MONTREAL, Aug. 27, 2021 /CNW Telbec/ - Supremex Inc.
("Supremex" or the "Company") (TSX: SXP), a leading North American
manufacturer and marketer of envelopes and a growing provider of
paper-based packaging solutions, today announced that it has
received approval from the TSX to purchase by way of a normal
course issuer bid ("NCIB"), for cancellation, up to 1,346,648 of
its common shares, representing approximately 5.0% of its
26,932,969 issued and outstanding common shares as of August 18, 2021.
Purchases under the NCIB will be made through the facilities of
the TSX and/or alternative trading systems in Canada, if eligible, in accordance with
applicable securities laws and regulations, over a maximum period
of 12 months beginning on August 31,
2021 and ending on August 30,
2022. The price to be paid by Supremex for any common share
will be the market price at the time of acquisition. All common
shares purchased pursuant to the NCIB will be cancelled.
The average daily trading volume of Supremex' common shares over
the six completed calendar months prior to the date hereof, as
calculated in accordance with TSX rules, was 51,511 common shares.
Accordingly, under TSX rules, Supremex is entitled to purchase, on
any trading day, up to 12,877 common shares, representing 25% of
such average daily trading volume.
In connection with the NCIB, the Company entered into an
automatic share purchase plan. Under the automatic share purchase
plan, the Company's broker may repurchase common shares which it
would ordinarily not be permitted to due to regulatory restrictions
or self-imposed blackout periods. Purchases will be made by the
Company's broker based upon the parameters prescribed by the TSX
and applicable Canadian securities laws and the terms of the
parties' written agreement. The automatic share purchase plan has
been pre-cleared by the TSX and will be implemented effective as of
August 31, 2021.
Supremex believes that, from time to time, the purchase of its
common shares under the NCIB is an appropriate and desirable use of
available cash to increase shareholder value.
From August 17, 2020 to August 16,
2021, Supremex repurchased 1,197,500 of its outstanding
common shares through the facilities of the TSX and/or alternative
trading systems in Canada under a
normal course issuer bid, at a weighted average price per share of
$2.0255. The TSX had approved the
purchase of 1,406,523 common shares under a normal course issuer
bid over that period.
About Supremex
Supremex is a leading North American manufacturer and marketer
of envelopes and a growing provider of paper-based packaging
solutions. Supremex operates 11 manufacturing facilities across
four provinces in Canada and three
manufacturing facilities in the United
States employing approximately 845 people. Supremex' growing
footprint allows it to efficiently manufacture and distribute
envelope and packaging solutions designed to the specifications of
major national and multinational corporations, resellers,
government entities, SMEs and solutions providers.
For more information, please visit www.supremex.com.
SOURCE Supremex Inc.
