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HAMILTON, ON, Nov. 16, 2018 /CNW/ - Stelco Holdings Inc. ("Stelco" or the "Company") (TSX: STLC) announced today that the Toronto Stock Exchange ("TSX") has approved Stelco's previously announced normal course issuer bid. As previously announced, Stelco intends to purchase up to 4,440,681 common shares pursuant to the bid. The bid will commence on November 21, 2018 and end on November 20, 2019, or such or earlier date as Stelco may determine or such earlier date as Stelco may complete its purchases pursuant to the notice of intention filed with the TSX.
The maximum number of common shares that may be repurchased for cancellation under the bid represents approximately 5% of the 88,813,637 common shares issued and outstanding as of November 13, 2018. The average daily trading volume ("ADTV") for the six months ended November 9, 2018, calculated in accordance with the rules of the TSX for purposes of the bid, was 113,548 common shares. Under the rules of the TSX, Stelco is entitled to repurchase, during each trading day, up to 25% of the ADTV or 28,387 common shares (excluding purchases made pursuant to the block purchase exception).
Repurchases will be made through the facilities of the TSX as well as through other designated exchanges and alternative trading systems in Canada in accordance with applicable regulatory requirements. The price paid for such repurchased shares will be the market price of such shares at the time of acquisition or such other price as may be permitted by the TSX. All common shares repurchased under the normal course issuer bid will be cancelled. The actual number of shares and timing of the repurchases under the bid will be determined by Stelco.
Stelco is a low cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco produces flat-rolled value-added steels, including premium-quality coated, cold-rolled and hot-rolled steel products. With first-rate gauge, crown, and shape control, as well as reliable uniformity of mechanical properties, our steel products are supplied to customers in the construction, automotive and energy industries across Canada and the United States as well as to a variety of steel services centres, which are regional distributers of steel products.
This release contains ''forward-looking information'' within the meaning of applicable securities laws. Forward- looking information may relate to our future outlook and anticipated events or plans and objectives of our Company. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as ''plans'', ''targets'', ''expects'' or ''does not expect'', ''is expected'', ''an opportunity exists'', ''budget'', ''scheduled'', ''estimates'', ''outlook'', ''forecasts'', ''projection'', ''prospects'', ''strategy'', ''intends'', ''anticipates'', ''does not anticipate'', ''believes'', or variations of such words and phrases or state that certain actions, events or results ''may'', ''could'', ''would'', ''might'', ''will'', ''will be taken'', ''occur'' or ''be achieved''. Forward-looking statements are not historical facts but instead represent management's expectations regarding future events or circumstances.
Forward-looking information in this news release includes statements about Stelco's normal course issuer bid and potential purchases made pursuant to the bid. Undue reliance should not be placed on forward-looking information. The forward- looking information in this press release is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions relating to the Company's business, as well as general business and economic conditions, are material factors made in preparing the forward-looking information and management's expectations contained in this press release.
Such forward-looking information is subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date of this news release, and are subject to change after such date. Stelco disclaims any intention or obligation or undertaking to update publicly or revise any forward-looking statements, whether written or oral, whether as a result of new information, future events or otherwise, except as required by law.
For further information: For investor enquiries: Don Newman, Chief Financial Officer, 905.577.4432, email@example.com.; For media enquiries: Trevor Harris, Vice-President, Corporate Affairs, 905.577.4447, firstname.lastname@example.org.