MARKHAM,
ON, Nov. 28, 2024 /CNW/ - Pet Valu
Holdings Ltd. ("Pet Valu" or the "Company")
(TSX: PET), the leading Canadian specialty retailer of pet food and
pet-related supplies, announced today the acceptance by the Toronto
Stock Exchange (the "TSX") of the Company's notice of
intention to renew its normal course issuer bid (the
"NCIB"). Pursuant to the NCIB, the Company may purchase for
cancellation up to an aggregate of 3,572,004 common shares in the
capital of the Company (the "Common Shares"), representing
approximately 5% of the Company's issued and outstanding Common
Shares. As at November 18, 2024, the
Company had 71,440,088 Common Shares issued and outstanding.
Under the NCIB, the Company may purchase up to 18,454 of its
Common Shares on the TSX during any trading day, which represents
25% of the average daily trading volume of 73,819 Common Shares on
the TSX for the six months ended October
31, 2024, other than block purchase exemptions.
Purchases under the NCIB may commence on December 2, 2024 and continue until the earliest
of (a) the close of trading on December 1,
2025, (b) the date upon which Pet Valu acquires the maximum
number of Common Shares to be purchased under the NCIB and (c) the
date on which Pet Valu provides written notice of termination of
the NCIB to the TSX.
The NCIB will be conducted in accordance with TSX rules and
policies through the facilities of the TSX or alternative Canadian
trading systems, if eligible, and the price that the Company will
pay for any Common Shares will be the market price prevailing at
the time of purchase or such other price as may be permitted.
Purchases under the NCIB will be made by means of open market
transactions or other such means as a securities regulatory
authority may permit, including pre-arranged crosses, exempt offers
and private agreements under an issuer bid exemption order issued
by a securities regulatory authority.
In connection with the NCIB, the Company also announces that it
has entered into an issuer automatic share purchase plan agreement
(the "Plan") with a designated broker (the
"Broker") for making purchases of Common Shares pursuant to
the Plan. Under the Plan, the Broker will have sole discretion to
purchase Common Shares pursuant to the NCIB during trading black
out periods established under the Company's Insider Trading Policy,
subject to the price limitations and other terms of the Plan and
the rules of the TSX. The Company may instruct the Broker to make
specific purchases and suspend or terminate the Plan, provided in
each case that the Company certifies to the Broker that it is not
in possession of any material undisclosed information and such
request is otherwise in compliance with the terms of the Plan.
The NCIB will provide the Company with additional flexibility to
manage capital and generate value for shareholders.
Under the Company's current NCIB that commenced on November 30, 2023 and expires on November 29, 2024, the Company sought and
received approval from the TSX to purchase up to 1,786,599 Common
Shares. Under the Company's current NCIB, and pursuant to an
automatic repurchase plan in respect of certain repurchases,
between November 30, 2023 and
November 18, 2024, the Company
repurchased 492,564 Common Shares on the open market,
through the facilities of the TSX and alternative Canadian trading
systems, at a volume‐weighted average purchase price of
approximately $25.72 per Common
Share.
About Pet Valu
Pet Valu is Canada's leading
retailer of pet food and pet-related supplies with over 800
corporate-owned or franchised locations across the country. For
more than 45 years, Pet Valu has earned the trust and loyalty of
pet parents by offering knowledgeable customer service, a premium
product offering and engaging in-store services. Through its
neighbourhood stores and digital platform, Pet Valu offers more
than 10,000 competitively-priced products, including a broad
assortment of premium, super premium, holistic and award-winning
proprietary brands. The Company is headquartered in Markham, Ontario and its shares trade on the
Toronto Stock Exchange (TSX: PET). To learn more, please visit:
www.petvalu.ca.
Forward-Looking Information
Some of the information contained in this press release is
forward-looking information. Forward-looking information is
provided as at the date of this press release and is based on
management's opinions, estimates and assumptions in light of its
experience and perception of historical trends, current trends,
current conditions and expected future developments, as well as
other factors that management believes appropriate and reasonable
in the circumstances. Such forward-looking information is intended
to provide information about management's current expectations and
plans, and may not be appropriate for other purposes. Pet Valu does
not undertake to update any such forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable Canadian securities laws.
Actual results and the timing of events may differ materially from
those anticipated in the forward-looking information as a result of
various factors and assumptions, and subject to the risks as set
out in the Company's annual information form dated March 4, 2024.
SOURCE Pet Valu Canada Inc.