This news release contains forward-looking statements. For a
description of the related risk factors and assumptions, please see
the section entitled "Caution Concerning Forward-Looking
Statements" later in this news release.
MONTRÉAL, Nov. 4, 2021 /CNW
Telbec/ - BCE Inc. (BCE) today announced that the Toronto Stock
Exchange (the "TSX") has accepted a notice filed by BCE of its
intention to renew its normal course issuer bid ("NCIB") to
purchase up to 10% of the public float of each series of BCE's
outstanding First Preferred Shares that are listed on the TSX (the
"Preferred Shares"). The period of the NCIB will extend from
November 9, 2021 to November 8, 2022, or an earlier date should BCE
complete its purchases under the NCIB. BCE will pay the prevailing
market price at the time of acquisition for any Preferred Shares
purchased plus brokerage fees payable by BCE, and all Preferred
Shares acquired by BCE under the NCIB will be cancelled.
The actual number of Preferred Shares repurchased under the NCIB
and the timing of such repurchases will be at BCE's discretion and
shall be subject to the limitations set out in the TSX Company
Manual.
The NCIB will be conducted through the facilities of the TSX as
well as alternative trading systems in Canada, if eligible, or by such other means as
may be permitted by securities regulatory authorities, including
pre-arranged crosses, exempt offers, private agreements under an
issuer bid exemption order issued by securities regulatory
authorities and block purchases of Preferred Shares. Purchases made
under an issuer bid exemption order will be at a discount to the
prevailing market price.
Under the NCIB, BCE is authorized to repurchase shares of each
respective series of the Preferred Shares as follows:
Series
|
Ticker
|
Issued and
Outstanding
Shares(1)
|
Public
Float(1)
|
Average
Daily Trading
Volume(2)
|
Maximum Number of
Shares
Subject to Purchase
|
|
|
|
|
|
Total(3)
|
Daily(4)
|
R
|
BCE.PR.R
|
7,998,900
|
7,998,900
|
10,368
|
799,890
|
2,592
|
S
|
BCE.PR.S
|
2,128,267
|
2,128,267
|
6,498
|
212,826
|
1,624
|
T
|
BCE.PR.T
|
5,870,133
|
5,870,133
|
9,172
|
587,013
|
2,293
|
Y
|
BCE.PR.Y
|
8,079,291
|
8,079,291
|
7,814
|
807,929
|
1,953
|
Z
|
BCE.PR.Z
|
1,918,509
|
1,918,509
|
1,921
|
191,850
|
1,000
|
AA
|
BCE.PR.A
|
11,397,196
|
11,397,196
|
6,564
|
1,139,719
|
1,641
|
AB
|
BCE.PR.B
|
8,599,204
|
8,599,204
|
11,875
|
859,920
|
2,968
|
AC
|
BCE.PR.C
|
10,027,991
|
10,027,991
|
5,977
|
1,002,799
|
1,494
|
AD
|
BCE.PR.D
|
9,963,209
|
9,963,209
|
11,981
|
996,320
|
2,995
|
AE
|
BCE.PR.E
|
6,512,913
|
6,512,913
|
11,494
|
651,291
|
2,873
|
AF
|
BCE.PR.F
|
9,481,487
|
9,481,487
|
5,720
|
948,148
|
1,430
|
AG
|
BCE.PR.G
|
8,979,530
|
8,979,530
|
8,712
|
897,953
|
2,178
|
AH
|
BCE.PR.H
|
5,017,570
|
5,017,570
|
3,439
|
501,757
|
1,000
|
AI
|
BCE.PR.I
|
9,535,040
|
9,535,040
|
11,166
|
953,504
|
2,791
|
AJ
|
BCE.PR.J
|
4,464,960
|
4,464,960
|
7,263
|
446,496
|
1,815
|
AK
|
BCE.PR.K
|
22,735,621
|
22,735,621
|
33,413
|
2,273,562
|
8,353
|
AL
|
BCE.PR.L
|
2,254,079
|
2,254,079
|
1,071
|
225,407
|
1,000
|
AM
|
BCE.PR.M
|
10,439,978
|
10,439,978
|
12,773
|
1,043,997
|
3,193
|
AN
|
BCE.PR.N
|
1,054,722
|
1,054,722
|
732
|
105,472
|
1,000
|
AO
|
BCE.PR.O
|
4,600,000
|
4,600,000
|
5,682
|
460,000
|
1,420
|
AQ
|
BCE.PR.Q
|
9,200,000
|
9,200,000
|
5,001
|
920,000
|
1,250
|
|
(1)
|
As of November 3,
2021.
|
(2)
|
For the 6 months
ended October 31, 2021.
|
(3)
|
Represents
approximately 10% of the public float in respect of each series of
Preferred Shares.
|
(4)
|
Represents the
maximum number of shares of each series of Preferred Shares that
may be purchased over the TSX (or alternative trading systems in
Canada, if eligible) during the course of one trading day. This
amount is equal to the greater of (i) 25% of the average daily
trading volume on the TSX calculated in accordance with the rules
of the TSX, and (ii) 1,000 shares. This limitation does not apply
to purchases made pursuant to block purchase exemptions.
|
BCE is making this NCIB because it believes that, from time to
time, the Preferred Shares may trade in price ranges that do not
fully reflect their value. BCE believes that, in such
circumstances, the repurchase of its Preferred Shares represents an
appropriate use of its available funds.
