TSX: FTT
VANCOUVER, Dec. 27, 2018 /CNW/ -
Finning International Inc. (TSX: FTT) ("Finning") today
announced that, in connection with its previously announced normal
course issuer bid ("NCIB") to purchase up to 5,300,000 of its
common shares ("Shares"), it has entered into an automatic share
purchase plan ("ASPP") with a designated broker. The ASPP
allows for the purchase of Shares under the NCIB at times when
Finning would ordinarily not be permitted to purchase Shares due to
regulatory restrictions and customary self-imposed blackout
restrictions.
The ASPP provides a set of standard instructions to the
designated broker to make purchases under the NCIB in accordance
with the limits and other terms set out in the ASPP. The
designated broker will determine the timing of these purchases in
its sole discretion based on purchasing parameters set by Finning
and subject to the rules of the Toronto Stock Exchange ("TSX"),
applicable securities laws and the terms of the ASPP. The ASPP
has been pre-cleared by the TSX and will be implemented as of
January 1, 2019. The NCIB was
originally announced by Finning on May 7,
2018 and a subsequent press release on November 13, 2018 confirmed that Finning had
increased the maximum number of Shares which may be acquired under
the NCIB to 5,300,000.
Outside of pre-determined blackout periods, Shares may be
purchased under the NCIB based on management's discretion, in
compliance with TSX rules and applicable securities laws. The
NCIB commenced on May 11, 2018 and ends on May 10,
2019. All purchases made under the ASPP will be included in
computing the number of Shares purchased and cancelled by Finning
under the NCIB.
About Finning:
Finning International Inc. (TSX: FTT) is the world's largest
Caterpillar equipment dealer delivering unrivalled service to
customers for 85 years. Finning sells, rents and provides parts and
service for equipment and engines to help customers maximize
productivity. Headquartered in Vancouver,
B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, the United
Kingdom and Ireland.
Forward-Looking Disclaimer
This news release contains statements that are not historical
facts. A statement Finning makes is forward-looking when it uses
what Finning knows and expects today to make a statement about the
future. Forward-looking statements may include words such as aim,
anticipate, assumption, believe, could, expect, goal, guidance,
intend, may, objective, outlook, plan, project, seek, should,
strategy, strive, target, and will. Forward-looking statements in
this news release include, but are not limited to, statements with
respect to the terms under which the NCIB will be operated. All
such forward-looking statements are made pursuant to the 'safe
harbour' provisions of applicable Canadian securities laws.
Unless otherwise indicated by us, forward-looking statements in
this news release reflect Finning's expectations as at the date of
this news release. Except as may be required by Canadian securities
laws, Finning does not undertake any obligation to update or revise
any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Forward-looking statements, by their very nature, are subject to
numerous risks and uncertainties and are based on several
assumptions which give rise to the possibility that actual results
could differ materially from the expectations expressed in or
implied by such forward-looking statements and that Finning's
business outlook, objectives, plans, strategic priorities and other
statements that are not historical facts may not be achieved. As a
result, Finning cannot guarantee that any forward-looking statement
will materialize. Factors that could cause actual results or events
to differ materially from those expressed in or implied by these
forward-looking statements include: general economic and market
conditions; foreign exchange rates; commodity prices; the level of
customer confidence and spending, and the demand for, and prices
of, Finning's products and services; Finning's ability to maintain
its relationship with Caterpillar Inc.; Finning's dependence on the
continued market acceptance of its products, including Caterpillar
products, and the timely supply of parts and equipment; Finning's
ability to continue to improve productivity and operational
efficiencies while continuing to maintain customer service;
Finning's ability to manage cost pressures as growth in revenue
occurs; Finning's ability to reduce costs in response to slowing
activity levels; Finning's ability to attract sufficient skilled
labour resources as market conditions, business strategy or
technologies change; Finning's ability to negotiate and renew
collective bargaining agreements with satisfactory terms for
Finning's employees and Finning; the intensity of competitive
activity; Finning's ability to raise the capital needed to
implement its business plan; regulatory initiatives or proceedings,
litigation and changes in laws or regulations; stock market
volatility; changes in political and economic environments for
operations; the integrity, reliability and availability of, and
benefits from information technology and the data processed by that
technology; and Finning's ability to protect itself from
cybersecurity threats or incidents. Forward-looking statements are
provided in this news release for the purpose of giving information
about management's current expectations and plans and allowing
investors and others to get a better understanding of Finning's
operating environment. However, readers are cautioned that it may
not be appropriate to use such forward-looking statements for any
other purpose. Forward-looking statements made in this news release
are based on a number of assumptions that Finning believed were
reasonable on the day Finning made the forward-looking statements.
Refer in particular to the Outlook section of the annual MD&A
for forward-looking statements. Some of the assumptions, risks, and
other factors which could cause results to differ materially from
those expressed in the forward-looking statements contained in this
news release are discussed in Finning's current annual information
form ("AIF") and in the annual management discussion & analysis
("MD&A") for the financial risks.
Finning cautions readers that the risks described in the
MD&A and the AIF are not the only ones that could impact
Finning. Additional risks and uncertainties not currently known to
Finning or that are currently deemed to be immaterial may also have
a material adverse effect on Finning's business, financial
condition, or results of operations.
Except as otherwise indicated, forward-looking statements do not
reflect the potential impact of any non-recurring or other unusual
items or of any dispositions, mergers, acquisitions, other business
combinations or other transactions that may be announced or that
may occur after the date of this news release. The financial impact
of these transactions and non-recurring and other unusual items can
be complex and depends on the facts particular to each of them.
Finning therefore cannot describe the expected impact in a
meaningful way or in the same way Finning presents known risks
affecting its business.
SOURCE Finning International Inc.