TFI Announces Approval for Amendment to Normal Course Issuer Bid
August 11 2022 - 3:05PM
TFI International Inc. (NYSE and TSX: TFII), a North American
leader in the transportation and logistics industry, today
announced that the Toronto Stock Exchange has approved a
previously-announced amendment to TFI International’s normal course
issuer bid (“NCIB”) as a result of which TFI International will be
entitled to repurchase for cancellation up to 8,798,283 common
shares until the expiry of the NCIB on November 1, 2022,
representing 10% of TFI International’s “public float” of
87,982,839 common shares as of October 22, 2021. The previous
maximum under the NCIB was 7,000,000 common shares. All other terms
and conditions of the NCIB remain the same.
As of July 31, 2022, TFI International had
repurchased a total of 4,981,190 shares pursuant to its NCIB at a
weighted average price of CDN $113.5442 per share. As at July 31,
2022, there were 88,478,372 common shares of TFI International
issued and outstanding.
TFI International also announces that it intends
to amend its previously-announced automatic share purchase plan
entered into with RBC Dominion Securities Inc., acting as TFI
International’s agent for the NCIB, in order to reflect the
increase in the maximum number of shares that TFI International may
repurchase under the NCIB. Under the automatic share purchase plan,
RBC Dominion Securities Inc may acquire, at its discretion, shares
on TFI International’s behalf during its “black-out” periods, as
permitted by the TSX Company Manual and the Securities Act
(Québec), subject to certain parameters as to price and number of
shares.
ABOUT TFI INTERNATIONAL TFI
International Inc. is a North American leader in the transportation
and logistics industry, operating across the United States, Canada
and Mexico through its subsidiaries. TFI International creates
value for shareholders by identifying strategic acquisitions and
managing a growing network of wholly-owned operating subsidiaries.
Under the TFI International umbrella, companies benefit from
financial and operational resources to build their businesses and
increase their efficiency. TFI International companies service the
following segments:
- Package and Courier;
- Less-Than-Truckload;
- Truckload;
- Logistics.
TFI International Inc. is publicly traded on the
New York Stock Exchange and the Toronto Stock Exchange under the
symbol TFII. For more information, visit www.tfiintl.com.
For further information: Alain
Bédard Chairman, President and CEO TFI International Inc.
647-729-4079 abedard@tfiintl.com
FORWARD-LOOKING STATEMENTS The
Company may make statements in this report that reflect its current
expectations regarding future results of operations, performance
and achievements. These are “forward-looking” statements and
reflect management’s current beliefs. They are based on information
currently available to management. Words such as “may”, “might”,
“expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”,
“believe”, “to its knowledge”, “could”, “design”, “forecast”,
“goal”, “hope”, “intend”, “likely”, “predict”, “project”, “seek”,
“should”, “target”, “will”, “would” or “continue” and words and
expressions of similar import are intended to identify these
forward-looking statements. Such forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from historical results and those
presently anticipated or projected.
The Company wishes to caution readers not to
place undue reliance on any forward-looking statements which
reference issues only as of the date made. The following important
factors could cause the Company’s actual financial performance to
differ materially from that expressed in any forward-looking
statement: the highly competitive market conditions, the Company’s
ability to recruit, train and retain qualified drivers, fuel price
variations and the Company’s ability to recover these costs from
its customers, foreign currency fluctuations, the impact of
environmental standards and regulations, changes in governmental
regulations applicable to the Company’s operations, adverse weather
conditions, accidents, the market for used equipment, changes in
interest rates, cost of liability insurance coverage, downturns in
general economic conditions affecting the Company and its
customers, credit market liquidity, and the Company’s ability to
identify, negotiate, consummate, and successfully integrate
acquisitions.
The foregoing list should not be construed as
exhaustive, and the Company disclaims any subsequent obligation to
revise or update any previously made forward-looking statements
unless required to do so by applicable securities laws.
Unanticipated events are likely to occur. Readers should also refer
to the section “Risks and Uncertainties” at the end of the 2022 Q2
MD&A for additional information on risk factors and other
events that are not within the Company’s control. The Company’s
future financial and operating results may fluctuate as a result of
these and other risk factors.
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