CALGARY,
AB, March 10, 2025 /CNW/ - ATCO Ltd.
(TSX: ACO.X) (TSX: ACO.Y)
The Toronto Stock Exchange (the "Exchange") has accepted a
Notice of Intention to make a Normal Course Issuer Bid (the
"Notice") from ATCO Ltd. (the "Company") pursuant to which the
Company intends to make a Normal Course Issuer Bid ("NCIB") for
certain of its outstanding Class I Non-Voting Shares ("Class I
Shares") on the terms set forth in the Notice. The Company believes
that, from time to time, the market price of its Class I Shares may
not fully reflect the value of its business, and that purchasing
its own Class I Shares represents an attractive investment
opportunity and desirable use of available funds. The purchase of
Class I Shares, at appropriate prices, will also minimize any
dilution resulting from the exercise of stock options.
On February 28, 2025, 99,815,091
Class I Shares were issued and outstanding. Under the terms of the
Notice and the rules of the Exchange, the Company may acquire up to
1,996,301 Class I Shares (being 2 per cent of the Class
I Shares issued and outstanding as at February 28, 2025, excluding any Class I Shares
held by or on behalf of the Company on such date), during the
period commencing on March 13, 2025
and ending on March 12, 2026 or such
earlier date on which the Company completes its purchases of Class
I Shares under the NCIB or terminates the NCIB at its option. Under
the Company's current NCIB, which commenced March 13, 2024, and will expire on March 12, 2025, the Company is authorized to
purchase up to 1,994,667 Class I Shares. To date, no shares have
been purchased.
The aggregate number of Class I Shares that the Company may
purchase under its renewed NCIB during any trading day is subject
to a maximum daily purchase limit of 48,601 Class I Shares (being
25 per cent of the average daily trading volume for the six
calendar months preceding the date of the acceptance of the Notice,
which was equal to 194,406 Class I Shares). Exceptions may be made
to this daily purchase limit in accordance with the "block
purchase" exemptions of the Exchange policy.
Any Class I Shares purchased pursuant to the Notice will be
cancelled. Class I Shares will be purchased at the market price of
the Class I Shares at the time of purchase and will be purchased on
behalf of the Company by a registered investment dealer. Purchases
will be made on the open market through the facilities of the
Exchange and/or alternative Canadian trading systems or by such
other means as may be permitted by the applicable securities
regulator. Any purchase of Class I Shares pursuant to the NCIB will
be financed out of cash and working capital of the Company.
In connection with the NCIB, the Company will also enter into an
automatic securities purchase plan ("ASPP") with a designated
broker (the "Broker") on or about the commencement date of the
NCIB. The ASPP has been reviewed by the Exchange and will
facilitate the Company's repurchase of Class I Shares under the
NCIB, subject to certain trading parameters. At its own discretion,
the Broker may repurchase Class I Shares, without the control or
influence of the Company. During the term of the ASPP, the Company
will not communicate any material undisclosed or non-public
information to the trading staff of the Broker; accordingly, the
Broker may make purchases under the ASPP at any time, including
during Company trading blackouts and regardless of whether there is
material undisclosed or non-public information about the Company at
the time of purchase. The Company may otherwise vary, suspend or
terminate the ASPP only if it does not have material undisclosed or
non-public information, the decision to vary, suspend or terminate
the ASPP is not taken during a self-imposed trading blackout and
any variation, suspension or termination is made in accordance with
the terms of the ASPP.
Outside of these periods, the Class I Shares will be repurchased
by the Company at its discretion under the NCIB.
As a global enterprise, ATCO Ltd. and its subsidiary and
affiliate companies have approximately 21,000 employees and assets
of $27 billion. ATCO is committed to
future prosperity by working to meet the world's essential energy,
housing, security and transportation challenges. ATCO Structures
designs, builds and delivers products to service the essential need
for housing and shelter around the globe. ATCO Frontec provides
operational support services to government, defence and commercial
clients. ATCO Energy Systems delivers essential energy for an
evolving world through its electricity and natural gas transmission
and distribution, and international electricity operations. ATCO
EnPower creates sustainable energy solutions in the areas of
electricity generation, energy storage, industrial water and
cleaner fuels. ATCO Australia
develops, builds, owns and operates energy and infrastructure
assets. ATCOenergy and Rümi provide retail electricity and natural
gas services, home maintenance services and professional home
advice that bring exceptional comfort, peace of mind and freedom to
homeowners and customers. ATCO also has investments in ports and
transportation logistics, the processing and marketing of ash,
retail food services and commercial real estate. More information
can be found at www.ATCO.com.
Investor Inquiries:
Colin
Jackson
Senior Vice President, Financial Operations
Colin.Jackson@atco.com
(403) 808 2636
Media Inquiries:
Kurt
Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
(587) 228 4571
Forward-Looking Information:
Certain statements contained in this news release may
constitute forward-looking information. Forward-looking information
is often, but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions. In particular,
forward-looking information in this news release includes
references to the Company's intentions regarding the NCIB, the
purchase of Class I Shares pursuant to the NCIB, and execution of
an ASPP in connection with the NCIB.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information.
The Company's actual results could differ materially from
those anticipated in this forward-looking information as a result
of regulatory decisions, competitive factors in the industries in
which the Company operates, prevailing market and economic
conditions, availability of sellers, changes in laws and
regulations and other factors, many of which are beyond the control
of the Company.
The Company believes that the expectations reflected in the
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied
upon.
Any forward-looking information contained in this news
release represents the Company's expectations as of the date
hereof, and is subject to change after such date. The Company
disclaims any intention or obligation to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable
securities legislation.
SOURCE ATCO Ltd.
