Savaria Corporation Launches a Normal Course Issuer Bid
30 Janvier 2014 - 4:57PM
Marketwired
Savaria Corporation Launches a Normal Course Issuer Bid
LAVAL, QUEBEC--(Marketwired - Jan 30, 2014) - Savaria
Corporation ("Savaria") (TSX:SIS), North America's leader in the
accessibility industry, today announced that it has received
Toronto Stock Exchange ("TSX") approval to a Notice of Intention to
implement a normal course issuer bid. According to the notice,
Savaria intends to purchase for cancellation, in accordance with
the requirements of the TSX, up to 585,000 common shares,
representing 2.5 % of the 23,410,864 common shares that are issued
and outstanding as of January 21, 2014.
The average daily trading volume ("ADTV") of Savaria's common
shares over the last six completed calendar months was 9,031.
According to the TSX requirements, Savaria is entitled, on any
trading day, to purchase up to 2,257 common shares. Once a week, in
excess of the daily 2,257 repurchased limit, Savaria may also
purchase a block of shares not owned by an insider (i) having a
purchase price of $200,000 or more, (ii) of at least 5,000 shares
having a purchase price of at least $50,000, or (iii) of at least
20 board lots of shares which total 150% or more of the ADTV.
The normal course issuer bid will begin on February 1, 2014, and
will run until January 31, 2015 at the latest. These purchases are
to be made through the facilities of the TSX in accordance with its
requirements on normal course issuer bids. The price, which Savaria
will pay for any common shares, will be the market price at the
time of acquisition plus brokerage fees.
Savaria has purchased 6,200 of its common shares at a weighted
average price of $1.56 within the last twelve months pursuant to a
normal course issuer bid which began on February 1st, 2013 and will
terminate on January 31st, 2014.
Savaria believes that the purchase of its shares may constitute
an appropriate use of its available cash, and therefore, that the
issuer bid is in the best interests of Savaria and its
shareholders.
Savaria Corporation (savaria.com) is North America's leader in
the accessibility industry focused on meeting the needs of people
with mobility challenges. Savaria designs, manufactures, installs
and distributes primarily elevators for home and commercial use, as
well as stairlifts and vertical and inclined platform lifts. In
addition, it converts and adapts wheelchair accessible automotive
vehicles and offers scooters and motorized wheelchairs. The
diversity of its product line, one of the world's most
comprehensive, enables the Corporation to stand out by proposing an
integrated and customized solution for its customers' mobility
needs. Its operations in China have substantially grown and the
collaboration with Savaria's other Canadian facilities increases
its competitive edge in the market place. The Corporation records
some 60% of its revenue outside Canada, primarily in the United
States. It has a sales network of some 600 retailers in North
America and employs some 360 people at its head office in Laval and
at its plants in Montreal (Quebec), Brampton and London (Ontario),
Calgary (Alberta) and Huizhou (China).
FORWARD LOOKING STATEMENTS
Certain statements may constitute forward-looking statements.
Such forward-looking statements involve risks, uncertainties and
other factors, which may cause actual results, performance or
achievements of the Corporation to be materially different from
future results, performance or achievements expressed or implied by
such forward-looking statements.
Helene Bernier, CAVice-President, Finance1-800-931-5655, ext.
248helene.bernier@savaria.comMarcel BourassaPresident and Chief
Executive
Officer1-800-661-5112marcel.bourassa@savaria.comwww.savaria.com
Savaria (TSX:SIS)
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