Under this notice, Toromont is entitled to purchase up to 8,245,102 common shares, representing 10% of its 82,451,029 common shares in the “public float” as of
The maximum daily purchase limit allowed under this NCIB is 36,233 common shares. The average daily trading volume for the six-month period ending
Toromont believes that from time-to-time the purchase of its common shares at prevailing market prices may be a worthwhile investment and in the best interests of both Toromont and its shareholders. All shares purchased under the NCIB will be cancelled. On or around the commencement of the NCIB, Toromont will also enter into an automatic securities purchase plan (“ASPP”) with a designated broker to facilitate the repurchase of common shares under the NCIB, subject to certain trading parameters set out by Toromont when not in possession of any material non-public information about itself or its securities and in accordance with the terms of the ASPP. Under the terms of the ASPP, the broker may repurchase common shares within the established trading parameters at any time in its own discretion, and without the control or influence of Toromont. The broker may make purchases during periods that Toromont would not otherwise do so, including during internally imposed trading blackout periods or periods when Toromont is subject to insider trading restrictions. Outside of the effective period of the ASPP, Toromont may repurchase common shares at its discretion, subject to applicable law. Toromont will not enter into, modify, vary or terminate the ASPP or any of the trading parameters contained therein, unless Toromont is not in possession of material non-public information related to itself or its common shares. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws and TSX rules.
With respect to its previous normal course issuer bid that expired on August 30, 2020, Toromont was approved to repurchase up to 7,004,456 common shares. A total of 67,800 shares were repurchased during such period, at an average price of
For more information contact:
Executive Vice President and Chief Financial Officer
Tel: (416) 514-4790
Source: Toromont Industries Ltd.