CALGARY, Alberta, May 16, 2019 (GLOBE NEWSWIRE) -- Badger Daylighting Ltd. (the “Company” or “Badger”) (TSX:BAD) previously announced on May 13, 2019, that the Board of Directors of Badger has approved Badger to pursue the implementation of a normal course issuer bid (“NCIB”), pursuant to which Badger would have an option to repurchase its common shares for cancellation. On May 16, 2019, the Toronto Stock Exchange (the “Exchange”) accepted the notice (the “Notice”) filed by the Company to implement the NCIB.
The Company believes that from time-to-time, the market price of its common shares may not fully reflect the underlying value of its business, and that purchases of common shares for cancellation under the NCIB may provide an opportunity to enhance long-term total shareholder returns.
In connection with the NCIB, the Company has entered into an automatic share purchase plan (“ASPP”) with a broker to facilitate repurchases of common shares at times when the Company ordinarily would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by the broker based upon the parameters prescribed by the Exchange, applicable Canadian securities laws and the terms of the parties’ written agreement. The ASPP has been accepted by the Exchange and will be implemented effective as of May 21, 2019.
Under the NCIB, the Company may acquire up to 2,000,000 common shares during the period commencing on May 21, 2019 and ending on May 20, 2020 or such earlier date on which the Company completes its purchases of common shares under the NCIB, or terminates the NCIB at its option. As of May 16, 2019, there are 35,879,438 common shares outstanding, of which 35,681,471 common shares are considered to be in the public float as they are not held by directors, officers or principal shareholders of the Company. Accordingly, the maximum number of common shares that may be repurchased under the NCIB represents approximately 5.61% of the public float and approximately 5.57% of the common shares outstanding.
The aggregate number of common shares that the Company may purchase under the NCIB on any trading day is subject to a maximum daily purchase limit of 45,831 common shares (being 25% of the average daily trading volume on the Exchange for the six calendar months preceding the date of the acceptance of the Notice, which was equal to 183,324 common shares). Exceptions may be made to this daily purchase limit in accordance with the “block” purchase exemptions of the Exchange policy.
Any common shares purchased pursuant to the NCIB will be cancelled. Common shares will be purchased at the market price of the common shares at the time of purchase and will be purchased on behalf of the Company by its broker through the facilities of the Exchange and any alternate trading systems through which trades of the common shares may be effected under applicable securities laws.
Badger’s previous NCIB expired on May 14, 2019 (the “Previous NCIB”). Under the Previous NCIB, Badger obtained the approval of the TSX to purchase up to 2,000,000 common shares, which represented 7.5% of the public float at the time of approval. Badger purchased on the open market and cancelled an aggregate of 1,262,068 common shares under the Previous NCIB at a volume-weighted average purchase price of $32.72 per common share.
About Badger Daylighting Ltd.
Badger Daylighting Ltd. (TSX:BAD) is North America’s largest provider of non-destructive excavating services. Badger traditionally works for contractors and facility owners in a broad range of infrastructure industries. The Company’s key technology is the Badger hydrovac, which is used primarily for safe digging in congested grounds and challenging conditions. The Badger hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger manufactures its truck-mounted hydrovac units.
For further information:
Paul Vanderberg, President and CEO Gerald Schiefelbein, Vice President Finance and CFOJay Bachman, Vice President, Financial Operations and Investor Relations
Badger Corporate Office
ATCO Building II
4th Floor, 919 11th Avenue, SW
Calgary, Alberta T2R 1P3
Telephone (403) 264-8500
Fax (403) 228-9773
Source: Badger Daylighting Ltd.
Source: Badger Daylighting Ltd