OAKVILLE, ON, Jan. 28, 2014 /CNW/ - Vicwest Inc. (the "Company") (TSX: VIC, VIC.DB, VIC.DB.A) announced today that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to make a normal course issuer bid ("NCIB"). The NCIB is substantially similar to the NCIB the Company commenced last year on January 30, 2013 which will expire on January 29, 2014. No purchases were made under the Company's previous NCIB.
The notice provides that the Company may, during the 12-month period commencing January 30, 2014 and ending January 29, 2015, purchase on the TSX up to 850,000 common shares in total, being approximately 4.8% of the Company's outstanding common shares. As of the date hereof, 17,591,046 common shares of the Company are outstanding. The aggregate number of common shares that the Company may purchase during any trading day will not exceed 5,048 common shares, being 25% of the average daily volume of the common shares based on the trading volume of the TSX for the most recently completed six calendar months preceding the date of the Company's notice of intention, subject to the Company's ability to make block purchases through the facilities of the TSX in accordance with the TSX rules. Any common shares purchased pursuant to this NCIB will be cancelled by the Company.
Purchases will be made at market prices through the facilities of the TSX as appropriate opportunities arise from time to time. The Company intends to fund the purchases out of its available cash and credit facility. The Company believes that the purchase of its common shares represents an investment opportunity and a worthwhile use of its resources.
The Company will also continue the pre-defined plan (the "Automatic Purchase Plan") with its designated broker to allow for the repurchase of common shares at times throughout its NCIB when it ordinarily would not be permitted to repurchase common shares in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Subject to certain parameters and restrictions, the Company's broker may purchase common shares under the Automatic Purchase Plan, during such times referred to above, provided that the broker is not, at such times, in possession of undisclosed material information about the Company.
ABOUT VICWEST INC.
Vicwest Inc. is a leading manufacturer and distributor of engineered storage and handling systems for grain, fertilizer and liquid storage as well as building construction products for agriculture, commercial, industrial and residential markets. We operate through two strategically aligned divisions: Vicwest Building Products and Westeel. With approximately 7,000 customers, 1,200 dedicated employees and 34 business partners, we are positioned for growth in domestic and international markets. Vicwest Inc. is a member of the S&P/TSX SmallCap Index. For more information, visit www.vicwestinc.com.
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Readers are encouraged to review the most recently filed Management's Discussion and Analysis and other disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. Readers are cautioned not to place undue reliance on the Company's forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release and except as required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: Vicwest Inc.
For further information:
President & Chief Executive Officer
Tel: (905) 469-5700