FirstService Announces Normal Course Issuer Bid
August 24 2022 - 6:30AM
FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”)
announced today that the Toronto Stock Exchange (the “TSX”) has
accepted a notice filed by FirstService of its intention to make a
normal course issuer bid (the “NCIB”) with respect to its
outstanding common shares.
The notice provides that FirstService may,
during the 12 month period commencing August 26, 2022 and ending no
later than August 25, 2023, purchase through the facilities of the
TSX, alternative Canadian Trading Systems and/or The NASDAQ Stock
Market (“NASDAQ”) up to 1,600,000 common shares in total, being
4.2% of the “public float” of common shares as of August 12, 2022.
The price which FirstService will pay for any common shares will be
the market price at the time of acquisition. During the period of
this NCIB, FirstService may make purchases under the NCIB by means
of open market transactions or otherwise as permitted by the TSX
and/or NASDAQ. In the event that FirstService acquires common
shares by other means as may be permitted by the TSX and/or NASDAQ,
such as pre-arranged crosses, exempt offers and private agreements,
the purchase price of the common shares may be different than the
market price of same at the time of acquisition. 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 FirstService. The average daily trading volume from
February 1 to July 31, 2022 was 94,238 common shares. Daily
purchases under the NCIB will be limited to 23,559 common shares,
other than block purchases. All shares purchased by FirstService
under the NCIB will be cancelled.
As of August 12, 2022, there were 44,195,931
common shares of FirstService outstanding, and the public float was
38,587,365 common shares.
FirstService 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
FirstService. FirstService may also purchase its common shares in
order to mitigate the dilutive effect of stock options issued under
its stock option plan.
Pursuant to a previous notice of intention to
conduct a NCIB, under which FirstService sought and received
approval from the TSX to purchase up to 1,600,000 common shares for
the period of August 26, 2021 to August 25, 2022, FirstService has
not purchased for cancellation, as of August 12, 2022, any common
shares. FirstService’s previous NCIB expires on August 25,
2022.
About FirstService
CorporationFirstService
Corporation is a North American leader in the
property services sector, serving its customers through two
industry-leading service platforms: FirstService
Residential, North America’s largest manager of
residential communities; and FirstService
Brands, one of North America's largest providers of
essential property services delivered through individually branded
franchise systems and company-owned operations.
FirstService generates more than $3.4 billion in
annual revenues and has approximately 25,000 employees across North
America. With significant insider ownership and an experienced
management team, FirstService has a long-term track record of
creating value and superior returns for shareholders. The
common shares of FirstService trade on the NASDAQ and the Toronto
Stock Exchange under the symbol “FSV”, and are included in the
S&P/TSX 60 Index. For the latest news from FirstService
Corporation, visit www.firstservice.com.
Forward-Looking StatementsThis
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. Much of this
information can be identified by words such as “expect to,”
“expected,” “will,” “estimated” or similar expressions suggesting
future outcomes or events. FirstService 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 FirstService’s financial
condition and prospects; the stability of general economic and
market conditions; currency exchange rates and interest rates; the
availability of cash for repurchases of outstanding common shares
under the NCIB; the existence of alternative uses for
FirstService’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 other risks related to
FirstService’s business, including those identified in
FirstService’s annual information form for the year ended December
31, 2021 under the heading “Risk factors” (a copy of which may be
obtained at www.sedar.com) and Annual Report on Form 40-F filed
with the United States Securities and Exchange Commission (a copy
of which may be obtained at www.sec.gov), 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.
COMPANY CONTACTS:
D. Scott PattersonChief Executive
Officer(416) 960-9566
Jeremy RakusinChief Financial
Officer(416) 960-9566
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