As of November 3, 2021, under its current normal course
issuer bid that commenced on November 9, 2020 and will expire
on November 8, 2021, and which the
company received approval from the TSX, BCE purchased, through the
facilities of the TSX and alternative eligible trading systems,
Preferred Shares as follows:
Series
|
Ticker
|
Maximum Number
of Shares
Subject to Purchase
|
Number of
Shares
Purchased
|
Weighted Average
Price
Paid per Security
|
R
|
BCE.PR.R
|
800,000
|
1,100
|
$12.8136
|
S
|
BCE.PR.S
|
351,344
|
1,600
|
$13.3082
|
T
|
BCE.PR.T
|
448,655
|
-
|
-
|
Y
|
BCE.PR.Y
|
808,149
|
2,200
|
$13.2455
|
Z
|
BCE.PR.Z
|
191,850
|
-
|
-
|
AA
|
BCE.PR.A
|
1,139,839
|
1,200
|
$13.5317
|
AB
|
BCE.PR.B
|
860,015
|
2,400
|
$13.2154
|
AC
|
BCE.PR.C
|
1,002,969
|
1,700
|
$14.4853
|
AD
|
BCE.PR.D
|
997,030
|
7,100
|
$13.2945
|
AE
|
BCE.PR.E
|
651,531
|
2,400
|
$13.1138
|
AF
|
BCE.PR.F
|
948,468
|
3,200
|
$14.6953
|
AG
|
BCE.PR.G
|
498,535
|
500
|
$13.0260
|
AH
|
BCE.PR.H
|
901,464
|
2,400
|
$13.1488
|
AI
|
BCE.PR.I
|
594,988
|
-
|
-
|
AJ
|
BCE.PR.J
|
805,011
|
-
|
-
|
AK
|
BCE.PR.K
|
2,274,592
|
10,300
|
$12.1929
|
AL
|
BCE.PR.L
|
225,407
|
-
|
-
|
AM
|
BCE.PR.M
|
954,661
|
4,000
|
$12.9874
|
AN
|
BCE.PR.N
|
195,338
|
1,300
|
$12.1500
|
AO
|
BCE.PR.O
|
460,000
|
-
|
-
|
AQ
|
BCE.PR.Q
|
920,000
|
-
|
-
|
Caution Concerning Forward-Looking Statements
Certain
statements made in this news release constitute forward-looking
statements, including, but not limited to, statements relating to
potential future purchases by BCE of its Preferred Shares
pursuant to the NCIB. All such forward-looking statements are made
pursuant to the "safe harbour" provisions of applicable Canadian
securities laws and of the United
States Private Securities Litigation Reform Act of
1995. Forward-looking statements, by their very nature, are
subject to inherent risks and uncertainties and are based on
several assumptions, both general and specific, which give rise to
the possibility that actual results or events could differ
materially from our expectations expressed in or implied by such
forward-looking statements. These statements are not guarantees of
future performance or events and we caution you against relying on
any of these forward-looking statements. There can be no assurance
that BCE will repurchase all or any of the numbers of Preferred
Shares referred to in this news release under the NCIB. In
particular, the purchase by BCE of its Preferred Shares pursuant to
the NCIB will depend, among other, on the prevailing market price
from time to time of the Preferred Shares. The forward-looking
statements contained in this news release describe our expectations
at the date of this news release and, accordingly, are subject to
change after such date. Except as may be required by applicable
securities laws, we do not undertake any obligation to update or
revise any forward–looking statements contained in this news
release, whether as a result of new information, future events or
otherwise. Forward-looking statements are provided herein for the
purpose of giving information about the potential future purchases
of Preferred Shares by BCE pursuant to the NCIB. Readers are
cautioned that such information may not be appropriate for other
purposes. For additional information on assumptions and risks
underlying forward-looking statements made in this news release,
please consult BCE's 2020 annual management's discussion and
analysis (MD&A) dated March 4,
2021 as updated in BCE's 2021 first, second and third
quarter MD&As dated April 28,
2021, August 4, 2021 and
November 3, 2021, respectively, filed
by BCE with the Canadian securities regulatory authorities
(available at Sedar.com) and with the U.S. Securities and Exchange
Commission (available at SEC.gov). These documents are also
available at BCE.ca.
About BCE
BCE is Canada's largest communications
company, providing advanced Bell broadband wireless, Internet, TV,
media and business communications services. To learn more, please
visit Bell.ca or BCE.ca.
Through Bell for Better, we are investing to create a better
today and a better tomorrow by supporting the social and economic
prosperity of our communities. This includes the Bell Let's Talk
initiative, which promotes Canadian mental health with national
awareness and anti-stigma campaigns like Bell Let's Talk Day and
significant Bell funding of community care and access, research and
workplace initiatives throughout the country. To learn more, please
visit Bell.ca/LetsTalk.
Media inquiries:
Marie-Eve Francoeur
514-391-5263
marie-eve.francoeur@bell.ca
Investor inquiries:
Thane Fotopoulos
514-870-4619
thane.fotopoulos@bell.ca
SOURCE Bell Canada