LUNENBURG, NS, Nov. 8, 2024
/CNW/ - High Liner Foods Incorporated (the
"Company") (TSX: HLF) today announced that it has
increased the size of its Normal Couse Issuer Bid ("NCIB") by
filing an amended notice of intention with the Toronto Stock
Exchange ("TSX"). The amendment increases the number of
common shares of the Company ("Common Shares") the Company intends
to purchase for cancellation by 943,340 Common Shares. This
reflects an increase from the previously authorized limit of
700,000 Common Shares, to a newly authorized limit of 1,643,340
Common Shares, representing approximately 5% of the Common Shares
outstanding as of May 24, 2024,
subject to approval by the TSX. The purchases will be made through
the facilities of the TSX and/or any alternative Canadian trading
systems to the extent they are eligible. The price that the Company
will pay for any such Common Shares will be the market price at the
time of acquisition. The current NCIB commenced on June 7, 2024, and purchases shall terminate no
later than June 6, 2025.
The average daily trading volume ("ADTV") of the
Company's Common Shares on the TSX over the six months ending
May 31, 2024, was 14,879 Shares.
Accordingly, under the policies of the TSX, the Company is entitled
to purchase, during any one trading day up to 3,719 Common Shares
(being 25% of the ADTV of the Common Shares). The Company is
entitled to purchase a larger amount of Common Shares per calendar
week, subject to the maximum number that may be acquired under the
NCIB, if the transaction meets the block purchase exception under
the TSX rules.
In connection with the NCIB, the Company has established an
automatic securities purchase plan ("the Plan") for the
Common Shares. The Plan was established to provide standard
instructions regarding how the Common Shares are to be repurchased
under the NCIB. Accordingly, the Company may repurchase its
securities under the Plan on any trading day during the NCIB
including during regulatory restrictions or self-imposed trading
blackout periods. The Plan commenced on June
7, 2024, and will terminate on June
6, 2025. The Company may otherwise vary, suspend or
terminate the Plan only if it does not have material non-public
information and the decision to vary, suspend or terminate the Plan
is not taken during a self-imposed trading blackout period. The
Plan constitutes an "automatic plan" for purposes of applicable
Canadian securities legislation and has been reviewed by the
TSX.
The Board of Directors and Senior Management of the Company are
of the opinion that from time to time the purchase of its Common
Shares at the prevailing market price is in the best interest of
the Company and its shareholders. By making such repurchases, the
number of Common Shares in circulation will be reduced and the
proportionate interest of remaining shareholders of the Company in
the share capital of the Company will be increased on pro rata
basis. Since June 7, 2024, under the
current NCIB, the Company has purchased for cancellation up to
October 31, 2024, 657,292 Common
Shares through the facilities of the TSX and alternative Canadian
trading systems in Canada, at a
weighted average price of $13.2645
for a total consideration of $8.7 million
dollars.
About High Liner Foods Incorporated
High Liner Foods Incorporated is a leading North American
processor and marketer of value-added frozen seafood. High Liner
Foods' retail branded products are sold throughout the United States and Canada under the High Liner,
Fisher Boy, Mirabel, and Sea Cuisine
labels, and are available in most grocery and club stores. The
Company also sells branded products to restaurants and institutions
under the High Liner, Mirabel, Icelandic Seafood, and
FPI labels and is a major supplier of private label
value-added seafood products to North American food retailers and
foodservice distributors. High Liner Foods is a publicly traded
Canadian company, trading under the symbol HLF on the Toronto
Stock Exchange.
This news release contains forward-looking information within
the meaning of applicable securities laws, including but not
limited to management's expectations regarding the Company's plans
to purchase for cancellation shares under the normal course issuer
bid. Forward-looking statements are based on information currently
available to the Company and management's estimates, expectations
and assumptions, which we believe are reasonable as of the current
date but may prove to be incorrect. These statements are also
subject to risks and uncertainties. Actual results or events may
differ materially from those expressed or implied by such
forward-looking statements. Additional information about these
assumptions, risks and uncertainties is included in the Company's
securities regulatory filings, including under the headings "Risk
Factors" and "Forward-Looking Information" in the Company's annual
Management's Discussion & Analysis, which can be found under
the Company's profile on SEDAR+ at www.sedarplus.ca. Undue
reliance should not be placed on this forward-looking information,
which applies only as of the date hereof, and the Company does not
undertake to update or revise any forward-looking information,
whether as a result of any new information, future events or
otherwise, except as may be required by applicable law.
For further information about the Company, please visit our
Internet site at www.highlinerfoods.com or send an e-mail to
investor@highlinerfoods.com.
SOURCE High Liner Foods Incorporated