TORONTO, Canada, Sept. 21, 2022 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company“), (TSX: SCL) today announced that the Toronto Stock Exchange (the “TSX”) has approved the Company’s notice of intention to commence a normal course issuer bid (the “Bid”) for common shares of the Company (the “Common Shares”).
Pursuant to the Bid, Shawcor may purchase for cancellation up to 5,685,630 Common Shares, representing approximately 10% of Shawcor’s public float (the “Maximum”). Pursuant to the terms of the notes indenture dated December 10, 2021 governing Shawcor’s senior unsecured notes, Shawcor is limited to purchasing a maximum of C$25 million in aggregate repurchases of Common Shares under the Bid based on the actual price paid for such repurchased Common Shares pursuant to the Bid.
The Bid will commence on or about September 26, 2022 and terminate one year after its commencement, or earlier if the Maximum is reached or the Bid is terminated at the option of the Company.
All purchases pursuant to the Bid will be made through the facilities of the TSX, or such other permitted means (including through alternative trading systems in Canada, including NEO-N, NEO-L, NEO-D, Crossing Facility, CSE, ICX, Liquidnet, CXC, CX2, CXD, Omega ATS, Lynx ATS, TSX Venture Exchange, TSX Alpha Exchange and MATCH Now (together, the “Other Exchanges”), at prevailing market prices or as otherwise permitted. The Bid will be funded using existing cash resources and any Common Shares repurchased by the Company under the Bid will be cancelled.
Other than purchases made under a block purchase exemption pursuant to the rules and policies of the TSX, daily purchases on the TSX pursuant to the Bid will be limited to 66,231 Common Shares, which represents approximately 25% of the average daily trading volume of 264,924 Common Shares of the Company for the most recently completed six calendar months preceding August 31, 2022.
The actual number of Common Shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by Shawcor, subject to applicable law and the rules of the TSX and/or the rules of the Other Exchanges, if eligible, to the extent made through such facilities.
The Company has also entered into an automatic share purchase plan (the “Plan”) with a designated broker (the “Broker”) in order to facilitate repurchases of its outstanding Common Shares. The Plan has been approved by the TSX and will be implemented effective as of September 21, 2022.
Under the Plan, the Broker may purchase Common Shares under the Bid at times when the Company would ordinarily not be permitted to, due to its regular self-imposed quarterly black-out periods. Before the commencement of any particular internal trading black-out period, the Company may, but is not required to, instruct the Broker to make purchases of Common Shares under the Bid during the ensuing black-out period in accordance with the terms of the Plan. Such purchases will be determined by the Broker based on parameters established by the Company prior to commencement of the applicable black-out period in accordance with the terms of the Plan and applicable TSX rules and/or the rules of the Other Exchanges, if eligible, to the extent made through such facilities. Outside of these black-out periods, Common Shares will continue to be purchasable by the Company at its discretion under its Bid. The Plan will terminate on, among other things, the earliest of the date on which: (a) the purchase limit specified in the Plan has been reached, (b) the purchase limit under the Bid has been reached, (c) the Company terminates the Plan in accordance with its terms, in which case the Company will issue a press release confirming such termination, and (d) the Bid terminates.
About Shawcor
Shawcor Ltd. is a growth-oriented, global material sciences company serving the Infrastructure, Energy, and Transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Composite Systems, Automotive and Industrial and Pipeline and Pipe Services enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.
For further information, please contact:
Meghan MacEachern
Director, External Communications & ESG
Tel: 437-341-1848
Email: meghan.maceachern@shawcor.com
Website: www.shawcor.com
Source: Shawcor Ltd.
Shawcor.ER
Forward-looking Statements
This news release contains forward-looking information within the meaning of applicable securities laws, including statements related to the Bid, the timing and amount of potential purchases and the cancellation of Common Shares under the Bid and the Plan. Words such as “intend”, “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “predict”, “estimate” or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company’s experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.
