TORONTO, Sept. 4,
2024 /CNW/ - Boat Rocker Media Inc. ("Boat
Rocker" or the "Company") (TSX: BRMI), an independent, integrated
global entertainment company, announced today that the Toronto
Stock Exchange ("TSX") has approved the Company's intention to make
a normal course issuer bid ("NCIB") for its subordinate voting
shares as appropriate opportunities arise from time to time. The
NCIB will commence starting September 6, 2024 and
terminate September 5, 2025.
Under the NCIB, and subject to the market price of its
subordinate voting shares and other considerations, over the next
12 months Boat Rocker may purchase up to 2,127,733 subordinate
voting shares, representing approximately 10% of its public float
as at August 19, 2024. There were
33,168,699 subordinate voting shares outstanding as at August 19, 2024. Daily purchases will be limited
to 9,542 subordinate voting shares, other than pursuant to block
purchase exemptions. Purchases may be made on the open market
through the facilities of the TSX and/or other Canadian alternative
trading systems at the market price at the time of acquisition, as
well as by other means as may be permitted by TSX rules and/or
applicable securities laws. Any tendered shares taken up and paid
for by Boat Rocker will be cancelled. The Company plans to fund the
NCIB purchases from its existing cash balance.
Boat Rocker previously maintained a normal course issuer bid for
the twelve-month period commencing on September 1, 2023 and ending on August 31, 2024 (the "2023 NCIB"), under which
Boat Rocker sought and received approval from the TSX to purchase
up to 500,000 shares. Boat Rocker purchased 0 shares under the 2023
NCIB.
The Company is commencing this NCIB because management and the
board believe that the market price of the Company's subordinate
voting shares does not reflect the intrinsic value of the Company
and the repurchase of the stock would be in the best interests of
the Company and its shareholders and would represent an attractive
and appropriate use of available funds. Decisions regarding the
amount and timing of future purchases of subordinate voting shares
will be based on market conditions, share price and other factors
and will be at management's discretion.
About Boat Rocker
Boat Rocker (TSX: BRMI) is the home for creative visionaries. An
independent, integrated global entertainment company, Boat Rocker's
purpose is to tell stories and build iconic brands across all
genres and mediums. With offices around the world, Boat Rocker's
creative and commercial capabilities include Scripted, Unscripted,
and Kids and Family television production, distribution, brand
& franchise management, a world-class animation studio, and
talent management through a minority stake in a new company
launched by TPG. A selection of Boat Rocker's projects include:
Invasion (Apple TV+), Palm Royale (Apple TV+), Orphan Black: Echoes
(AMC), American Rust: Broken Justice (Prime Video), Beacon 23
(MGM+), Pretty Baby: Brooke Shields
(Hulu), Downey's Dream Cars (Max), BS High (HBO), Orphan Black (BBC
AMERICA, CTV Sci-Fi Channel), Dear…(Apple TV+), Billie Eilish: The
World's a Little Blurry (Apple TV+), The Next Step (BBC, Corus,
CBC), Daniel Spellbound (Netflix), and Dino
Ranch (Disney+, Disney Junior, CBC). For more information,
please visit www.boatrocker.com.
Forward-Looking Information
Certain information in this press release may constitute
"forward-looking information" within the meaning of applicable
securities legislation, including statements related to the
Company's normal course issuer bid and automatic share purchase
plan. All information contained in this press release, other than
statements of current and historical fact, is forward-looking
information. Generally, forward-looking information can be
identified by use of words such as "believe, "expect",
"anticipate", "estimate", "intend", "may", "will", "would",
"could", "should", "continue", "plan", "goal", "objective",
"remain" and other similar expressions and the negative of such
expressions, although not all forward-looking information contain
these identifying words. All of the forward-looking information in
this press release is qualified by this cautionary statement.
Forward-looking information is not, and cannot be, a guarantee
of future results or events. Forward-looking information is based
on, among other things, opinions, assumptions, estimates and
analyses that, while considered reasonable by the Company at the
date the forward-looking information is provided, inherently are
subject to significant risks, uncertainties, contingencies and
other factors that may cause actual results, performance or
achievements, industry results or events to be materially different
from those expressed or implied by the forward-looking information.
Those risks, uncertainties and other factors that could cause
actual results to differ materially from the forward-looking
information include those described in the Company's annual
publicly filed documents, including the Annual Information Form for
the year ended December 31, 2023 (which are available on
SEDAR+ at www.sedarplus.ca). The Company believes that the
expectations reflected in forward-looking information are based
upon reasonable assumptions; however, the Company can give no
assurance that actual results will be consistent with the
forward-looking information. Not all factors which affect the
forward-looking information are known, and actual results may vary
from the projected results in a material respect, and may be above
or below the forward-looking information presented in a material
respect.
Given these risks, uncertainties and other factors, investors
should not place undue reliance on forward-looking information as a
prediction of actual results. The forward-looking information
contained herein is current as of the date of this press release
and, except as required under applicable law, the Company does not
undertake to update or revise it to reflect new events or
circumstances.
SOURCE Boat Rocker Media Inc.
