TORONTO, June 26, 2024 (GLOBE NEWSWIRE) -- Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR), today announced that the Toronto Stock Exchange (the “TSX”) has approved the Company’s notice of intention to renew its normal course issuer bid (the “NCIB”) for common shares of the Company (the “Common Shares”).
Pursuant to the NCIB, the Company may purchase for cancellation up to 4,982,824 Common Shares, representing approximately 10% of the Company’s public float as at June 14, 2024. As at the date hereof, the Company has 66,372,274 Common Shares issued and outstanding. The NCIB will commence on June 28, 2024 and terminate one year after its commencement, or earlier if the maximum is reached or the NCIB is terminated at the option of the Company. The Company believes that using the NCIB to return capital to its shareholders will increase shareholder value and further the returns of the Company.
All purchases pursuant to the NCIB will be made through the facilities of the TSX, or such other permitted means (including through alternative trading systems in Canada, including NEO-N, NEO-L, NEO-D, Crossing Facility, CSE, ICX, Liquidnet, CXC, CX2, CXD, Omega ATS, Lynx ATS, TSX Venture Exchange, TSX Alpha Exchange and MATCH Now (together, the “Other Exchanges”)), at prevailing market prices or as otherwise permitted. The NCIB will be funded using existing cash resources and any Common Shares repurchased by the Company under the NCIB will be cancelled. Other than purchases made under a block purchase exemption pursuant to the rules and policies of the TSX, daily purchases on the TSX pursuant to the NCIB will be limited to 30,099 Common Shares, which represents approximately 25% of the average daily trading volume of 120,397 Common Shares of the Company for the most recently completed six calendar months preceding May 31, 2024.
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 the Company, subject to applicable law and the rules of the TSX and/or the rules of the Other Exchanges, if eligible, to the extent made through such facilities.
In connection with the NCIB, the Company has entered into an automatic share purchase plan (the “Plan”) with a designated broker (the “Broker”) in order to facilitate repurchases of its outstanding Common Shares under the NCIB. The Plan has been approved by the TSX and will be implemented effective as of June 28, 2024.
Under the Plan, the Broker may purchase Common Shares under the NCIB at times when the Company would ordinarily not be permitted to, due to its self-imposed regular quarterly black-out periods or special black-out periods. Before the commencement of any particular internal trading black-out period, the Company may, but is not required to, instruct the Broker to make purchases of Common Shares under the NCIB during the ensuing black-out period in accordance with the terms of the Plan. Such purchases will be determined by the Broker based on parameters established by the Company prior to commencement of the applicable black-out period in accordance with the terms of the Plan and applicable TSX rules and/or the rules of the Other Exchanges, if eligible, to the extent made through such facilities. Outside of these black-out periods, Common Shares will continue to be purchasable by the Company and the Broker at the Company’s discretion under the NCIB.
Under the Company’s previous NCIB commencing June 28, 2023, the Company purchased for cancellation a total of 3,442,233 Common Shares, being the maximum number of Common Shares it was authorized to repurchase, through the facilities of the TSX or by such other permitted means, for an aggregate repurchase price of approximately $52,216,000 and at a volume weighted average purchase price of $15.1591 per Common Share. The previous NCIB terminated on December 19, 2023, the date the maximum purchase limit had been reached.
About Mattr
Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed manufacturing facilities. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure while lowering risk.
For further information, please contact:
Meghan MacEachern
VP, External Communications & ESG
Tel: 437-341-1848
Email: meghan.maceachern@mattr.com
Website: www.mattr.com
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws, including statements related to the NCIB, the timing and amount of potential purchases and the cancellation of Common Shares under the NCIB and the Plan. Words such as “intend”, “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “predict”, “estimate” or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company’s experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.
Source: Mattr Corp....
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