability to pay dividends, outlook for
operations, financial position, results and cash flows, other plans
and objectives and in making related forward-looking statements.
Such assumptions include, without limitation, demand for products
and services of the business segments in respect of the Canadian
and other markets in which the businesses are active will be
stable, and that input costs to business segments do not vary
significantly from levels experienced historically. Should any of
these factors or assumptions vary, actual results may differ
materially from the forward-looking statements
SOURCE TerraVest Industries Inc.