MONTREAL, April 10,
2024 /CNW/ - (TSX: GBT)
The Company announces that it has received the required
regulatory approvals to renew its normal course issuer bid to
acquire for cancellation Common Shares listed on the Toronto Stock
Exchange (the "TSX") for the period between April 15th, 2024 and April 14th, 2025, at the latest. The
Company's previous normal course issuer bid ends April 14th, 2024. Pursuant to its
renewed normal course issuer bid, the Company intends to acquire,
through the facilities of the TSX and through alternative Canadian
trading systems (such as Alpha ATS) and in accordance with their
requirements and also outside the facilities of the Toronto Stock
Exchange pursuant to exemption orders issued by Canadian securities
regulatory authorities, up to 1,629,892 Common Shares, representing
about 5% of the 32,597,850 Common Shares issued and outstanding as
at April 1st, 2024.
Within the last 12 months and as of April
1st, 2024, the Company acquired for cancellation,
under its previous normal course issuer bid a total of 390,000
Common Shares with respect to which the weighted average price paid
was $14.04 per share. The shares were
acquired through the facilities of the TSX and through alternative
Canadian trading systems authorized under applicable regulations
(including Alpha ATS, Pure Trading, CHI-X Canada and Omega) in
accordance with their requirements and the Company had sought and
obtained approval to purchase a total of 1,650,085 Common
Shares.
In accordance with TSX requirements, the average daily trading
volume of BMTC's Common Shares over the last six complete calendar
months was 2,559 shares (the "ADTV"). Accordingly, under TSX rules
and policies, BMTC is entitled on any trading day to purchase up to
1,000 Common Shares until April
14th, 2025. Once a week, in excess of the daily
Common Shares repurchase limit, BMTC may also purchase a block of
Common Shares not owned by an insider (i) having a purchase price
of $200,000 or more, (ii) of at least
5,000 Common Shares having a purchase price of at least
$50,000, or (iii) of at least 20
board lots of Common Shares which total 150% or more of the ADTV in
accordance with TSX rules. BMTC has retained National Bank
Financial Inc. as broker to manage the Normal Course Issuer
Bid.
When acquiring Common Shares through alternative Canadian
trading systems (such as Alpha ATS), none of the requirements
listed in the previous paragraph are applicable. The price that the
Company will pay for purchases effected outside the facilities of
the Toronto Stock Exchange pursuant to exemption orders issued by
securities regulatory authorities will be at discount to the
prevailing market prices in compliance with the requirements under
such exemption orders
BMTC considers that the acquisition of Common Shares that it may
effect from time to time in the course of its normal course issuer
bid is a sound use of its funds.
BMTC Group Inc. is a company governed the Business Companies Act
(Quebec). Its registered office
and principal place of business is located at 8500 Place
Marien, Montréal East, Quebec,
H1B 5W8. Its common shares are listed on the Toronto Stock
Exchange. The Company, through its subsidiary Le Corbusier-Concorde S.E.C. and its
Tanguay division, manages and operates a retail network of
furniture, household appliances and electronic products, in
Quebec.
SOURCE BMTC Group Inc.
