Andrew Peller Limited Announces TSX Approval of Normal Course Issuer Bid
July 15 2024 - 7:55AM
Andrew Peller Limited ("
Andrew Peller" or the
"
Company") (Toronto Stock Exchange: ADW.A/ADW.B)
today announced that it has filed with the Toronto Stock Exchange
(“
TSX”), and the TSX has accepted, a notice of
intention to make a normal course issuer bid (the
“
NCIB”) permitting the Company to purchase for
cancellation up to 1,000,000 of its outstanding class A non-voting
shares (“
Class A Shares”) over a 12-month period,
representing 2.8% of the 35,243,647 Class A Shares outstanding as
of June 30, 2024.
Purchases under the NCIB may commence on July
18, 2024 and continue until July 17, 2025, when the bid expires, or
such earlier date on which purchases under the NCIB have been
completed. Purchases of Class A Shares under the NCIB will be made
in open market transactions through the facilities of the TSX or
through alternative Canadian trading systems at the market price of
the Class A Shares at the time of acquisition. The maximum number
of Class A Shares that may be purchased on a daily basis, subject
to any approved exceptions, will be 5,833 Class A Shares,
representing 25% of the average daily trading volume of the Class A
Shares for the six months ended June 28, 2024. Class A Shares
purchased under the NCIB will either be cancelled or transferred to
and held in a trust established by the Company for the settlement
of equity settled incentive plans. Andrew Peller has not purchased
any of its Class A Shares in the previous twelve month period.
From time to time during the NCIB, Andrew Peller
may enter into one or more automatic purchase plans with its broker
to allow for the purchase of Class A Shares when it ordinarily
would not be active in the market due to its own internal trading
black-out periods, insider trading rules or otherwise. Class A
Shares will be purchased in accordance with management’s discretion
based on market conditions, share price and other factors at the
relevant time.
Andrew Peller believes that the market price of
the Class A Shares may from time to time trade at prices that do
not adequately reflect the value of the Class A Shares in relation
to its business, operations, financial condition and prospects. As
a result, the Company believes that the purchase of Class A Shares,
from time to time, would be an appropriate and attractive use of
corporate funds in light of potential benefits to remaining
shareholders.
About Andrew Peller Limited
Andrew Peller Limited is one of Canada’s leading
producers and marketers of quality wines and craft spirits. The
Company’s award‐winning premium and ultra‐premium Vintners’ Quality
Alliance (“VQA”) brands include Peller Estates, Trius, Thirty
Bench, Wayne Gretzky, Sandhill, Red Rooster, Black Hills Estate,
Tinhorn Creek, Gray Monk Estates, Raven Conspiracy and Conviction.
Complementing these premium brands are a number of popularly priced
varietal offerings, wine based liqueurs, craft ciders, and craft
spirits. The Company owns and operates 101 well‐positioned
independent retail locations in Ontario under The Wine Shop, Wine
Country Vintners, and Wine Country Merchants store names. With a
focus on serving the needs of all wine consumers, the Company
produces and markets premium personal winemaking products through
its wholly‐owned subsidiary, Global Vintners Inc. (“GVI”), the
recognized leader in personal winemaking products. The Company also
operates Andrew Peller Import Agency and The Small Winemaker’s
Collection Inc., importers and marketing agents of premium wines
from around the world. More information about the Company can be
found at ir.andrewpeller.com.Forward-Looking
Statements
Certain statements in this news release may
contain “forward‐looking statements” within the meaning of
applicable securities laws, including the “safe harbour provision”
of the Securities Act (Ontario) with respect to Andrew Peller
Limited and its subsidiaries. These forward‐looking statements are
subject to the risks and uncertainties discussed in the “Risks and
Uncertainties” section and elsewhere in the Company’s MD&A and
other risks detailed from time to time in the publicly filed
disclosure documents of Andrew Peller Limited which are available
at www.sedarplus.com. Forward‐looking statements are not guarantees
of future performance and involve risks, uncertainties, and
assumptions which could cause actual results to differ materially
from those conclusions, forecasts, or projections anticipated in
these forward‐looking statements. The Company’s forward‐looking
statements are made only as of the date of this news release, and
except as required by applicable law, the Company undertakes no
obligation to update or revise these forward‐looking statements to
reflect new information, future events or circumstances or
otherwise.
For more information, please contract:Paul
Dubkowski, CEO, CFO and Executive Vice-President, IT(905)
643-4131
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