VANCOUVER, BC, July 22,
2022 /CNW/ - Premium Brands Holdings Corporation
(TSX: PBH) (the "Company") announced today that the Toronto
Stock Exchange (the "TSX") has accepted its notice of
intention to make a normal course issuer bid ("NCIB") to
purchase for cancellation up to 2,239,887 common shares,
representing 5% of the Company's issued and outstanding common
shares.
As of July 20, 2022, the Company
had 44,797,746 common shares issued and outstanding. In accordance
with applicable TSX rules, daily purchases under the NCIB will not
exceed 21,482 common shares, which represent 25% of the average
daily trading volume of the common shares for the 6-month period
ending June 30, 2022, being 85,928
common shares. In addition, the Company may, once per calendar
week, make a block purchase of common shares not owned, directly or
indirectly, by insiders of the Company.
The NCIB will begin on July 26,
2022, and will terminate on July 25,
2023, or on such earlier date as the Company completes the
purchase of the maximum number of common shares permitted under the
NCIB. All purchases will be made on the open market through the
facilities of the TSX and/or alternative Canadian trading
platforms, in accordance with their policies. The price to be paid
by the Company for its common shares will be the market price at
the time of purchase. Any common shares purchased by the Company
under the NCIB will be cancelled.
From time to time, when the Company does not possess material
non-public information about itself or its securities, it may enter
into a pre-defined purchase plan with its broker to allow for the
repurchase of common shares at times when the Company's internal
trading blackout periods, insider trading or other rules prohibit
such repurchases. Any such plan will be adopted in accordance with
applicable Canadian securities laws and the rules of the TSX.
The Company is making the NCIB because it believes that, from
time to time, the prevailing market price of the Company's common
shares may not adequately reflect the underlying value of the
Company, and that purchasing common shares for cancellation will
increase the proportionate interest of, and be advantageous to, all
remaining shareholders.
The Company has not made any NCIB purchases during the 12-month
period preceding the date of the notice of intention filed with the
TSX.
About Premium Brands
Premium Brands owns a broad range of leading specialty food
manufacturing and differentiated food distribution businesses with
operations across Canada,
the United States and Italy.
www.premiumbrandsholdings.com
Forward Looking Statements
This press release contains forward looking statements with
respect to the Company, including, without limitation, the
anticipated benefits of the NCIB and the number of common shares
that may be purchased under the NCIB. While management believes
that the expectations reflected in such forward looking statements
are reasonable and represent the Company's internal expectations
and beliefs as of July 22, 2022,
there can be no assurances that such expectations will prove to be
correct as such forward looking statements involve unknown risks
and uncertainties beyond the Company's control which may cause the
actual results, performance and achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. Such risks and uncertainties include, without
limitation, market reaction to the NCIB and those assumptions
outlined in the Company's 2021 Management's Discussion and Analysis
under Risks and Uncertainties, which is filed electronically
through SEDAR and available online at www.sedar.com.
Unless otherwise indicated, the forward looking statements in
this press release are made as of the date hereof and, except as
required by applicable law, will not be publicly updated or
revised. This cautionary statement expressly qualifies the forward
looking information in this press release.
SOURCE Premium Brands Holdings Corporation