WINNIPEG, MB, Oct. 17,
2024 /CNW/ - Winpak Ltd. (TSX: WPK) ("Winpak" or the
"Corporation") announces today that the Toronto Stock Exchange (the
"TSX") has accepted a notice filed by Winpak to amend its
previously announced normal course issuer bid (the "NCIB") with
respect to its outstanding common shares, effective October 21, 2024. The amendment increases the
maximum number of common shares that may be repurchased under the
NCIB from 1,950,000 to 3,250,000. No other terms of the NCIB have
changed. Purchases under the NCIB began on March 4, 2024 and will end no later than
March 3, 2025 through the facilities
of the TSX and other alternative Canadian trading systems.
As of February 29, 2024, at the
time the Company's original NCIB application was accepted by the
TSX, 65,000,000 common shares were issued and outstanding. The
3,250,000 common shares that may be repurchased under the amended
NCIB represent 5.0 percent of the issued and outstanding shares of
Winpak as of February 21, 2024. Under
the NCIB, as of October 16, 2024, the
Company has repurchased 1,950,000 common shares through the
facilities of the TSX and other alternative Canadian trading
systems, at a weighted average price of $43.81.
In deciding to amend its NCIB, Winpak believes there are times
when the market price of its common shares may not fully reflect
the underlying value of its business and future prospects.
Depending on the trading price of its common shares and other
relevant factors, the Corporation believes purchasing common shares
represents an attractive investment opportunity and is in the best
interest of Winpak and its shareholders.
Other than to reflect the increase in the maximum number of
common shares that may be repurchased under the NCIB, the automatic
share purchase plan ("ASPP") entered into by the Company with
CIBC World Markets Inc. remains unchanged. The ASPP allows for the
purchase of common shares under the NCIB at times when the Company
would ordinarily not be permitted to purchase common shares due to
regulatory restrictions or self-imposed blackout periods.
SOURCE Winpak Ltd.
