WINNIPEG, MB, Feb. 29,
2024 /CNW/ - Winpak Ltd. (TSX: WPK) ("Winpak" or
the "Corporation") announces today that the Toronto Stock Exchange
(the "TSX") has accepted a notice filed by Winpak of its
intention to make a normal course issuer bid (the "NCIB") with
respect to its outstanding common shares.
The notice provides that Winpak may, during the 12-month period
commencing March 4, 2024, and ending
no later than March 3, 2025, purchase
through the facilities of the TSX and other alternative Canadian
trading systems up to a maximum of 1,950,000 common shares in
total, being 3.0 percent of the issued and outstanding shares of
Winpak as of February 21, 2024. The
price which Winpak will pay for any common shares will be the
market price at the time of acquisition. During the period of this
NCIB, Winpak may make purchases under the NCIB by means of open
market transactions. The actual number of common shares which may
be purchased pursuant to the NCIB and the timing of any such
purchases will be determined by senior management of Winpak. The
average daily trading volume from August 1,
2023 to January 31, 2024 was
46,578 common shares. Daily purchases under the NCIB will be
generally limited to 11,644 common shares, other than block
purchases. All shares purchased by Winpak under the NCIB will be
cancelled.
As of February 21, 2024, there
were 65,000,000 common shares of Winpak outstanding, and the public
float was 30,717,750 common shares. Winpak believes there are times
when the market price of its common shares may not fully reflect
the underlying value of its business and future prospects.
Depending on the trading price of its common shares and other
relevant factors, the Corporation believes purchasing common shares
represents an attractive investment opportunity and is in the best
interest of Winpak and its shareholders.
In connection with the NCIB, Winpak has entered into an
automatic share purchase plan ("ASPP") with CIBC World Markets
Inc. to facilitate the purchase of common shares under the NCIB,
including at times when Winpak would ordinarily not be permitted to
purchase its common shares due to regulatory restrictions or
self-imposed blackout periods. During restricted or blackout
periods, purchases under the ASPP will be determined by CIBC World
Markets Inc. in its sole discretion based on the purchasing
parameters set by Winpak in accordance with the rules of the TSX,
applicable securities laws, and the terms of the ASPP. Outside of
the restricted and blackout periods, the timing and amount of
purchases under the NCIB will be determined by senior management of
Winpak. The ASPP has been pre-cleared by the TSX and will become
effective on March 4, 2024,
concurrently with the commencement of the NCIB. All purchases made
under the ASPP will be included in computing the number of common
shares purchased under the NCIB.
SOURCE Winpak Ltd.