Trading Symbol: Toronto Stock Exchange – HDI
LANGLEY, BC, March 18, 2019 /CNW/ - Hardwoods Distribution Inc. ("HDI" or the "Company") today announced that, in connection with its previously announced normal course issuer bid (the "Bid") to purchase up to 1,612,147 of its common shares ("Shares"), it has entered into an automatic share purchase plan ("ASPP") with a designated broker. The ASPP is intended to allow for the purchase of Shares under the Bid at times when the Company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods.
Pursuant to the ASPP, before entering into a blackout period, the Company may, but is not required to, instruct the designated broker to make purchases under the Bid in accordance with the terms of the ASPP. Such purchases will be determined by the designated broker at its sole discretion based on purchasing parameters set by the Company in accordance with the rules of the Toronto Stock Exchange ("TSX") and any applicable alternative Canadian trading system, applicable securities laws and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented today.
Outside of pre-determined blackout periods, Shares may be purchased under the Bid based on management's discretion, in compliance with the rules of the TSX and any applicable alternative Canadian trading system and applicable securities laws. The Bid commenced on February 5, 2019 and ends on February 4, 2020. All purchases made under the ASPP will be included in computing the number of Shares purchased under the Bid.
HDI is North America's largest distributor of architectural building products to the residential and commercial construction markets. The Company operates a network of 63 distribution centres in the U.S. and Canada, as well as one sawmill and kiln drying operation.
SOURCE Hardwoods Distribution Inc.
For further information: Faiz Karmally, Vice President and Chief Financial Officer, Phone: (604) 881-1982, Fax: (604) 881-1995, Email: [email protected]