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BURNABY,
BC, Aug. 29, 2024 /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 "2024 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 renew Taiga's normal course issuer bid program that
expires on August 30, 2024. On
September 4, 2024, Taiga may commence
making purchases, from time to time, up to a maximum of 5,397,226
of its 107,944,523 outstanding Common Shares as at August 21, 2024, representing 5% of the
outstanding Common Shares. The actual number of Common Shares which
may be purchased pursuant to the 2024 NCIB will be determined by
the Company. The 2024 NCIB will terminate on September 3, 2025 or earlier if Taiga has
completed its purchases of the securities subject to the 2024 NCIB.
In connection with the 2024 NCIB, the Company has entered into an
automatic share purchase plan (an "ASPP") with its
designated broker to allow for purchases of its Common Shares.
Taiga believes that the 2024 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 2024 NCIB will be purchased at the prevailing
market price up to a daily maximum of 2,813 Common Shares, being
25% of the average daily trading volume for the last six completed
calendar months of 11,252 Common Shares, subject to the block
purchase exemption, and will be cancelled following purchase.
The Prior NCIB commenced on August 31,
2023 and concludes on August 30,
2024. 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 5,403,487 Common
Shares and 125,232 outstanding Common Shares were repurchased
through the facilities of TSX and other alternative Canadian
trading systems between the period of August
31, 2023 to August 28, 2024 at
the volume weighted average price of $2.89 per Common Share.
The Company has entered into an ASPP with RBC Dominion
Securities Inc. ("RBC DS") to allow for the purchase of
Shares under the NCIB at times when the Company would ordinarily
not be permitted to purchase Shares due to regulatory restrictions
or self-imposed blackout periods. Pursuant to the ASPP, the Company
may, but is not required to, instruct RBC DS to make purchases
under the NCIB in accordance with the terms of the ASPP. Such
purchases will be determined by RBC DS in its sole discretion based
on parameters established by the Company in accordance with the
rules of the TSX, applicable securities laws and the terms of the
ASPP. All purchases of Common Shares made under the ASPP will be
included in determining the number of Common Shares purchased under
the 2024 NCIB. The ASPP has been pre-cleared by the TSX
concurrently with the initiation of the 2024 NCIB.
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 2024 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.