TORONTO, Sept. 15,
2023 /CNW/ - Toromont Industries Ltd. (TSX: TIH)
announced today that the Toronto Stock Exchange (the "TSX") has
accepted the notice filed by the Company of its intention to make a
normal course issuer bid ("NCIB") for a portion of its common
shares.
Under this notice, Toromont is entitled to purchase up to
8,204,207 common shares, representing 10% of its 82,042,070 common
shares in the "public float" (as defined by the TSX) as of
September 11, 2023. Purchases may
commence on September 19, 2023 and
continue until September 18, 2024,
when the NCIB expires, or on such earlier date on which the NCIB is
complete. Toromont had 82,348,679 common shares issued and
outstanding as at September 11,
2023.
Based on the average daily trading volume of 118,474 during the
last six-months, daily purchases will be limited to 29,618 common
shares other than block purchase exemptions under the TSX rules.
Purchases of Common Shares under the NCIB will be made through the
facilities of the TSX or alternative Canadian trading systems at
the market price at the time of purchase. All shares purchased
under the NCIB will be cancelled.
Toromont believes that, from time-to-time, the market price of
its common shares may be such that their purchase may be an
attractive and appropriate use of corporate funds. The NCIB will
provide the Company with additional flexibility to manage
capital.
Toromont has entered into an automatic securities purchase plan
("ASPP") with a designated broker in order to facilitate the
repurchase of common shares under the NCIB. During the effective
period of Toromont's ASPP, Toromont's broker may purchase Common
Shares at times when the Company would not be active in the market
due to insider trading rules and its own internal trading blackout
periods. Purchases will be made by Toromont's broker based
upon parameters set by Toromont when it is not in possession of any
material non-public information about itself and its securities,
and in accordance with the terms of the ASPP. Outside of the
effective period of the ASPP, Common Shares may continue to be
purchased in accordance with Toromont's discretion, subject to
applicable law. The ASPP has been entered into in accordance
with the requirements of applicable Canadian securities laws and
TSX rules.
Under its previous NCIB that commenced on September 19, 2022 and expires on September
18, 2023, Toromont was approved to repurchase up to 8,193,292
common shares. A total of 238,000 shares were repurchased during
this period, at an average price of $105.01 CAD per share. The purchases were made
through the TSX and alternative Canadian trading systems.
ABOUT TOROMONT
Toromont Industries Ltd. operates through two business segments:
The Equipment Group and CIMCO. The Equipment Group includes one of
the larger Caterpillar dealerships by revenue and geographic
territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New
Brunswick, Prince Edward
Island, Québec, Ontario and
Manitoba in addition to most of
the territory of Nunavut. In addition, the Group includes
industry leading rental operations, and a complementary material
handling business. CIMCO is a market leader in the design,
engineering, fabrication and installation of industrial and
recreational refrigeration systems. Both segments offer
comprehensive product support capabilities. This press release and
more information about Toromont Industries can be found at
www.toromont.com.
SOURCE Toromont Industries Ltd.
