Atlas Engineered Products Announces Renewal of Normal Course Issuer Bid
NANAIMO, BC, November 10, 2022 /CNW/ – Atlas Engineered Products (“Atlas”, “AEP” or the “Company”) (TSXV: AEP); (OTC Markets: APEUF) announced today that it has received approval from the TSX Venture Exchange (the “TSXV”) to renew its Normal Course Issuer Bid (the “NCIB”) ) to be traded through the facilities of the TSXV.
The renewed NCIB will begin on December 1, 2022 and finish the December 1, 2023 or at an earlier date on which AEP may complete its purchases, as indicated in its notice filed with the TSXV. Under the renewed public offer, AEP may purchase up to 4,732,015 ordinary shares of the Company, representing up to 10% of the Company’s public float at November 2, 2022. The price AEP will pay for the common shares purchased under the issuer bid will be the prevailing market price at the time of acquisition. The actual number of common shares purchased under the issuer bid and the timing of such purchases will be determined by the management of AEP. Purchases under the issuer bid will continue to be made by Canaccord Genuity Corporation (“Canaccord”). AEP may enter into a predefined automatic securities purchase program with Canaccord to permit the repurchase of Common Shares at a time when the Company would not normally be active in the market due to its own internal trading blackouts, rules on insider trading or otherwise. These plans will be adopted in accordance with applicable Canadian securities laws.
Purchases of common shares under the public offering will continue to be made in the open market through the facilities of the TSXV and will be purchased for cancellation.
AEP’s Board of Directors continues to believe that the current market price of the Company’s common shares does not currently reflect the underlying value of the Company. Therefore, based on future price fluctuations and other factors, AEP’s Board of Directors believes that the purchase of the shares is an appropriate use of AEP’s funds and in the best interest of AEP’s shareholders.
As part of AEP’s previous NCIB, conducted between November 3, 2021 and November 1, 2022AEP purchased and canceled a total of 2,886,286 common shares under the previous tender offer at a weighted average price of $0.553 per share.
About Atlas Engineered Products Ltd.
AEP is a growing company that acquires and operates profitable and well-established businesses in from Canada the trusses and engineered products industry. We have a well-defined and disciplined operational growth and acquisition strategy that allows us to aggressively scale and apply new technologies, giving us a unique opportunity to consolidate a fragmented industry of independent operators.
The information in this press release contains forward-looking statements. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Although AEP believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct, or that such future events will occur within the timeframe stated or at all. AEP cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of important factors, many of which are beyond AEP’s control. These factors include, among others: The risks and uncertainties relating to AEP, including those that will be described in the MD&A for the three and six month periods of AEP June 30th, 2022. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied by the forward-looking information. Except as required by applicable securities laws, AEP undertakes no obligation to publicly update or revise any forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS ITS TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE RELEVANCE OR ACCURACY OF THIS RELEASE.
SOURCE Atlas Engineered Products Ltd.
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