CALGARY,
AB, Sept. 26, 2023 /CNW/ - ATCO Ltd. (TSX:
ACO.X) (TSX: ACO.Y)
ATCO Ltd. (the "Company") announced today that the Toronto Stock
Exchange (the "Exchange") has accepted the notice filed by the
Company to amend its previously announced Normal Course Issuer Bid
("NCIB"). The amendment increases the maximum number of Class
I Non-Voting Shares ("Class I Shares") that may be repurchased
under the NCIB, from 1,014,881 Class I Shares to 2,214,881 Class I
Shares. No other terms of the NCIB have changed. Purchases under
the NCIB began on March 13, 2023, and
will end on March 12, 2024, and are
made by way of normal course purchases effected through the
facilities of the Exchange, other designated exchanges and/or
alternative Canadian trading systems.
As of March 8, 2023, at the time
the Company's original NCIB application was accepted by the
Exchange, 101,488,182 Class I Shares were issued and outstanding.
The 2,214,881 Class I Shares that may be repurchased under the
amended NCIB represent approximately 2 per cent of the issued and
outstanding Class I Shares as of February
28, 2023. Under the NCIB, as of September 26, 2023, the Company has repurchased
558,600 Class I Shares, at a weighted-average price of $42.06.
In deciding to amend its NCIB, the Company believes that, from
time to time, the market price of its Class I Shares may not fully
reflect the value of its business, and that purchasing its own
Class I Shares represents an attractive investment opportunity and
desirable use of available funds. The purchase of Class I Shares,
at appropriate prices, will also minimize any dilution resulting
from the exercise of stock options.
Other than to reflect the increase in the maximum number of
Class I Shares that may be repurchased under the NCIB, the
automatic securities purchase plan ("ASPP") entered into by the
Company with a designated broker remains unchanged. The ASPP allows
for the purchase of Class I Shares under the NCIB at times when the
Company would ordinarily not be permitted to purchase Class I
Shares due to regulatory restrictions or self-imposed blackout
periods.
ATCO Ltd. and its subsidiary and affiliate companies have
approximately 19,000 employees and assets of $25 billion. ATCO is a diversified global
corporation with investments in the essential services of
Structures & Logistics (workforce and residential housing,
innovative modular facilities, construction, site support services,
workforce lodging services, facility operations and maintenance,
defence operations services, and disaster and emergency management
services); Utilities (electricity and natural gas transmission and
distribution, and international operations); Energy Infrastructure
(energy storage, energy generation, industrial water solutions, and
clean fuels); Retail Energy (electricity and natural gas retail
sales, and whole-home solutions); Transportation (ports and
transportation logistics); and Commercial Real Estate. More
information can be found at www.ATCO.com.
Investor Inquiries:
Colin
Jackson
Senior Vice President, Finance, Treasury & Sustainability
(403) 808 2636
colin.jackson@atco.com
Media Inquiries:
Kurt
Kadatz
Director, Corporate Communications
(587) 228 4571
kurt.kadatz@atco.com
Forward-Looking Information:
Certain statements contained in this news release may
constitute forward-looking information. Forward-looking information
is often, but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions. In particular,
forward-looking information in this news release includes
references to the Company's intentions regarding its amended NCIB,
the purchase of Class I Shares pursuant to the amended NCIB, and
amendment of the ASPP in connection with the amended NCIB.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information.
The Company's actual results could differ materially from
those anticipated in this forward-looking information as a result
of regulatory decisions, competitive factors in the industries in
which the Company operates, prevailing market and economic
conditions, availability of sellers, changes in laws and
regulations and other factors, many of which are beyond the control
of the Company.
The Company believes that the expectations reflected in the
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied
upon.
Any forward-looking information contained in this news
release represents the Company's expectations as of the date
hereof, and is subject to change after such date. The Company
disclaims any intention or obligation to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable
securities legislation.
SOURCE ATCO Ltd.