TORONTO, Aug. 30,
2023 /CNW/ - Boat Rocker Media Inc. ("Boat Rocker" or
the "Company") (TSX: BRMI), an independent, integrated global
entertainment company, announced today that the Toronto Stock
Exchange ("TSX") has approved the Company's intention to make a
normal course issuer bid ("NCIB") for its subordinate voting shares
as appropriate opportunities arise from time to time. The NCIB will
commence starting September 1, 2023 and
terminate August 31, 2024.
Under the NCIB, and subject to the market price of its
subordinate voting shares and other considerations, over the next
12 months Boat Rocker may purchase up to 500,000 subordinate voting
shares, representing approximately 1.5% of its issued and
outstanding subordinate voting shares as at August 18, 2023. There were 32,796,938
subordinate voting shares outstanding as at August 18, 2023. Daily purchases will be limited
to 1,000 subordinate voting shares, other than pursuant to block
purchase exemptions. Purchases may be made on the open market
through the facilities of the TSX and/or other Canadian alternative
trading systems at the market price at the time of acquisition, as
well as by other means as may be permitted by TSX rules and/or
applicable securities laws. Any tendered shares taken up and paid
for by Boat Rocker will be cancelled. The Company plans to fund the
NCIB purchases from its existing cash balance.
Boat Rocker previously maintained a normal course issuer bid for
the twelve-month period commencing on September 1, 2022 and ending on August 31, 2023 (the "2022 NCIB"), under which
Boat Rocker sought and received approval from the TSX to purchase
up to 1,000,000 shares. As of August 30,
2023, Boat Rocker has purchased 12,562 shares under the 2022
NCIB at a weighted average purchase price of $2.707 per share through the facilities of the
TSX and alternative Canadian trading systems.
The Company is commencing this NCIB because management and the
board believe that the market price of the Company's subordinate
voting shares does not reflect the intrinsic value of the Company
and the repurchase of the stock would be in the best interests of
the Company and its shareholders and would represent an attractive
and appropriate use of available funds. Decisions regarding the
amount and timing of future purchases of subordinate voting shares
will be based on market conditions, share price and other factors
and will be at management's discretion.
About Boat Rocker Media Inc.
Boat Rocker (TSX: BRMI) is the home for creative visionaries. An
independent, integrated global entertainment company, Boat Rocker's
purpose is to tell stories and build iconic brands across all
genres and mediums. With offices around the world, Boat Rocker's
creative and commercial capabilities include Scripted, Unscripted,
and Kids & Family television production, distribution, brand
& franchise management, a world-class animation studio, and
talent management through Untitled Entertainment. A selection of
Boat Rocker's projects include: Invasion (Apple
TV+), Pretty Baby: Brooke
Shields (Hulu), Downey's Dream
Cars (Max), Slip (Roku), Orphan
Black (BBC AMERICA, CTV Sci-Fi
Channel), Dear… (Apple TV+), Billie
Eilish: The World's a Little Blurry (Apple
TV+), The Next Step (BBC, Family Channel,
CBC), Daniel Spellbound (Netflix),
and Dino
Ranch (Disney+, Disney Junior, CBC). For more
information, please visit www.boatrocker.com.
Forward-Looking Information
Certain information in this press release may constitute
"forward-looking information" within the meaning of applicable
securities legislation, including statements related to the
Company's normal course issuer bid and automatic share purchase
plan. All information contained in this press release, other than
statements of current and historical fact, is forward-looking
information. Generally, forward-looking information can be
identified by use of words such as "believe, "expect",
"anticipate", "estimate", "intend", "may", "will", "would",
"could", "should", "continue", "plan", "goal", "objective",
"remain" and other similar expressions and the negative of such
expressions, although not all forward-looking information contain
these identifying words. All of the forward-looking information in
this press release is qualified by this cautionary statement.
Forward-looking information is not, and cannot be, a guarantee
of future results or events. Forward-looking information is based
on, among other things, opinions, assumptions, estimates and
analyses that, while considered
reasonable by the Company at the date the forward-looking
information is provided, inherently are subject to significant
risks, uncertainties, contingencies and other factors that may
cause actual results, performance or achievements, industry results
or events to be materially different from those expressed or
implied by the forward-looking information. Those risks,
uncertainties and other factors that could cause actual results to
differ materially from the forward-looking information include
those described in the Company's annual publicly filed documents,
including the Annual Information Form for the year
ended December 31, 2022 (which are available on SEDAR
at www.sedar.com). The Company believes that the expectations
reflected in forward-looking information are based upon reasonable
assumptions; however, the Company can give no assurance that actual
results will be consistent with the forward-looking information.
Not all factors which affect the forward-looking information are
known, and actual results may vary from the projected results in a
material respect, and may be above or below the forward-looking
information presented in a material respect.
Given these risks, uncertainties and other factors, investors
should not place undue reliance on forward-looking information as a
prediction of actual results. The forward-looking information
contained herein is current as of the date of this press release
and, except as required under applicable law, the Company does not
undertake to update or revise it to reflect new events or
circumstances.
For More Information Contact:
Madeleine Cohen
VP, Corporate Planning and Investor Relations
ir@boatrocker.com
416.591.0065
SOURCE Boat Rocker Media Inc.
