High Liner Foods Incorporated announces an Equity Buyback for 150,000 shares, representing 0.49% of its issued share capital.
January 30, 2017 at 10:32 pm
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High Liner Foods Incorporated (TSX:HLF) announces a share repurchase program. Under the bid, the company will repurchase up to 150,000 shares, representing 0.86% of the public float and 0.49% of its issued and outstanding shares. The price the company will pay for any shares will be the market price at the time of the acquisition. The shares will be repurchased through the facilities of the Toronto Stock Exchange. The repurchased shares shall be cancelled. Under the TSX rules, the company is entitled to purchase up to the greater of 25% of the average daily trading volume of the respective class of shares or 1,000 shares on any trading day, or a larger amount of common shares per calendar week, subject to the maximum number that may be acquired under the bid, if the transaction meets the block purchase exception under the rules. Accordingly, unless a block purchase meeting the block purchase exception under the TSX rules is made, the company is entitled to purchase up to 12,744 shares on any trading day. In connection with the bid, the company has established an automatic securities purchase plan for the common shares. Accordingly, the company may repurchase its securities under the plan on any trading day during the issuer bid including during self-imposed trading blackout periods. The plan will commence immediately and terminate with the issuer bid. The company may otherwise vary, suspend or terminate the plan only if it does not have material non-public information and the decision to vary, suspend or terminate the plan is not taken during a self-imposed trading blackout period. The bid will terminate no later than February 1, 2018. As of January 20, 2017, the company had 30,889,078 issued and outstanding common shares and 17,445,265 shares in the public float.
High Liner Foods Incorporated is a Canada-based value-added frozen seafood company. The Company is a processor and marketer of value-added frozen seafood, producing a range of products from breaded and battered items to seafood entrees, which are sold to North American food retailers and foodservice distributors. In addition, it is a supplier of commodity products in the North American market. The Companyâs retail channel includes grocery and club stores, and its products are sold throughout the United States and Canada under the High Liner, Fisher Boy, Mirabel, Sea Cuisine and Catch of the Day labels. The foodservice channel includes sales of seafood that is usually eaten outside the home and its branded products are sold through distributors to restaurants and institutions under the High Liner, Mirabel, Icelandic Seafood and FPI labels. It owns and operates over three food-processing plants located in Lunenburg, Nova Scotia, Portsmouth, New Hampshire, and Newport News, Virginia.
HIGH LINER FOODS INCORPORATED 
