MONTREAL, May 7, 2015 /CNW Telbec/ - SNC-Lavalin Group Inc. (TSX: SNC) today announced its intention, subject to the approval of the Toronto Stock Exchange (TSX), to purchase, for cancellation, up to 13,308,700 of its Common Shares under a normal course issuer bid through the facilities of the TSX and/or alternative Canadian trading systems. The Board of Directors of SNC-Lavalin has approved the intention to renew the normal course issuer bid on these terms and SNC-Lavalin intends to file a notice of intention with the TSX in this regard. Under current circumstances, the Corporation believes that the purchase of Common Shares is an effective use of its funds and in the best interest of the Corporation and its shareholders.
The normal course issuer bid, subject to regulatory approval, will commence on or around June 5, 2015, and will end on or around June 4, 2016. The Common Shares that may be repurchased represent approximately 10 per cent of the "public float" (as such term is defined in the TSX Company Manual). The timing and amount of any purchases under the program is subject to regulatory approvals and to management discretion based on factors such as market conditions. The Corporation will pay the market price for the shares at the time of acquisition plus brokerage fees.
SNC-Lavalin also intends to enter into an automatic purchase agreement in connection with the bid allowing the purchase of Common Shares during certain pre-determined blackout periods, subject to certain parameters. Outside of these pre-determined black-out periods, Common Shares would be purchased in accordance with management's discretion.
There were 152,141,953 Common Shares issued and outstanding as at May 5, 2015, and the public float was 133,087,003 Common Shares.
SNC-Lavalin's current normal course issuer bid commenced on June 5, 2014, and will expire on June 4, 2015. 328,300 Common Shares have been repurchased over the term of the current bid to May 6, 2015.
Founded in 1911, SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure. From offices in over 50 countries, SNC-Lavalin's employees provide EPC and EPCM services to clients in a variety of industry sectors, including mining and metallurgy, oil and gas, infrastructure and clean power. SNC-Lavalin can also combine these services with its financing and operations and maintenance capabilities to provide complete end-to-end project solutions. www.snclavalin.com
For further information: Media: Louis-Antoine Paquin, Media Relations Manager, Global Corporate Communications, SNC-Lavalin Group Inc., 514-393-8000, ext. 54771, [email protected]; Investors: Denis Jasmin, Vice-President, Investor Relations, SNC-Lavalin Group Inc., 514-393-8000, ext. 57553, [email protected]