LASALLE,
QC, Sept. 19, 2023 /CNW/ - GDI Integrated
Facility Services Inc. ("GDI" or the "Company")
(TSX: GDI) announced today that a normal course issuer bid
("NCIB") authorized by its Board of Directors to purchase
for cancellation during the next 12 months up to 500,000
subordinate voting shares, representing approximately 3.4% of the
aggregate number of subordinate voting shares outstanding as of the
close of business on September 8,
2023, has been approved by the Toronto Stock Exchange
("TSX").
At the close of business on September 8, 2023, there were 14,660,447
subordinate voting shares issued and outstanding, including a
public float of 10,373,015 subordinate voting shares. The actual
number of subordinate voting shares which will be purchased for
cancellation and the timing of any such purchases will be
determined by the Company. GDI's management and Board of Directors
believe that at certain times the purchase for cancellation of
the Company's subordinate voting shares falls within its
criteria for capital allocation. The NCIB will provide the ability
for the Company to purchase subordinate voting shares at its
discretion and in accordance with TSX rules as part of its mandate
to increase shareholder value. During the preceding NCIB, which
covered the period from June 3, 2022
to June 2, 2023, the Company
purchased on the open market through the facilities of the
TSX as well as other alternative trading systems in
Canada a total 145,400 subordinate
voting shares at a weighted average price paid per security of
$44.33 out of a total of 500,000
subordinate voting shares it had initially sought to
repurchase.
Purchases under the NCIB will be made by means of
open market transactions through the facilities of the TSX as
well as alternative trading systems in Canada. The exchange's rules permit the
Company to purchase daily a maximum of 2,891 subordinate voting
shares through TSX facilities, subject to any block purchases made
in accordance with TSX rules, which is 25% of the average daily
trading volume of subordinate voting shares for the six completed
calendar months ending August 31,
2023 which totalled 11,566 subordinate voting shares.
The Company has entered into an automatic share
purchase plan under which its designated broker will repurchase the
Company's subordinate voting shares during the NCIB. The automatic
share purchase plan allows for purchases by the Company of its
subordinate voting shares during certain pre-determined black-out
periods, subject to certain parameters. Outside of these
pre-determined black-out periods, shares will be purchased in
accordance with management's discretion. The price to be paid by
the Company for any shares will be the market price at the time of
acquisition.
Purchases of subordinate voting shares may
commence on September 21, 2023 and
will expire at the earliest on September 20,
2024 or the date on which the Company has either acquired
the maximum number of subordinate voting shares allowable.
ABOUT GDI
GDI is a leading integrated commercial facility
services provider which offers a range of services in Canada and the
United States to owners and managers of a variety of
facility types including office buildings, educational facilities,
industrial facilities, healthcare establishments, stadiums and
event venues, hotels, shopping centres, distribution facilities,
airports and other transportation facilities. GDI's commercial
facility services capabilities include commercial janitorial and
building maintenance, the installation, maintenance and repair of
HVAC-R, mechanical, electrical and building automation systems, as
well as other complementary services such as janitorial products
manufacturing and distribution. GDI's subordinate voting shares are
listed on the Toronto Stock Exchange (TSX: GDI). Additional
information on GDI can be found on its website at
www.gdi.com.
CAUTION CONCERNING FORWARD-LOOKING
STATEMENTS
Certain statements in this press release may
constitute forward-looking information within the meaning of
securities laws. Forward looking information may relate to GDI's
future outlook and anticipated events, business, operations,
financial performance, financial condition or results and, in some
cases, can be identified by terminology such as "may"; "will";
"should"; "expect"; "plan"; "anticipate"; "believe"; "intend";
"estimate"; "predict"; "potential"; "continue"; "foresee"; "ensure"
or other similar expressions concerning matters that are not
historical facts. In particular, statements regarding GDI's future
operating results and economic performance, and its objectives and
strategies are forward-looking statements. These statements are
based on certain factors and assumptions including expected growth,
results of operations, performance and business prospects and
opportunities, which GDI believes are reasonable as of the current
date. While management considers these assumptions to be reasonable
based on information currently available to the Company, they may
prove to be incorrect. It is impossible for GDI to predict with
certainty the impact that the current economic uncertainties may
have on future results. Forward-looking information is also subject
to certain factors, including risks and uncertainties (described in
the "Risk Factors" section) that could cause actual results to
differ materially from what GDI currently expects. Namely, these
factors include risks pertaining to unsuccessful implementation of
the business strategy, inherent operating risks of acquisition
activity, failure to integrate, decline in commercial real estate
occupancy levels, increase in costs which cannot be passed on to
customers, labour shortages, disruption in information technology
systems and execution issues with Strategic IT projects, increases
in interest rates, deterioration in general economic conditions,
prolonged armed conflict in Ukraine, COVID-19 and related
pandemic, increase in competition, influence of the principal
shareholders, loss of key or long-term customers, public
procurement laws and regulations, legal proceedings, reputational
damage, labour disputes, environmental, social and governance (ESG)
considerations, goodwill and long-lived assets impairment charges,
tax matters, dependence on key employees, participation in
multi-employer pension plans, legislation or other governmental
action, exchange rate fluctuations, disputes with franchisees,
cybersecurity and data protection, data confidentiality, and public
perception of our environmental footprint, many of which are beyond
the Company's control. Therefore, future events and results may
vary significantly from what management currently foresees. The
reader should not place undue importance on forward-looking
information and should not rely upon this information as of any
other date. While management may elect to, the Company is under no
obligation and does not undertake to update or alter this
information at any particular time, except as may be required by
law.
SOURCE GDI Integrated Facility Services Inc.