TSX: MFI
www.mapleleaffoods.com
MISSISSAUGA, ON, May 23, 2023
/PRNewswire/ - Maple Leaf Foods Inc. (the "Company") (TSX:MFI)
today announced that the Toronto Stock Exchange (the "TSX") has
accepted the notice filed by the Company to establish a normal
course issuer bid ("NCIB") program.
The NCIB program commences on May 25,
2023 and will terminate on May 24,
2024, or on such earlier date as the Company may complete
its purchases pursuant to a Notice of Intention filed with the
TSX. Under the NCIB program, the Company is authorized to
purchase up to 7,200,000 of its common shares (out of the
121,974,702 common shares outstanding as at May 15, 2023) representing approximately 10% of
the public float as at May 15, 2023,
by way of normal course purchases effected through the facilities
of the TSX and/or alternative Canadian trading systems. The average
daily trading volume for the six months ended April 28, 2023 was 225,015 common shares. Common
shares purchased by the Company will be cancelled. Pursuant
to the terms of a previous normal course issuer bid approved by the
TSX on May 19, 2022, the Company was
authorized to repurchase up to 7,500,000 shares. The Company
repurchased an aggregate of 3,111,700 common shares on the TSX and
on alternative Canadian trading systems during such normal course
issuer bid at a weighted average price of $24.0016 per share for cancellation during the
period commencing on May 25, 2022 and
ending on May 24, 2023.
In deciding to establish the NCIB, the Company believes that the
market price of the common shares may not, from time to time, fully
reflect their value and accordingly the purchase of the common
shares would be in the best interest of the Company and an
attractive and appropriate use of available funds.
Purchases will be made by the Company in accordance with the
requirements of the TSX and the price which the Company will pay
for any such common shares will be the market price of any such
common shares at the time of acquisition, or such other price as
may be permitted by the TSX. Shares will be repurchased in
accordance with management's discretion, subject to applicable
law. For purposes of the TSX rules, a maximum of
56,253 common shares may be purchased by the Company on any
one day under the bid, except where purchases are made in
accordance with the "block purchase exception" of the TSX
rules.
About Maple Leaf Foods
Maple Leaf Foods Inc. ("Maple Leaf Foods") is a carbon neutral
company with a vision to be the most sustainable protein company on
earth, responsibly producing food products under leading brands
including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural
Selections®, Schneiders®, Schneiders® Country Naturals®, Mina®,
Greenfield Natural Meat Co.®, Lightlife®, Field Roast™ and
Swift®. Maple Leaf Foods employs approximately 14,000 people and
does business in Canada, the U.S.
and Asia. The company is
headquartered in Mississauga,
Ontario, and its shares trade on the Toronto Stock Exchange
(MFI).
Forward–Looking
Statements
This document may contain "forward-looking information" within
the meaning of applicable securities law including statements
regarding future purchases of common shares under the NCIB. These
statements are not guarantees of future events and involve
assumptions and risks and uncertainties that are difficult to
predict. Some of these assumptions and risks and
uncertainties are described in more detail in the Company's filings
made with the securities regulatory authorities in Canada which are available on SEDAR at
www.sedar.com. Actual results may differ materially
from those expressed, implied or forecasted in such forward-looking
information and there is no assurance that any common shares will
be purchased under the NCIB program. Maple Leaf does not intend to,
and Maple Leaf disclaims any obligation to, update any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
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SOURCE Maple Leaf Foods Inc.