Cott Announces Approval of New Share Repurchase Program
Dec 11, 2018
The Company’s Board of Directors has determined that the repurchase of a portion of Cott’s outstanding common shares under the New Plan is an appropriate use of available cash and is in the best interests of Cott and its shareowners. In order to facilitate repurchases, the TSX has approved Cott’s notice of intention to make a normal course issuer bid for a portion of its common shares as appropriate opportunities arise from time to time. The total size of the repurchase is capped at
“We are pleased to announce today that a new share repurchase program has been approved by our Board of Directors and the TSX. With approximately
As of
The notice of intention provides that no appraisal or valuation regarding Cott, its material assets or securities, has been prepared within the two years preceding the date of the notice.
To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any common shares under the bid. However, sales by such persons through the facilities of the TSX or NYSE may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose common shares are purchased would be the same as the benefits available to all other securityholders whose common shares are purchased.
Cott will amend its existing automatic purchase plan to include purchases under the New Plan. At the time of the amendment, Cott will not possess knowledge of any material fact or material change about the Company, the common shares or any of its securities that have not been generally disclosed. The automatic purchase plan will allow for the purchase of common shares, subject to certain trading parameters, at times when Cott ordinarily would not be active in the market due to its own internal trading black-out period, insider trading rules or otherwise. Outside of these periods, common shares may also be repurchased in accordance with management’s discretion and in compliance with applicable law.
About
Cott is a water, coffee, tea, extracts and filtration service company with a leading volume-based national presence in the North American and European home and office bottled water delivery industry and a leader in custom coffee roasting, blending of iced tea, and extract solutions for the
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management’s expectations as to the future based on plans, estimates and projections at the time Cott makes the statements. Forward-looking statements involve inherent risks and uncertainties and Cott cautions you that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement. The forward-looking statements contained in this press release include, but are not limited to, statements related to the amount of shares that may be repurchased under the share repurchase program. The forward-looking statements are based on assumptions regarding management’s current plans and estimates. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate.
Website: www.cott.com
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