LUNENBURG, NS, Jan. 29, 2013 /CNW/ - High Liner Foods Incorporated (the "Company") (TSX: HLF) today announced that it has filed a notice with the Toronto Stock Exchange and received approval to purchase through the facilities of the Toronto Stock Exchange up to 250,000 of the 15,128,869 issued and outstanding common shares of the Company ("Common Shares"), representing approximately 3% of the public float, being 8,451,123 shares, of the Common Shares as of January 22, 2013. The price the Company will pay for any Common Shares acquired will be the market price at the time of acquisition. Purchases under the normal course issuer bid will be made by the Company and the shares so acquired shall be cancelled. Purchases may commence on January 31, 2013 and will terminate no later than January 30, 2014.
The average daily trading volume (ADTV) of the Common Shares was 8,442 on the TSX over the six months ending December 31, 2012. Under the TSX rules, the Company is entitled to purchase up to the greater of 25% of the ADTV of the respective class of shares or 1,000 shares on any trading day, or a larger amount of Common Shares per calendar week, subject to the maximum number that may be acquired under the normal course issuer bid, if the transaction meets the block purchase exception under the TSX rules. Accordingly, unless a block purchase meeting the block purchase exception under the TSX rules is made, the Company is entitled to purchase up to 2,110 Common Shares on any trading day.
In connection with the program, the Company has established an automatic securities purchase plan (the "Plan") for the Common Shares. The Plan was established to provide standard instructions regarding how High Liner shares are to be repurchased under the issuer bid. Accordingly, High Liner may repurchase its securities under the Plan on any trading day during the issuer bid including during self-imposed trading blackout periods. The Plan will commence immediately and terminate with the issuer bid. The Company may otherwise vary, suspend or terminate the Plan only if it does not have material non-public information and the decision to vary, suspend or terminate the Plan is not taken during a self-imposed trading blackout period. The Plan constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the Toronto Stock Exchange.
The Board of Directors and Senior Management of High Liner are of the opinion that from time to time the purchase of its shares at the prevailing market price is in the best interest of High Liner and its shareholders. In the last 12 months, High Liner has acquired 29,100 Non-Voting Equity Shares at a weighted average rate of $17.50 per share and no Common Shares under the terms of a Normal Course Issuer Bid that expires on January 30, 2013.
About High Liner Foods Incorporated
High Liner Foods Incorporated is a leading North American processor and marketer of prepared, value-added frozen seafood. High Liner's branded products are sold throughout the United States, Canada and Mexico under the High Liner, Fisher Boy, Mirabel, Sea Cuisine and Royal Sea labels, and are available in most grocery and club stores. The Company also sells its products under the High Liner, FPI, Mirabel, Viking, Icelandic Seafood, Samband of Iceland, Seastar, and Seaside brands to restaurants and institutions, and is a major supplier of private label seafood products to North American food retailers and food service distributors. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.
This news release contains forward-looking statements which reflect management's expectations regarding the Company's plans to purchase for cancellation shares under the normal course issuer bid. These statements are based on management's reasonable assumptions and beliefs in light of the information currently available to them, and reflect expectations as of January 26, 2012. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements, including without limitation, regulatory approval, market and economic conditions, availability of sellers, changes in laws and regulations, operating efficiencies and cost saving initiatives. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. The Company does not undertake to update these forward-looking statements other than as required by applicable securities laws.
SOURCE: High Liner Foods Incorporated
For further information:
Vice President, Corporate Affairs and General Counsel
High Liner Foods Incorporated
Tel: (902) 421-7103
Tel: (416) 815-0700 ext.242