KINGSEY FALLS, QC, March 13, 2014 /CNW Telbec/ - Cascades Inc. (TSX:
CAS) announces that the Toronto Stock Exchange accepted its notice of
intention to begin a normal course issuer bid in respect of its Common
Shares. Purchases pursuant to the normal course issuer bid will
commence on March 17, 2014 and will not continue beyond March 16,
2015. The Common Shares purchased shall be cancelled.
The notice will enable Cascades to acquire up to 1,502,206 Common Shares
which represents approximately 1.6% of the 93,887,849 issued and
outstanding Common Shares as of March 1st, 2014. Since March 1st, 2013, Cascades purchased 49,600 Common Shares at an average weighted
cost of $4.91.
The average daily trading volume of Cascades' Common Shares was 91,033
on the Toronto Stock Exchange over the last six completed calendar
months (the ADTV). Accordingly, Cascades is entitled to purchase up to
25% of the ADTV on any trading day being 22,758 Common Shares.
All purchases will be made through the facilities of the Toronto Stock
Exchange in accordance with its requirements.
Cascades considers that the shares to be acquired may, from time to
time, be undervalued in the market and represent an excellent
opportunity to enhance shareholder value.
Founded in 1964, Cascades produces converts and markets packaging and
tissue products composed mainly of recycled fibres. Cascades employs
more than 12,000 men and women who work in more than 100 production
units located in North America and Europe. Cascades' management
philosophy, its 45 years of experience in recycling, its continued
efforts in research and development are strengths which enable the
company to create new products for its customers. The Cascades' shares
trade on the Toronto Stock Exchange under the ticker symbol CAS.
Certain statements in this release, including statements regarding
future results and performance, are forward-looking statements (as such
term is defined under the Private Securities Litigation Reform Act of
1995) based on current expectations. The accuracy of such statements
is subject to a number of risks, uncertainties and assumptions that may
cause actual results to differ materially from those projected,
including, but not limited to, the effect of general economic
conditions, decreases in demand for the Corporation's products,
increases in raw material costs, fluctuations in selling prices and
adverse changes in general market and industry conditions and other
factors listed in the Corporation's Securities and Exchange Commission
SOURCE: Cascades Inc.
For further information:
Vice-President, Communications and Public Affairs
Director, Investor relations
Robert F. Hall
Vice-President, Legal Affairs and Corporate Secretary