MONTRÉAL, June 13, 2024 (GLOBE NEWSWIRE) -- Transcontinental Inc. (TSX: TCL.A TCL.B) has been authorized to purchase for cancellation on the open market, between June 17, 2024 and June 16, 2025, up to 3,662,967 of its Class A Subordinate Voting Shares and up to 668,241 of its Class B Shares, representing approximately 5% of the 73,259,342 issued and outstanding Class A Subordinate Voting Shares and of the 13,364,828 issued and outstanding Class B Shares as of June 3, 2024. The average daily trading volume on the Toronto Stock Exchange of Class A Subordinate Voting Shares for the past six months was 171 816 and the average daily trading volume on the Toronto Stock Exchange of Class B Shares for the past six months was 283. In accordance with the Toronto Stock Exchange requirements, a maximum daily purchase of the greater of 25% of these averages or 1,000 shares may be made, which represent a total of 42 954 Class A subordinate Voting Shares and a total of 1,000 Class B Shares. The purchases will be made in the normal course of business at market prices through the facilities of the Toronto Stock Exchange and/or alternative Canadian trading systems in accordance with the requirements of the exchange, and/or subject to the approval of any securities authority by private agreements. If applicable, purchases through private agreements will be executed at a price that is less than the prevailing market price on the Toronto Stock Exchange at the time of the purchase.
The Corporation believes that the purchase of the Class A subordinate Voting Shares and Class B Shares would constitute an appropriate and desirable use of its funds to increase long-term shareholder value. The last normal course issuer bid, in effect from October 3, 2022 until October 2, 2023, covered a maximum of 1,000,000 Class A Subordinate Voting Shares and 191,343 Class B Shares. During the last normal course issuer bid, the Corporation acquired no Class A Subordinate Voting Shares and no Class B Shares. In the last 12 months, no shares were acquired.
In connection with the program, the Corporation established an automatic securities purchase plan to provide standard instructions regarding how the Corporation’s shares are to be repurchased under the program. Accordingly, the Corporation may repurchase its shares under the automatic plan on any trading day during the program including during self-imposed trading blackout periods. The automatic plan will commence and should terminate together with the program. It constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been reviewed by the Toronto Stock Exchange.
About TC Transcontinental
TC Transcontinental is a leader in flexible packaging in North America and in retail services in Canada and is Canada’s largest printer. The Corporation is also the leading Canadian French-language educational publishing group. For over 45 years, TC Transcontinental's mission has been to create quality products and services that allow businesses to attract, reach and retain their target customers.
Respect, teamwork, performance and innovation are the strong values held by the Corporation and its employees. TC Transcontinental's commitment to its stakeholders is to pursue its business activities in a responsible manner.
Transcontinental Inc. (TSX: TCL.A TCL.B), known as TC Transcontinental, has approximately 7,600 employees, the majority of which are based in Canada, the United States and Latin America. TC Transcontinental generated revenues of $2.9 billion during the fiscal year ended October 29, 2023. For more information, visit TC Transcontinental's website at www.tc.tc.
For information:
Media
Nathalie St-Jean
Senior Advisor, Corporate Communications
TC Transcontinental
Telephone: 514-954-3581
nathalie.st-jean@tc.tc
Financial Community
Yan Lapointe
Director, Investor Relations and Treasury
TC Transcontinental
Telephone: 514-954-3574
yan.lapointe@tc.tc
