TORONTO, Aug. 30,
2022 /CNW/ - Boat Rocker Media Inc. ("Boat Rocker" or
the "Company") (TSX: BRMI), an independent, integrated global
entertainment company, announced today that the Toronto Stock
Exchange ("TSX") has approved the Company's intention to make a
normal course issuer bid ("NCIB") for its subordinate voting shares
as appropriate opportunities arise from time to time. The NCIB will
commence starting September 1, 2022 and
terminate August 31, 2023.
Under the NCIB, and subject to the market price of its
subordinate voting shares and other considerations, over the next
12 months Boat Rocker may purchase up to 1,000,000 subordinate
voting shares, representing approximately 3% of its issued and
outstanding subordinate voting shares as at August 18, 2022. There were 32,708,791
subordinate voting shares outstanding as at August 18, 2022. Daily purchases will be limited
to 1,527 subordinate voting shares, other than pursuant to block
purchase exemptions. Purchases may be made on the open market
through the facilities of the TSX and/or other Canadian alternative
trading systems at the market price at the time of acquisition, as
well as by other means as may be permitted by TSX rules and/or
applicable securities laws. Boat Rocker has not made any purchases
in the 12 months preceding the date of this notice pursuant to an
NCIB. Any tendered shares taken up and paid for by Boat
Rocker will be cancelled. The Company plans to fund the NCIB
purchases from its existing cash balance.
The Company may enter into an automatic share purchase plan in
relation to the NCIB that would allow for the purchase of its
subordinate voting shares, subject to certain trading parameters,
at times when Boat Rocker ordinarily would not be active in the
market due to its own internal trading black-out periods, insider
trading rules or otherwise. The entering into of any such automatic
share purchase plan would be announced by the Company at such time.
Outside of these periods, shares will be repurchased in accordance
with management's discretion.
The Company is commencing the NCIB because management and the
board believe that the market price of the Company's subordinate
voting shares does not reflect the intrinsic value of the Company
and the repurchase of the stock would be in the best interests of
the Company and its shareholders and would represent an attractive
and appropriate use of available funds. Decisions regarding the
amount and timing of future purchases of subordinate voting shares
will be based on market conditions, share price and other factors
and will be at management's discretion or as provided in an
automatic share purchase plan.
About Boat Rocker Media Inc.
Boat Rocker
(TSX: BRMI) is the home for creative visionaries. An
independent, integrated global entertainment company, Boat Rocker's
purpose is to tell stories and build iconic brands across all
genres and mediums. With offices around the world, Boat Rocker's
creative and commercial capabilities include Scripted, Unscripted,
and Kids & Family television production, distribution,
brand& franchise management, a world-class animation studio,
and talent management through Untitled Entertainment. A selection
of Boat Rocker's projects include: Invasion (Apple
TV+), Orphan Black (BBC AMERICA, CTV Sci-Fi
Channel), Dear... (Apple TV+), Billie
Eilish: The World's a Little Blurry (Apple
TV+), The Next Step (BBC, Family Channel,
CBC), Daniel Spellbound (Netflix),
and Dino
Ranch (Disney+, Disney Junior, CBC). For more
information, please visit: www.boatrocker.com.
Forward-Looking Information
Certain information in
this press release may constitute "forward-looking information"
within the meaning of applicable securities legislation, including
statements related to the Company's normal course issuer bid and
automatic share purchase plan. All information contained in this
press release, other than statements of current and historical
fact, is forward-looking information. Generally, forward-looking
information can be identified by use of words such as "believe,
"expect", "anticipate", "estimate", "intend", "may", "will",
"would", "could", "should", "continue", "plan", "goal",
"objective", "remain" and other similar expressions and the
negative of such expressions, although not all forward-looking
information contain these identifying words. All of the
forward-looking information in this press release is qualified by
this cautionary statement.
Forward-looking information is not, and cannot be, a guarantee
of future results or events. Forward-looking information is based
on, among other things, opinions, assumptions, estimates and
analyses that, while considered reasonable by the Company at the
date the forward-looking information is provided, inherently are
subject to significant risks, uncertainties, contingencies and
other factors that may cause actual results, performance or
achievements, industry results or events to be materially different
from those expressed or implied by the forward-looking information.
Those risks, uncertainties and other factors that could cause
actual results to differ materially from the forward-looking
information include those described in the Company's annual
publicly filed documents, including the Annual Information Form for
the year ended December 31, 2021 (which are available on
SEDAR at www.sedar.com). The Company believes that the
expectations reflected in forward-looking information are based
upon reasonable assumptions; however, the Company can give no
assurance that actual results will be consistent with the
forward-looking information. Not all factors which affect the
forward-looking information are known, and actual results may vary
from the projected results in a material respect, and may be above
or below the forward-looking information presented in a material
respect.
Given these risks, uncertainties and other factors, investors
should not place undue reliance on forward-looking information as a
prediction of actual results. The forward-looking information
contained herein is current as of the date of this press release
and, except as required under applicable law, the Company does not
undertake to update or revise it to reflect new events or
circumstances.
SOURCE Boat Rocker Media Inc.