/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
BURNABY,
BC, Aug. 25, 2022 /CNW/ - Taiga Building
Products Ltd. ("Taiga" or the "Company") (TSX: TBL)
announces that the Toronto Stock Exchange (the "TSX") has
accepted Taiga's notice of intention to make a new normal course
issuer bid (the "2022 NCIB") for its common shares
(Trading Symbol: TBL) (the "Common Shares") through the
facilities of the TSX or any other Canadian alternative trading
system and renews Taiga's normal course issuer bid program that
expired on August 17, 2022. On
August 29, 2022, Taiga may commence
making purchases, from time to time, up to a maximum of 5,410,448
of its 108,208,963 outstanding Common Shares as at August 16, 2022, representing 5% of the
outstanding Common Shares. The actual number of Common Shares which
may be purchased pursuant to the 2022 NCIB will be determined by
the Company. The 2022 NCIB will terminate on August 28, 2023 or earlier if Taiga has completed
its purchases of the securities subject to the 2022 NCIB. Purchases
may be suspended by Taiga at any time and Taiga reserves the right
to terminate the 2022 NCIB earlier if it determines it is
appropriate to do so.
Taiga believes that the 2022 NCIB is in the best interests of
the Company and its shareholders and that the NCIB represents a
desirable use of corporate funds. Any Common Shares acquired
pursuant to the 2022 NCIB will be purchased at the prevailing
market price up to a daily maximum of 3,906 Common Shares, being
25% of the average daily trading volume for the last six completed
calendar months of 15,627 Common Shares, subject to the block
purchase exemption, and will be cancelled following purchase.
The Prior NCIB commenced on August 18,
2021 and concluded on August 17,
2022. The maximum number of Common Shares that the Company
sought and obtained approval to purchase under its prior normal
course issuer bid (the "Prior NCIB") was 5,427,077 Common
Shares and 332,594 outstanding Common Shares were repurchased
through the facilities of TSX between the period of August 18, 2021 to August
17, 2022 at the volume weighted average price of
$2.54 per Common Share.
Forward-Looking
Information
This news release contains forward-looking information that is
based on current expectations, beliefs, assumptions, estimates and
forecasts about the business and the industry and markets in which
the Company operates. Forward-looking information does not
guarantee future performance and involves risks, uncertainties and
assumptions which are difficult to predict and which may cause
Taiga's actual results in future periods to differ materially from
expected results. In particular, statements about the Company's
plans, intentions or potential outcome regarding the 2022 NCIB
constitute forward-looking information. Investors are cautioned
that all forward-looking information involves risks and
uncertainties including, without limitation, those risk factors
listed from time to time in the Company's public filings. These
risks, as well as others, could cause actual results and events to
vary significantly. Accordingly, readers should not place undue
reliance on forward-looking information, which are qualified in
their entirety by this cautionary statement. Taiga does not
undertake any obligation to release publicly any revisions to or
updating any voluntary forward-looking information, except as
required by applicable securities law.
SOURCE Taiga Building Products Ltd.