MONTREAL, March 9, 2016 /CNW Telbec/ - The Company announces that it has received the required regulatory approvals to renew its normal course issuer bid to acquire for cancellation Common Shares listed on the Toronto Stock Exchange (the "TSX") for the period between March 14th, 2016 and March 13th, 2017, at the latest. The Company's previous normal course issuer bid ends March 9th, 2016. Pursuant to its renewed normal course issuer bid, the Company intends to acquire, through the facilities of the TSX and through alternative trading systems (such as Alpha ATS) and in accordance with their requirements and also outside the facilities of the Toronto Stock Exchange pursuant to exemption orders issued by Canadian securities regulatory authorities, up to 1,895,692 Common Shares, representing about 5% of the 37,913,850 Common Shares issued and outstanding as at February 29th, 2016.
Within the last 12 months which ended on March 9th, 2016, the Company acquired for cancellation, under its previous normal course issuer bid and outside the facilities of the TSX pursuant to an exemption order issued by the Autorité des marchés financiers, a total of 6,980,012 Common Shares with respect to which the weighted average price paid was $15.50 per share.
In accordance with TSX requirements, the average daily trading volume of BMTC's Common Shares over the last six complete calendar months was 2,546 shares (the "ADTV"). Accordingly, under TSX rules and policies, BMTC is entitled on any trading day to purchase up to 1,000 Common Shares until March 13th, 2017. Once a week, in excess of the daily Common Shares repurchase limit, BMTC may also purchase a block of Common Shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 Common Shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of Common Shares which total 150% or more of the ADTV in accordance with TSX rules. BMTC has retained National Bank Financial Inc. as broker to manage the Normal Course Issuer Bid.
When acquiring Common Shares through alternative trading systems (such as Alpha ATS), none of the requirements listed in the previous paragraph are applicable. The price that the Company will pay for purchases effected outside the facilities of the Toronto Stock Exchange pursuant to exemption orders issued by securities regulatory authorities will be at discount to the prevailing market prices in compliance with the requirements under such exemption orders.
BMTC considers that the acquisition of Common Shares that it may effect from time to time in the course of its normal course issuer bid is a sound use of its funds.
BMTC Group Inc.'s Common Shares are listed on the Toronto Stock Exchange and through its subsidiary Ameublements Tanguay Inc., and its two divisions, Brault & Martineau and EconoMax, the Company is a major retailer of furniture, electronic goods and household appliances operating in the province of Quebec.
SOURCE BMTC Group Inc.
For further information: Mr. Yves Des Groseillers, Chairman, President and Chief Executive Officer, BMTC Group inc., (514) 648-5757