TORONTO, Nov. 17, 2020 /PRNewswire/ - Corus
Entertainment Inc. ("Corus" or the "Company") (TSX: CJR.B)
announced today that the Company intends to file with the Toronto
Stock Exchange ("TSX") a notice of intention to commence a
normal course issuer bid ("NCIB") for its Class B non-voting
shares, effectively renewing a previous normal course issuer bid
which ended on November 11, 2020 for
a one year period. If accepted by the TSX, the Company would be
permitted under the NCIB to purchase for cancellation, through the
facilities of the TSX and/or alternative Canadian trading systems,
up to 5% of the public float (calculated in accordance with TSX
rules) of the Company's issued and outstanding Class B non-voting
shares during the 12 months following such TSX acceptance. The
exact amount of Class B non-voting shares subject to the NCIB will
be determined on the date of acceptance of the notice of intention
by the TSX.
All Class B non-voting shares purchased by the Company under the
NCIB will be purchased at prevailing market prices in accordance
with the rules and policies of the TSX and applicable securities
laws. The actual number of Class B non-voting shares that may be
purchased, and the timing of any such purchases, will be determined
by the Company, subject to the applicable terms and limitations of
the NCIB (including any automatic repurchase plan adopted in
connection therewith). All Class B non-voting shares acquired by
the Company under the NCIB will be cancelled. Under its previous
normal course issuer bid that commenced on November 12, 2019 to November 11, 2020, the Company purchased and
cancelled an aggregate of 3,630,000 Class B non-voting shares at a
weighted average price per share of $4.65.
The Company intends to commence the NCIB two trading days after
TSX acceptance of the NCIB. The NCIB will terminate one year after
its commencement, or earlier if the maximum number of Class B
non-voting shares under the NCIB have been purchased. Although the
Company has a present intention to acquire its Class B non-voting
shares pursuant to the NCIB, the Company will not be obligated to
make any purchases and purchases may be suspended by the Company at
any time. The Company reserves the right to terminate the NCIB
earlier if it feels it is appropriate to do so.
In connection with the NCIB program, the Company intends to
enter into an automatic repurchase plan with its designated broker
to allow for purchases of its Class B non-voting shares during
certain pre-determined black-out periods, subject to certain
parameters as to price and number of shares. Outside of these
pre-determined black-out periods, shares will be repurchased in
accordance with management's discretion, subject to applicable
law.
The Company proposes to renew its NCIB because it believes that
the market price of the Class B non-voting shares may not, from
time to time, fully reflect their value and accordingly the
purchase of the Class B non-voting shares would be in the best
interest of the Company and an attractive and appropriate use of
available funds.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information and
should be read subject to the following cautionary
language:
To the extent any statements made in this report contain
information that is not historical, these statements are
forward-looking statements and may be "forward-looking information"
within the meaning of applicable securities laws (collectively,
"forward-looking information"). These forward-looking statements
relate to, among other things, statements related to the Company's
intention to apply to renew its NCIB, the timing thereof, and the
number of Class B non-voting shares which may be purchased under
the NCIB and the Company's belief that the repurchase of Class B
non-voting shares is an appropriate use of available funds, and can
generally be identified by the use of words such as "believe",
"anticipate", "expect", "intend", "plan", "will", "may" and other
similar expressions. In addition, any statements that refer to
expectations, projections or other characterizations of future
events or circumstances may be considered forward-looking
information. Although Corus believes that the expectations
reflected in such forward-looking information are reasonable, such
information involves assumptions and risks and uncertainties and
undue reliance should not be placed on such statements. Certain
material factors or assumptions are applied with respect to the
forward-looking information, including without limitation, factors
and assumptions regarding the general market conditions and general
outlook for the industry, interest rates, stability of the
advertising, distribution, merchandise and subscription markets,
operating and capital costs and tariffs, taxes and fees, our
ability to source desirable content and our capital and operating
results being consistent with our expectations. Actual results may
differ materially from those expressed or implied in such
information. Additional information about these factors and about
the material assumptions underlying any forward-looking information
may be found under the heading "Risks and Uncertainties" in the
Management's Discussion and Analysis for the year ended
August 31, 2020 and under the heading
"Risk Factors" in our Annual Information Form. Corus cautions that
the foregoing list of important assumptions and factors that may
affect future results is not exhaustive. When relying on our
forward-looking information to make decisions with respect to
Corus, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. Unless
otherwise specified, all forward-looking information in this
document speaks as of the date of this document. Unless otherwise
required by applicable securities laws, Corus disclaims any
intention or obligation to publicly update or revise any
forward-looking information whether as a result of new information,
events or circumstances that arise after the date thereof or
otherwise.
About Corus Entertainment Inc.
Corus Entertainment Inc. (TSX: CJR.B) is a leading media and
content company that develops and delivers high quality brands and
content across platforms for audiences around the world. Engaging
audiences since 1999, the company's portfolio of multimedia
offerings encompass 34 specialty television services, 39 radio
stations, 15 conventional television stations, a suite of digital
assets, animation software, technology and media services. Corus is
an established creator of globally distributed content through
Nelvana animation studio, Corus Studios, and children's book
publishing house Kids Can Press. The company also owns innovative
full-service social digital agency so.da, and lifestyle
entertainment company Kin Canada. Corus' roster of premium brands
includes Global Television, W Network, HGTV Canada, Food Network
Canada, HISTORY®, Showcase, Adult Swim, National Geographic, Disney
Channel Canada, YTV, Global News, Globalnews.ca, Q107, Country 105,
and CFOX. Visit Corus at www.corusent.com.
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SOURCE Corus Entertainment Inc.