Related Quotes
On Wednesday, the Fed bumped up interest rates again, its third 75-basis point hike since June, and signaled that there could be two more such hikes by the end of this year. The conventional wisdom has the Fed acting properly, and aggressively, in an attempt to counter inflation raging at 40-year high levels. But conventional wisdom isn’t always right – and we can learn a lot by consulting the contrarians. Few top investors are more contrarian than Cathie Wood. The founder and manager of ARK Inv
Homeowners beware. But don't panic, either.
In this article, we will look at the 4 stocks billionaire Leon Cooperman is talking about right now. If you want to skip reading about Leon Cooperman, his investment career, and his stock-picking strategy, you can go directly to Billionaire Leon Cooperman is Talking About These 2 Stocks. Leon Cooperman’s Investment Career Leon Cooperman is […]
You have just a few weeks to pounce on Treasury I bonds' sky-high interest rate. Also called Series I savings bonds, their interest rate is 9.62%.
And what it means for your wealth-building options.
The shipping company has developed a reputation as one of the best dividend stocks around
In a year when all three of the major stock indexes in the United States have declined by 15% or more, there are plenty of dividend stocks out there with high dividend yields. What if I told you that there is a Dow Jones Industrial Average stock with a yield north of 6%? Dow Inc. (NYSE: DOW), a maker of various chemical products and one of the Dow Jones Industrial Average's 30 components, fits this description.
Boeing (NYSE: BA) made a big move to put part of its troubled past behind it, but the aerospace manufacturer also apparently has fallen out of favor with what had been a key customer in China. Boeing has taken its investors on a turbulent ride over the past few years. The company's 737 MAX, which was once billed as having the potential to be the top-selling aircraft of all time, was involved in fatal crashes in 2018 and 2019 that led to the plane being grounded for 18 months and prompted a comprehensive review of Boeing's engineering and safety practices.
It's Friday morning — two days after the Federal Reserve raised interest rates 0.75%, and one day after seemingly every other central bank in the world followed suit, according to The Wall Street Journal — and oil stocks are tanking. As of 9:50 a.m. ET, shares of oil company Occidental Petroleum (NYSE: OXY) are down 5.6%, while industry bellwether ExxonMobil (NYSE: XOM) is down a solid 6%, and refiner Phillips 66 (NYSE: PSX) is leading the pack lower with a 6.7% loss.
Yahoo Finance Live anchor Seana Smith highlights stocks moving in after-hours trading, including Ford, FedEx, and Moderna.
Yahoo Finance's Jared Blikre joins the Live show to check out market and sector losses amid today's sell-off, while also looking at meme stocks and the travel industrial.
With the Fed making its third 75-basis-point hike this year, Dalio says greater economic contraction is on the horizon.
Forget everything you think you know about the relationship between interest rates and the stock market.
Shares of recreational vehicle (RV) company Camping World Holdings (NYSE: CWH) crashed on Friday, after an analyst lowered their price target in a research note. As of 1:10 p.m. ET, Camping World stock was down 10%. Truist analyst Michael Swartz has been busily researching the state of the RV market, which led him to lower his target price for Camping World stock.
AT&T Inc. stock is trending on the Yahoo Finance Platform. Here is a visualization of $T performance over time, how that performance compares to the wider industry, and analyst projections for the current quarter.Check out the ticker page here.
Yahoo Finance reporter Alexandra Semenova breaks down Cathie Wood's decision to hand off her role as portfolio manager on two ETFs.
These stocks have been mauled by the bear market, but a look under the hood reveals impressive growth.
Instead of heading for the sideline, Form 13F filings with the Securities and Exchange Commission (SEC) show that most billionaire money managers were active buyers during the first half of the year. What's particularly interesting is that select billionaires have been piling into some of Wall Street's most beaten-down growth stocks. The following three supercharged growth stocks are down as much as 94%, yet billionaires can't stop buying shares of them.
Word spread quickly yesterday that almost 1.1 million Tesla (NASDAQ: TSLA) vehicles were being recalled. At the morning's lows, Tesla shares were down just shy of 5%. The stock market isn't always efficient, but simple math indicates that the recall isn't the reason Tesla shares have dropped for a second straight day.
Boise, Idaho; Philadelphia; Pensacola, Fla.; Austin; and Reno, Nev.; Minnesota; and Utah are the housing markets with the most buyer pullback, says one home builder.