MARKHAM, ON, Nov. 28, 2023 /CNW/ – Pet Valu Holdings Ltd. (“Pet Valu” or the “Company“) (TSX: PET), the main Canadian specialty retailer of pet meals and pet-related provides, introduced right now the acceptance by the Toronto Stock Exchange (the “TSX“) of the Company’s discover of intention to launch a standard course issuer bid (the “NCIB“). Pursuant to the NCIB, the Company might buy for cancellation as much as an mixture of 1,786,599 frequent shares within the capital of the Company (the “Common Shares“), representing roughly 2.5% of the Company’s issued and excellent Common Shares. As at November 16, 2023, the Company had 71,463,986 Common Shares issued and excellent.
Under the NCIB, the Company might buy as much as 36,971 of its Common Shares on the TSX throughout any buying and selling day, which represents 25% of the typical every day buying and selling quantity of 147,887 Common Shares on the TSX for the six months ended October 31, 2023. Purchases underneath the NCIB might start on November 30, 2023 and proceed till the earliest of (a) the shut of buying and selling on November 29, 2024, (b) the date upon which Pet Valu acquires the utmost variety of Common Shares to be bought underneath the NCIB and (c) the date on which Pet Valu offers written discover of termination of the NCIB to the TSX.
The NCIB will probably be carried out by means of the services of the TSX or different Canadian buying and selling methods, if eligible, and the value that the Company pays for any Common Shares would be the market value prevailing on the time of buy or such different value as could also be permitted. Purchases underneath the NCIB will probably be made by the use of open market transactions or different such means as a securities regulatory authority might allow, together with pre-arranged crosses, exempt affords and personal agreements underneath an issuer bid exemption order issued by a securities regulatory authority.
In reference to the NCIB, the Company additionally publicizes that it has entered into an issuer automated buy plan settlement (the “Plan“) with TD Securities Inc. (the “Broker“) for making purchases of Common Shares pursuant to the Plan. Under the Plan, the Broker may have sole discretion to buy Common Shares pursuant to the NCIB throughout buying and selling black out durations established underneath the Company’s Insider Trading Policy, topic to the value limitations and different phrases of the Plan and the principles of the TSX. The Company might instruct the Broker to make particular purchases and droop or terminate the Plan, supplied in every case that the Company certifies to the Broker that it’s not in possession of any materials undisclosed data and such request is in any other case in compliance with the phrases of the Plan.
The NCIB will present the Company with extra flexibility to handle capital and generate worth for shareholders.
About Pet Valu
Pet Valu is Canada’s main retailer of pet meals and pet-related provides with over 700 corporate-owned or franchised areas throughout the nation. For greater than 40 years, Pet Valu has earned the belief and loyalty of pet dad and mom by providing educated customer support, a premium product providing and fascinating in-store companies. Pet Valu’s neighbourhood shops supply greater than 7,000 competitively-priced merchandise, together with a broad assortment of premium, tremendous premium, holistic and award-winning proprietary manufacturers. To be taught extra, please go to: www.petvalu.com.
SOURCE Pet Valu Canada Inc.
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