Stack Capital Group Inc. Announces Normal Course Issuer Bid
14 11월 2024 - 9:45PM
Stack Capital Group Inc. (TSX:STCK) (“Stack Capital”) announced
today that the Toronto Stock Exchange (the “TSX”) has accepted a
notice filed by Stack Capital of its intention to make a normal
course issuer bid (the “NCIB”) with respect to its outstanding
common shares. Stack Capital management believes its share price is
undervalued compared to its recently announced Book Value per Share
of $11.05.
The notice provides that Stack Capital may,
during the 12-month period commencing November 18, 2024, and ending
no later than November 17, 2025, purchase through the facilities of
the TSX and/or alternative Canadian Trading Systems up to 531,000
common shares in total, being 5.0% of the issued and outstanding
common shares as of November 11, 2024. The price which Stack
Capital will pay for any common shares will be the market price at
the time of acquisition. During the period of this NCIB, Stack
Capital may make purchases under the NCIB by means of open market
transactions. 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 senior management of Stack Capital. The
average daily trading volume from May 1, 2024 to October 31, 2024
was of 4,613 common shares. Daily purchases under the NCIB will be
generally limited to 1,153 common shares, other than block
purchases. All shares purchased by Stack Capital under the NCIB
will be cancelled.
As of November 11, 2024, there were 10,636,908
common shares of Stack Capital outstanding, and the public float
was 8,213,866 common shares.
Stack Capital may purchase its common shares,
from time to time, if it believes that the market price of its
common shares is attractive and that the purchase would be an
appropriate use of corporate funds and in the best interests of
Stack Capital.
In connection with the NCIB, Stack Capital has
entered into an automatic share purchase plan (“ASPP”) with a
designated broker to facilitate the purchase of common shares under
the NCIB, including at times when Stack Capital would ordinarily
not be permitted to purchase its common shares due to regulatory
restrictions or self-imposed blackout periods. During restricted or
blackout periods, purchases under the ASPP will be determined by
the designated broker in its sole discretion based on the
purchasing parameters set by Stack Capital in accordance with the
rules of the TSX, applicable securities laws and the terms of the
ASPP. Outside of the restricted and blackout periods, the timing
and amount of purchases under the NCIB will be determined by senior
management of Stack Capital. The ASPP has been pre-cleared by the
TSX and will become effective on November 18, 2024, concurrently
with the commencement of the NCIB. All purchases made under the
ASPP will be included in computing the number of common shares
purchased under the NCIB.
Pursuant to a previous notice of intention to
conduct a NCIB, under which Stack Capital sought and received
approval from the TSX to purchase up to 449,000 common shares for
the period of November 17, 2023 to November 16, 2024, Stack Capital
purchased 59,400 common shares through the facilities of the TSX
and alternative Canadian Trading Systems for cancellation as of
November 11, 2024 at a weighted average price of $8.73 per share.
Stack Capital’s previous NCIB expires on November 16, 2024.
About Stack Capital
Stack Capital is an investment holding company
and its business objective is to invest in equity, debt and/or
other securities of growth-to-late-stage private businesses.
Through Stack Capital, shareholders have the opportunity to gain
exposure to a diversified private investment portfolio; participate
in the private market; and have liquidity due to the listing of the
Common Shares and Warrants on the TSX. At the same time, the public
structure also allows the Company to focus its efforts on
maximizing long-term performance through a portfolio of high growth
businesses, which are not widely available to most Canadian
investors. SC Partners Ltd. has taken the initiative in creating
the Company and acts as the Company's administrator and is
responsible to source and advise with respect to all investments
for the Company.
For more information, please visit our
website at www.stackcapitalgroup.com
or contact:
Brian ViveirosVP, Corporate Development, and
Investor Relations647.280.3307brian@stackcapitalgroup.com
Non-IFRS Financial Measures
This press release may make reference to the
following financial measures which are not recognized under
International Financial Reporting Standards (“IFRS”), and which do
not have a standard meaning prescribed by IFRS:
- Book Value - the
aggregate fair value of the assets of the Company on the referenced
date, less the aggregate carrying value of the liabilities,
excluding any deferred taxes or unrealized deferred gains or losses
if applicable, of the Company; and
- Book Value per Share
(BVPS) - the Book Value on the referenced day divided by
the aggregate number of Common Shares that are outstanding on such
day.
The Company’s Book Value and Book Value per
Share is a measure of the performance of the Company as a whole.
The Company’s method of determining this financial measure may
differ from other issuers’ methods and, accordingly, this amount
may not be comparable to measures used by other issuers. This
financial measure is not a performance measure as defined under
IFRS and should not be considered either in isolation of, or as a
substitute for, net earnings per share prepared in accordance with
IFRS.
Cautionary Note Regarding
Forward-Looking Information
This press release contains statements that
constitute “forward-looking statements” within the meaning of
applicable securities legislation, including, but not limited to,
statements relating to future purchases of common shares under the
NCIB, including pursuant to the ASPP. Much of this information can
be identified by words such as “expect to,” “expected,” “will,”
“estimated” or similar expressions suggesting future outcomes or
events. Stack Capital believes the expectations reflected in such
forward-looking statements are reasonable but no assurance can be
given that these expectations will prove to be correct and such
forward-looking statements should not be unduly relied upon.
Forward-looking statements are based on current
information and expectations that involve a number of risks and
uncertainties, which could cause actual results or events to differ
materially from those anticipated. These risks include, but are not
limited to, risks associated with Stack Capital’ financial
condition and prospects; the stability of general economic and
market conditions; interest rates; the availability of cash for
repurchases of outstanding common shares under the NCIB; the
existence of alternative uses for Stack Capital’s cash resources
which may be superior to effecting repurchases under the NCIB;
compliance by third parties with their contractual obligations;
compliance with applicable laws and regulations pertaining to the
NCIB and ASPP; and other risks related to Stack Capital’s business,
including those identified in Stack Capital’s annual information
form for the year ended December 31, 2023 under the heading “Risk
Factors” (a copy of which may be obtained at www.sedarplus.ca) and
subsequent filings. Forward-looking statements contained in this
press release are made as of the date hereof and are subject to
change. All forward-looking statements in this press release are
qualified by these cautionary statements. Unless otherwise required
by applicable securities laws, we do not intend, nor do we
undertake any obligation, to update or revise any forward-looking
statements contained in this press release to reflect subsequent
information, events, results or circumstances or otherwise.
Stack Capital (TSX:STCK)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
Stack Capital (TSX:STCK)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024