TORONTO, Dec. 21, 2021 /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 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. Subject to TSX acceptance, Corus currently anticipates
the NCIB commencing on or about January 17,
2022, and in any event, at least two trading days after TSX
acceptance of the NCIB. 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.
The Company's prior normal course issuer bid commenced on
November 26, 2020, and expired on
November 25, 2021. The Company did
not repurchase and cancel any Class B non-voting shares under that
prior bid.
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, 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 commence the 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 press release
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 commence 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, including the potential impact of new
competition and industry mergers and acquisitions, interest rates,
stability of the advertising, distribution, merchandise and
subscription markets, operating and capital costs and tariffs,
taxes and fees, the Company's ability to source desirable content
and the Company's capital and operating results being consistent
with its expectations. Actual results may differ materially from
those expressed or implied in such information. Important factors
that could cause actual results to differ materially from these
expectations include, among other things: the Company's ability to
attract and retain advertising revenue; audience acceptance of the
Company's television programs and cable networks; the Company's
ability to recoup production costs, the availability of tax credits
and the existence of co-production treaties; the Company's ability
to compete in any of the industries in which it does business; the
opportunities (or lack thereof) that may be presented to and
pursued by the Company; conditions in the entertainment,
information and communications industries and technological
developments therein; changes in laws or regulations or the
interpretation or application of those laws and regulations; the
Company's ability to integrate and realize anticipated benefits
from its acquisitions and to effectively manage its growth; the
Company's ability to successfully defend itself against litigation
matters arising out of the ordinary course of business; failure to
meet covenants under the Company's senior credit facility;
epidemics, pandemics or other public health crises, including the
current outbreak of COVID-19 and changes in accounting standards.
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, 2021, and under the heading "Risk
Factors" in the Company's 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 the
Company's 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 33 specialty television services, 39 radio
stations, 15 conventional television stations, a suite of digital
and streaming assets, animation software, technology and media
services. Corus is an internationally-renowned content creator and
distributor through Nelvana, a world class animation studio expert
in all formats and Corus Studios, a globally recognized producer of
hit scripted and unscripted content. The company also owns
innovative full-service social digital agency so.da, lifestyle
entertainment company Kin Canada, leading 2D animation software
supplier Toon Boom and children's book publishing house, Kids Can
Press. 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, along with
broadly distributed Canadian streaming platforms STACKTV, Nick+,
the Global TV App and Curiouscast. For more information visit
www.corusent.com.
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SOURCE Corus Entertainment Inc.