WINNIPEG, June 11, 2018 /CNW/ - (TSX: NFI) NFI Group Inc., formerly New Flyer Industries Inc. ("NFI Group") today announced that the Toronto Stock Exchange ("TSX") has accepted a notice filed by NFI Group of its intention to commence a normal course issuer bid for its common shares (the "Shares"). NFI Group believes that in the event the Shares trade in a price range that does not fully reflect their value, the acquisition of Shares may represent an attractive and desirable use of its funds.
Under the normal course issuer bid, the board of directors of NFI Group authorized the repurchase of up to 2,774,733 Shares, which represents 5% of the public float of Shares on June 4, 2018. At the close of business on June 4, 2018, there were 63,013,905 Shares issued and outstanding. Under the normal course issuer bid, NFI Group may purchase up to 39,900 Shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 159,601 Shares on the TSX for the six months ended May 31, 2018. Repurchases are authorized to commence on June 14, 2018 and will terminate on June 13, 2019, or earlier should NFI Group complete its repurchases prior to such date. NFI Group is not required to purchase any or a particular number of Shares under the bid.
All purchases will be made through the facilities of the TSX and all Shares acquired under the normal course issuer bid will be cancelled. Repurchases will be subject to compliance with applicable Canadian securities laws.
About NFI Group
With nearly 6,000 team members, operating from 32 facilities across Canada and the United States, NFI Group is North America's largest bus manufacturer providing a comprehensive suite of mass transportation solutions under several brands: New Flyer® (heavy-duty transit buses), ARBOC® (low-floor cutaway and medium-duty buses), MCI® (motor coaches), and NFI Parts™ (parts, support, and service). NFI Group's buses incorporate the widest range of drive systems available including: clean diesel, natural gas, diesel-electric hybrid, and zero-emission electric (trolley, battery, and fuel cell). The Shares are traded on the TSX under the symbol NFI. For the fiscal year ended December 31, 2017, NFI Group posted revenues of approximately U.S. $2.4 billion. News and information are available at www.newflyer.com.
This press release may contain forward-looking statements relating to expected future events that involve risks and uncertainties, including statements regarding potential future purchases by NFI Group of its Shares pursuant to its normal course issuer bid. The future performance and prospects of NFI Group may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including market and general economic conditions and the other risks and uncertainties detailed in the disclosure documents filed with the Canadian securities regulatory authorities and available on SEDAR at www.sedar.com. NFI Group disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.
SOURCE NFI Group Inc.
For further information: Lindy Norris, Ph: 204-792-8424