MONTREAL, Aug. 25, 2016 /CNW/ - HNZ Group Inc. (TSX: HNZ) (the "Corporation"), an international provider of helicopter transportation and related support services, announced today that the Toronto Stock Exchange (the "TSX") has accepted the Corporation's notice of intention to make a normal course issuer bid (the "Notice") to purchase outstanding common shares and variable voting shares through the facilities of the TSX for a period of twelve months ending on August 28, 2017. Up to 390,625 common shares and variable voting shares of the Corporation, representing approximately 3% of the issued and outstanding common shares and variable voting shares of the Corporation as of August 23, 2016 may be purchased under the bid. As of August 23, 2016, an aggregate of 13,020,845 common shares and variable voting shares are issued and outstanding. Daily repurchases will be limited to 1,059 common shares and variable voting shares, other than block purchase exceptions. The purchases may commence on August 29, 2016 and may extend to August 28, 2017 or such earlier date as the Corporation may complete its purchases pursuant to the Notice or otherwise terminate the bid. The number of common shares and variable voting shares that the Corporation intends to repurchase and the time of such repurchases will be determined by the Corporation, at its discretion.
During the twelve months ending on July 31, 2016, the Corporation repurchased 47,855 of its common and variable voting shares at a weighted average price of $11.00 per share under its normal course issuer bid which expires on August 26, 2016.
The management of the Corporation believes that, from time to time, the market price of the common shares and variable voting shares may not reflect their inherent value with regard to the Corporation's financial position and future prospects. At such times, the purchase of common shares and variable voting shares for cancellation would, in the opinion of management, be an appropriate and desirable use of the Corporation's funds and may be advantageous to shareholders by increasing the value of the remaining shares.
All the common shares and variable voting shares acquired under the bid will be purchased by a registered broker through the facilities of the TSX in accordance with its requirements. All common shares and variable voting shares acquired will automatically be cancelled. The common shares and variable voting shares will be purchased at their market price at the time of acquisition.
ABOUT HNZ GROUP INC.
HNZ Group is an international provider of helicopter transportation and related support services with operations in Canada, New Zealand, Australia, Norway, Southeast Asia and Antarctica. The Corporation operates in excess of 115 helicopters to support offshore and onshore charter activities under a number of different brands. Offshore operations are provided under the Norsk brand in Norway and HNZ elsewhere in the world, while onshore charter operations are under the Canadian Helicopters brand in Canada, Acasta in Northern Canada and the HNZ brand in Asia-Pacific and Antarctica. Clients consist of multinational companies and government agencies including offshore and onshore oil and gas, mineral exploration, military support, hydro and utilities, forest management, construction, air ambulance and search and rescue. In addition to charter services, it provides ancillary services which include third-party repair and maintenance services and advanced flight training by the internationally recognized HNZ Topflight training centre in Penticton, British Columbia. HNZ Group is a publicly traded company on the Toronto Stock Exchange (TSX: HNZ) and is headquartered near Montreal, Canada and employs approximately 600 personnel from 38 locations around the world.
This press release contains forward-looking statements relating to the securities of the Corporation, including the purpose, volume and manner of purchases of common shares and/or variable voting shares by the Corporation under its normal course issuer bid. Such forward-looking statements are subject to certain risks and uncertainties, and actual results or events may differ materially. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they were made. The Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise unless being required by applicable laws.
SOURCE HNZ Group Inc.
For further information: HNZ Group Inc.: Matt Wright, CFA, MBA, Vice President and Chief Financial Officer, Tel.: 780-429-6903