MARKHAM, ON, Nov. 28, 2023 /CNW/ - Pet Valu Holdings Ltd. ("Pet Valu" or the "Company") (TSX: PET), the leading Canadian specialty retailer of pet food and pet-related supplies, announced today the acceptance by the Toronto Stock Exchange (the "TSX") of the Company's notice of intention to launch a normal course issuer bid (the "NCIB"). Pursuant to the NCIB, the Company may purchase for cancellation up to an aggregate of 1,786,599 common shares in the capital of the Company (the "Common Shares"), representing approximately 2.5% of the Company's issued and outstanding Common Shares. As at November 16, 2023, the Company had 71,463,986 Common Shares issued and outstanding.
Under the NCIB, the Company may purchase up to 36,971 of its Common Shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 147,887 Common Shares on the TSX for the six months ended October 31, 2023. Purchases under the NCIB may commence on November 30, 2023 and continue until the earliest of (a) the close of trading on November 29, 2024, (b) the date upon which Pet Valu acquires the maximum number of Common Shares to be purchased under the NCIB and (c) the date on which Pet Valu provides written notice of termination of the NCIB to the TSX.
The NCIB will be conducted through the facilities of the TSX or alternative Canadian trading systems, if eligible, and the price that the Company will pay for any Common Shares will be the market price prevailing at the time of purchase or such other price as may be permitted. Purchases under the NCIB will be made by means of open market transactions or other such means as a securities regulatory authority may permit, including pre-arranged crosses, exempt offers and private agreements under an issuer bid exemption order issued by a securities regulatory authority.
In connection with the NCIB, the Company also announces that it has entered into an issuer automatic purchase plan agreement (the "Plan") with TD Securities Inc. (the "Broker") for making purchases of Common Shares pursuant to the Plan. Under the Plan, the Broker will have sole discretion to purchase Common Shares pursuant to the NCIB during trading black out periods established under the Company's Insider Trading Policy, subject to the price limitations and other terms of the Plan and the rules of the TSX. The Company may instruct the Broker to make specific purchases and suspend or terminate the Plan, provided in each case that the Company certifies to the Broker that it is not in possession of any material undisclosed information and such request is otherwise in compliance with the terms of the Plan.
The NCIB will provide the Company with additional flexibility to manage capital and generate value for shareholders.
About Pet Valu
Pet Valu is Canada's leading retailer of pet food and pet-related supplies with over 700 corporate-owned or franchised locations across the country. For more than 40 years, Pet Valu has earned the trust and loyalty of pet parents by offering knowledgeable customer service, a premium product offering and engaging in-store services. Pet Valu's neighbourhood stores offer more than 7,000 competitively-priced products, including a broad assortment of premium, super premium, holistic and award-winning proprietary brands. To learn more, please visit: www.petvalu.com.
SOURCE Pet Valu Canada Inc.
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