Cervus Equipment Corporation Announces Normal Course Issuer Bid for its Shares

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Cervus Equipment Corporation Announces Normal Course Issuer Bid for its Shares

Canada NewsWire

CALGARY, Sept. 10, 2018 /CNW/ - Cervus Equipment Corporation ("Cervus") (TSX: CERV) announces that the Toronto Stock Exchange ("TSX") has accepted Cervus' Notice of Intention to Make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Cervus considers advisable, its issued and outstanding common shares (the "Shares").

There were 15,681,848 Shares issued and outstanding as at September 4, 2018. Of this amount, 10,307,269 Shares constitute the "public float", calculated in accordance with the rules of the TSX. Pursuant to the Bid, Cervus intends to purchase for cancellation up to a maximum of 1,030,726 Shares, being equal to 10% of Cervus' "public float" outstanding on September 4, 2018.  Pursuant to the rules of the TSX, Cervus may not purchase more than 1,824 Shares in any one day, such amount being equal to 25% of the average daily trading volume of the Shares for the six months ended August 31, 2018. Notwithstanding the foregoing, pursuant to the rules of the TSX, Cervus may make one block purchase per calendar week that exceeds the daily repurchase restriction, subject to the maximum annual aggregate limit. Once the block purchase exception has been relied on, Cervus may not make any further purchases under the Bid for the remainder of that calendar day.

Purchases under the Bid will be made on the open market only through the facilities of the TSX and other Canadian marketplaces. Cervus has appointed Raymond James Ltd. as its broker, who will conduct the Bid on behalf of Cervus. The price that Cervus will pay for any Shares it purchases will be the prevailing market price of the Shares on the TSX at the time of such purchase. The actual number of Shares that may be purchased under the Bid for cancellation and the timing of any such purchases will be determined by Cervus.  Notwithstanding the foregoing, in connection with the Bid, Cervus will enter into an automatic purchase plan ("Plan") with its designated broker to allow for purchases of its Shares throughout the duration of the Bid including during internal blackout periods. Such purchases would be at the discretion of the broker based on parameters established by Cervus prior to the commencement of the Bid. The Plan may be terminated by Cervus or its broker in accordance with its terms, or will terminate on the expiry of the Bid.

The Bid will commence on September 13, 2018 and will terminate on September 12, 2019 or such earlier time as the Bid is completed or terminated at the option of Cervus.

During Cervus' last normal course issuer bid, which commenced on August 23, 2017 and terminated on August 22, 2018, Cervus repurchased 292,308 common shares at a weighted average price of $13.44 per share.

Management of Cervus believes that, from time to time, the market price of the Shares may not fully reflect their underlying value and that at such times the purchase of Shares would be in the best interests of Cervus.  At times when the market price does not fully reflect the value of the Shares, such purchases would increase the proportionate interest of, and be advantageous to, all remaining shareholders. 

About Cervus Equipment Corporation

Cervus acquires and operates authorized agricultural, transportation and materials handling equipment dealerships.  The Company has interests in 62 dealerships in Canada, New Zealand, and Australia, employing more than 1,500 people. The primary equipment brands represented by Cervus include John Deere agricultural equipment; Peterbilt transportation equipment; and Clark, Sellick and Doosan material handling equipment. The common shares of Cervus are listed on the Toronto Stock Exchange and trade under the symbol "CERV".

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE Cervus Equipment Corp.

View original content: http://www.newswire.ca/en/releases/archive/September2018/10/c8869.html

Copyright CNW Group 2018

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).