Ritchie Bros. receives TSX approval for Normal Course Issuer Bid (Share Repurchase Program)
Ritchie Bros. receives TSX approval for Normal Course Issuer Bid (Share Repurchase Program) |
[21-May-2019] |
VANCOUVER, May 21, 2019 /PRNewswire/ - Ritchie Bros. Auctioneers Incorporated (NYSE & TSX: RBA, the "Company" or "Ritchie Bros.") announces today that it has obtained the approval of the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid ("NCIB"). The NCIB will allow the Company to use its share repurchase program to primarily neutralize share dilution from options. NCIB Details The NCIB will commence on May 23, 2019 and will terminate on May 22, 2020 or on such earlier date as the Company may complete its purchases thereunder or as it may otherwise determine. Under the NCIB, the Company may purchase up to the lesser of 5,449,204 common shares (such amount representing 5% of the common shares of the Company issued and outstanding as of May 10, 2019) and that number of common shares worth an aggregate of US$100 million. Furthermore, subject to certain exemptions for block purchases, the maximum number of its common shares that the Company may purchase on any one trading day on the TSX is 31,957 common shares, such amount representing 25% of the average daily trading volume of the common shares of the Company on the TSX alone for the six calendar months ended April 30, 2019. As of May 10, 2019, 108,984,083 common shares of the Company were issued and outstanding. All common shares of the Company purchased under the new NCIB will be cancelled. The Company believes that purchasing its common shares for cancellation to mitigate dilution from options represents an appropriate and desirable use of available funds. The Company's common shares under the NCIB may be purchased through a combination of an automatic repurchase plan (the "Purchase Plan"), as well as at management's discretion in compliance with regulatory requirements and given market, cost and other considerations. Under the Purchase Plan, the Company's broker may repurchase shares under the NCIB at any time including, without limitation, when the Company would ordinarily not be permitted to do so 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, applicable Canadian and U.S. securities laws and the terms of the parties' written agreement. Purchases under the NCIB may be made at the then current market price of the Company's common shares through the facilities of the TSX, the New York Stock Exchange (the "NYSE") or alternative trading platforms in Canada or the United States by means of open market transactions or by such other means as may be permitted by the TSX and applicable Canadian and U.S. securities laws. There can be no assurance as to the precise number of common shares that will be repurchased under the NCIB, or the aggregate dollar amount of the common shares purchased. The Company may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. About Ritchie Bros. Forward-looking Statements View original content:http://www.prnewswire.com/news-releases/ritchie-bros-receives-tsx-approval-for-normal-course-issuer-bid-share-repurchase-program-300853768.html SOURCE Ritchie Bros. Auctioneers | ||
Company Codes: NYSE:RBA, Toronto:RBA |
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