Park Lawn Corporation Announces Normal Course Issuer Bid
TORONTO, ON/ACCESSWIRE/August 11, 2022/ Park Lawn Corporation (TSX:PLC)(TSX:PLC.U) (“APIs“) announced today that it has received approval from the Toronto Stock Exchange (the “TSX“) regarding the establishment of a normal course issuer bid (“ORCN“).
Pursuant to the Tender Offer, PLC may, during the twelve month period commencing August 17, 2022 and ending August 16, 2023, purchase up to 3,385,439 Common Shares (“Ordinary actions“) representing 10% of its public float of issued and outstanding ordinary shares. As of August 8, 2022, there were 34,073,818 ordinary shares issued and outstanding and 33,854,396 estimated ordinary shares in the “public float”, calculated in accordance with the rules of the TSX All common shares purchased by PLC under the issuer bid will be canceled or transferred and held by a trust established by PLC for the settlement of equity-settled incentive plans.
PLC’s board of directors has authorized the issuer bid because it believes that, from time to time, the market price of the common shares may be such that their purchase may be an attractive and appropriate use of company funds. . The OPRCN will provide PLC with additional flexibility to manage capital. Decisions regarding the timing of future purchases of common stock will be based on market conditions, stock price, capital requirements and other factors.
Purchases made by PLC will be made in the open market through the facilities of the TSX and/or other Canadian trading systems, in accordance with the applicable rules of the TSX and other applicable trading systems. The actual number of common shares purchased under the issuer bid and the timing of such purchases will be at the discretion of PLC. Based on the average daily trading volume of 70,028 over the past six months, daily purchases will be limited to 17,507 common shares, excluding bulk purchase exceptions. PLC has not purchased any of its common stock in the past 12 months.
PLC has entered into an automatic stock purchase plan (“ASPP“) with its Designated Broker under its OPRCNA to facilitate the purchase of Common Shares during times when PLC would not normally be permitted to purchase Common Shares due to regulatory restrictions or self-imposed blackout periods Prior to entering a blackout period PLC may, but is not required to, instruct the broker to make purchases under the tender offer within parameters established by PLC in accordance with the ‘ASPP, TSX rules and applicable securities laws. The ASPP has been pre-cleared by the TSX. Outside of the pre-determined blackout periods, Common Shares may be purchased under the Tender Offer. at the discretion of management, in accordance with the rules of the TSX and applicable securities laws. All purchases made under the AESP will be included in the calculation of the number of common shares purchased in ns under the NCIB.
About the PLC
PLC provides goods and services associated with the disposal and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or upon death (at-need). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and transfer service. PLC operates in three Canadian provinces and seventeen US states.
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Caution Regarding Forward-Looking Information
This press release may contain forward-looking statements (within the meaning of applicable securities laws) relating to PLC’s business and the environment in which it operates, and PLC’s expectations of its intention to use company to make purchases subject to the OPRA and its intention to implement the ESAP. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, ” estimate”, “pro-forma” and other similar expressions. These statements are based on PLC’s expectations, estimates, forecasts and projections. The forward-looking statements contained in this press release are based on certain assumptions, including that the future price of common stock and the availability of company funds to make purchases under the tender offer, as well as those regarding current and future business strategies, organic growth initiatives, the environment in which PLC will operate in the future, expected revenues, expansion plans and PLC’s ability to achieve its objectives Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results set forth in the forward-looking statements, including, but not limited to, those factors discussed under “Risk Factors” in PLC’s Annual Information Form. and the most recent MD&A available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate, as actual results may differ materially from those expressed in such forward-looking statements. Accordingly, readers should not place undue reliance on these forward-looking statements. Further, these forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, PLC undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
THE SOURCE: Park Lawn Society