MONTREAL, May 22, 2019 (GLOBE NEWSWIRE) -- Rogers Sugar Inc. (the “Corporation”) (TSX: RSI) announced today that it has received approval of the Toronto Stock Exchange to proceed with a normal course issuer bid to purchase up to 1,500,000 common shares (the “Shares”) representing approximately 1.6% of the public float of Shares as at May 13, 2019. The average daily trading volume for the 6-month period preceding May 1, 2019 is 113,615 Shares. In accordance with TSX rules, the Corporation may repurchase up to 28,403 Shares on a daily basis. The bid will commence on May 24, 2019, and terminate on May 23, 2020 or on such earlier date as the Corporation may complete its purchases pursuant to the bid. The Shares will be purchased on behalf of the Corporation by a registered broker through the facilities of TSX or alternative Canadian trading systems. The price paid for the Shares will be the market price at the time of acquisition, and the number of Shares purchased and the timing of any such purchases will be determined by the Corporation. All Shares purchased by the Corporation will be cancelled. As at May 13, 2019, the Corporation had 105,008,070 Shares outstanding and a public float of 92,917,808 Shares. Under the Corporation's 2018 bid, 736,900 Shares were purchased as at May 13, 2019, at a weighted average price of $5.38, through the facilities of TSX or alternative Canadian trading systems. The maximum number of Shares approved for purchase under the 2018 bid was 1,500,000 Shares.
The Corporation also announced that it has implemented an automatic repurchase plan with a broker in order to facilitate repurchases of its Shares under its normal course issuer bid. Under the Corporation’s automatic repurchase plan, the Corporation’s broker may repurchase Shares under the normal course issuer bid at any time including, without limitation, when the Corporation would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by the Corporation’s broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties’ written agreement. The Corporation may suspend or terminate the automatic repurchase plan only if it does not have material non-public information and the decision to suspend or terminate the automatic repurchase plan is not taken during a self-imposed trading blackout period. The automatic repurchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.
The Corporation believes that its Shares may trade in price ranges which do not fully reflect the value of the Shares. As a result, the Corporation believes that the purchase of its outstanding Shares may represent an appropriate use of its funds.
About Rogers Sugar Inc.
Rogers Sugar is a corporation established under the laws of Canada. The Corporation holds all of the common shares of Lantic and its administrative office is in Montréal, Québec. Lantic operates cane sugar refineries in Montreal, Québec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Lantic’s sugar products are marketed under the “Lantic” trademark in Eastern Canada, and the “Rogers” trademark in Western Canada and include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups. Lantic owns all of the common shares of The Maple Treat Corporation (“TMTC”) and its head office is headquartered in Montreal, Québec. TMTC operates bottling plants in Granby, Degelis and St-Honoré-de-Shenley, Québec and in Websterville, Vermont. TMTC’s products include maple syrup and derived maple syrup products and are sold under various brand names, such as Uncle Luke’s™, L.B. Maple Treat™, Great Northern™, Decacer and Highland Sugarworks™.
FOR ALL INVESTOR, COMMUNICATION AND MEDIA INQUIRIES, PLEASE CONTACT:
Ms. Manon Lacroix
Vice President, Finance, Chief Financial Officer and Secretary
Tel: (514) 940-4350