VANCOUVER, May 10, 2018 /PRNewswire/ - Artizia Inc.
("Aritzia" or the "Company") (TSX: ATZ) today announced that the
Toronto Stock Exchange ("TSX") has accepted its notice of intention
to proceed with a normal course issuer bid.
Aritzia's Board of Directors believes that a normal course
issuer bid represents an appropriate and desirable use of its
available cash, after investments in stores and strategic
infrastructure, to increase shareholder value and is in the best
interest of Aritzia and its shareholders. As at February 25, 2018, the Company had approximately
$112.5 million of cash on hand.
Any purchases made under the normal course issuer bid will be made
by Aritzia subject to favourable market conditions at the
prevailing market price at the time of acquisition through the
facilities of the TSX and/or alternative Canadian trading
systems.
Pursuant to the notice, Aritzia may purchase up to 5,429,658 of
its subordinate voting shares ("Shares"), representing
approximately 10% of the public float of 54,296,588 Shares, during
the twelve month period commencing May 15,
2018 and ending May 14,
2019. As at April 30, 2018
there were 56,402,240 Shares issued and outstanding. Under
the normal course issuer bid, other than purchases made under block
purchase exemptions, Aritzia may purchase up to 39,160 Shares on
the TSX during any trading day, which represents approximately 25%
of 156,642, which represents the average daily trading volume on
the TSX for the most recently completed six calendar months prior
to the TSX's acceptance of the notice of the NCIB. Any Shares
purchased under the normal course issuer bid will be cancelled.
Although the Company intends to purchase Shares under its normal
course issuer bid, there can be no assurances that any such
purchases will be completed. Any purchases made under the normal
course issuer bid will be made by Aritzia at the prevailing market
price at the time of acquisition and through the facilities of the
TSX. The Company may rely on an automatic purchase plan during the
NCIB. The automatic purchase plan would allow for purchases by the
Company of Shares during certain pre-determined blackout periods,
subject to certain parameters and approval of the TSX.
About Aritzia
Aritzia is a vertically integrated, innovative design house of
fashion brands. The Company designs apparel and accessories for its
collection of exclusive brands. The Company's expansive and diverse
range of women's fashion apparel and accessories addresses a broad
range of style preferences and lifestyle requirements. Aritzia is
well known and deeply loved by its customers in Canada with growing customer awareness and
affinity in the United States and
outside of North America. Aritzia
aims to delight its customers through an aspirational shopping
experience and exceptional customer service that extends across its
more than 85 retail stores and our eCommerce business,
aritzia.com.
Forward-looking statement
Certain information
contained in this press release may constitute forward-looking
information under applicable securities laws, including statements
related to the Company's normal course issuer bid, investments in
store and strategic infrastructure and other statements that are
not historical facts. This information is based on management's
reasonable assumptions and beliefs in light of the information
currently available to us and are made as of the date of this press
release. However, we do not undertake to update any such
forward-looking information whether as a result of new information,
future events or otherwise, except as required under applicable
securities laws in Canada. Actual
results and the timing of events may differ materially from those
anticipated in the forward-looking information as a result of
various factors, including those described in "Risk Factors" which
are described in the Company's annual information form dated
May 10, 2018 for the fiscal year
ended February 25, 2018 (the
"AIF"). The Company cautions that the list of risk factors
and uncertainties is not exhaustive and other factors could also
adversely affect its results. Readers are urged to consider the
risks, uncertainties and assumptions carefully in evaluating the
forward-looking information and are cautioned not to place undue
reliance on such information. See
"Forward-looking Information" and "Risk Factors" in the AIF
for a discussion of the uncertainties, risks and assumptions
associated with these statements.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this statement.
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SOURCE Aritzia Inc.
