MONTREAL, May 7, 2015 /CNW Telbec/ - SNC-Lavalin Group Inc.
(TSX: SNC) today announced its intention, subject to the approval
of the Toronto Stock Exchange (TSX), to purchase, for cancellation,
up to 13,308,700 of its Common Shares under a normal course issuer
bid through the facilities of the TSX and/or alternative Canadian
trading systems. The Board of Directors of SNC-Lavalin has approved
the intention to renew the normal course issuer bid on these terms
and SNC-Lavalin intends to file a notice of intention with the TSX
in this regard. Under current circumstances, the Corporation
believes that the purchase of Common Shares is an effective use of
its funds and in the best interest of the Corporation and its
shareholders.
The normal course issuer bid, subject to regulatory approval,
will commence on or around June 5,
2015, and will end on or around June
4, 2016. The Common Shares that may be repurchased represent
approximately 10 per cent of the "public float" (as such term is
defined in the TSX Company Manual). The timing and amount of any
purchases under the program is subject to regulatory approvals and
to management discretion based on factors such as market
conditions. The Corporation will pay the market price for the
shares at the time of acquisition plus brokerage fees.
SNC-Lavalin also intends to enter into an automatic purchase
agreement in connection with the bid allowing the purchase of
Common Shares during certain pre-determined blackout periods,
subject to certain parameters. Outside of these pre-determined
black-out periods, Common Shares would be purchased in accordance
with management's discretion.
There were 152,141,953 Common Shares issued and outstanding
as at May 5, 2015, and the public
float was 133,087,003 Common Shares.
SNC-Lavalin's current normal course issuer bid commenced on
June 5, 2014, and will expire on
June 4, 2015. 328,300 Common Shares
have been repurchased over the term of the current bid to
May 6, 2015.
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is one of the leading engineering and
construction groups in the world and a major player in the
ownership of infrastructure. From offices in over 50 countries,
SNC-Lavalin's employees provide EPC and EPCM services to clients in
a variety of industry sectors, including mining and metallurgy, oil
and gas, infrastructure and clean power. SNC-Lavalin can also
combine these services with its financing and operations and
maintenance capabilities to provide complete end-to-end project
solutions. www.snclavalin.com
SOURCE SNC-Lavalin