Cineplex Announces Acceptance of Normal Course Issuer Bid
Pursuant to the notice, Cineplex proposes to purchase, as opportunities arise from time to time over the next 12 months, up to 6,318,345 Shares, being equal to 10% of its public float of 63,183,455 Shares issued and outstanding as of
Cineplex may begin to purchase Shares on or about
In connection with the NCIB, Cineplex has established an automatic share purchase plan (the "Plan") with its designated broker that contains specified parameters regarding how its Shares may be purchased under the NCIB during times when the Company would ordinarily not be permitted to purchase Shares due to regulatory restrictions or self-imposed blackout periods. Cineplex may elect to suspend or discontinue its NCIB in accordance with certain conditions set forth in the Plan. The Plan will be effective as of
Cineplex is commencing the NCIB because the board of directors believes that the market price of the Shares does not reflect the intrinsic value of the Company and the repurchase of Shares would be in the best interests of the Company and its shareholders, and would represent an attractive and appropriate use of available funds. Decisions regarding the amount and timing of future purchases of Shares will be based on market conditions, share price and other factors.
About Cineplex
Cineplex (TSX:CGX) is a top-tier Canadian brand that operates in the
Proudly recognized as having one of the country's Most Admired Corporate Cultures, Cineplex employs over 10,000 people in its offices and venues across
Caution Regarding Forward-Looking Statements:
Certain statements and/or information in this news release (identified by words such as "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective" and "continue" (or the negative thereof)), and words and expressions of similar import, and similar expressions suggesting future events or future performance are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements and information concerning future purchases of Shares under the NCIB. Such forward-looking statements are based on expectations and assumptions made by Cineplex, and there is no assurance that any Shares will be purchased under the NCIB. By its nature, such forward-looking statements are subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Readers are cautioned that undue reliance should not be placed on forward-looking statements as actual operations and results may vary materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. Cineplex does not undertake to update, correct or revise any forward-looking statements as a result of any new information, future events or otherwise, except as may be required by applicable law.
SOURCE Cineplex