BOUCHERVILLE, QC, April 18, 2018 /CNW Telbec/ - Uni-Select Inc. (TSX: UNS) ("Uni-Select"), announces that the Board of Directors approved a normal course issuer bid ("NCIB") to repurchase some of its outstanding common shares through the facilities of the Toronto Stock Exchange ("TSX") or alternative trading systems for a period of twelve months ending April 22, 2019. Up to 1,500,000 common shares, representing approximately 3.5% of the 42,273,812 common shares of Uni-Select issued and outstanding on April 16, 2018, may be purchased under the NCIB. The average daily trading volume for the six months prior to April 1, 2018 is 128,794 common shares. Daily repurchases will be limited to 32,198 common shares, other than block purchase exemptions.
Purchases under the NCIB may also be made by means other than open market transactions, as a securities regulatory authority may permit, including exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority.
The price to be paid by Uni-Select for any common share will be the market price at the time of acquisition, plus brokerage fees. In the event that Uni-Select purchases common shares by exempt offers, block purchases or private agreements, the purchase price of the common shares may be, and will be in the case of purchases by private agreements, at a discount to the market price of the common shares at the time of the acquisition. The shares purchased pursuant to the NCIB will be cancelled.
The number of common shares that Uni-Select intends to repurchase and the time of such repurchases will be determined by Uni-Select, at its discretion. The repurchase period will begin on April 23, 2018 and will end on the earlier of April 22, 2019 or the date on which Uni-Select will have either acquired the maximum number of common shares or otherwise decided not to make any further repurchases. All the common shares acquired under the NCIB will be repurchased at their market price at the time of acquisition.
The Board of Directors of Uni-Select has concluded that the repurchase of up to 1,500,000 common shares is a desirable use of funds for Uni-Select and, therefore, would be in the best interests of Uni-Select and its shareholders. During the twelve months ending on April 18, 2018, Uni-Select has not repurchased any common share under its normal course issuer bid which commenced on August 17, 2016 and expired on August 16, 2017.
Uni-Select also announces that it has entered into an automatic purchase plan agreement ("APP") with a broker to allow for the purchase of its common shares under the NCIB at times when Uni-Select normally would not be active in the market due to regulatory restrictions or self-imposed trading blackout periods. Before entering into a blackout period, Uni-Select may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the APP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Uni-Select prior to the blackout period in accordance with TSX rules and the terms of the APP. The terms of the APP will be pre-cleared by the TSX. Outside of these pre-determined blackout periods, common shares will be purchased in accordance with Management's discretion.
Uni-Select is a leader in the distribution of automotive refinish and industrial paint and related products in North America, as well as a leader in the automotive aftermarket parts business in Canada and in the UK. Uni Select is headquartered in Boucherville, Québec, Canada, and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
In Canada, Uni-Select supports over 16,000 automotive repair and collision repair shops through a growing national network of more than 1,100 independent customers and over 60 company-owned stores, many of which operate under the Uni-Select BUMPER TO BUMPER®, AUTO PARTS PLUS® AND FINISHMASTER® store banner programs. It also supports over 3,900 shops and stores through its automotive repair/installer shop banners, as well as through its automotive refinish banners.
In the United States, Uni-Select, through its wholly-owned subsidiary FinishMaster, Inc., operates a national network of over 200 automotive refinish company-owned stores under the FINISHMASTER banner which services a network of over 30,000 customers annually, of which it is the primary supplier to over 6,800 collision repair centre customers.
In the UK and Ireland, Uni-Select, through its Parts Alliance group of subsidiaries, is a leading distributor of automotive parts supporting over 23,000 customer accounts with a network of close to 200 locations including over 170 company-owned stores.
The information provided in this press release may include some forward-looking information, which could include certain risks and uncertainties, which may cause the final results to be significantly different from those listed or implied within this news release. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni‑Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
SOURCE Uni-Select Inc.
For further information: Eric Bussières, Chief Financial Officer, Tel. 450 641-6958, [email protected]