HNZ Group Inc. (TSX: HNZ) (the “Corporation”), an international provider of helicopter transportation and related support services, announced today that the Toronto Stock Exchange (the “TSX”) has accepted the Corporation’s notice of intention to make a normal course issuer bid (the “Notice”) to purchase outstanding common shares and variable voting shares through the facilities of the TSX for a period of twelve months ending on August 28, 2018. Up to 388,810 common shares and variable voting shares of the Corporation, representing approximately 3% of the issued and outstanding common shares and variable voting shares of the Corporation as of August 22, 2017 may be purchased under the bid. As of August 22, 2017, an aggregate of 12,960,365 common shares and variable voting shares are issued and outstanding. Daily repurchases will be limited to 2,317 common shares and variable voting shares, other than block purchase exceptions. The purchases may commence on August 29, 2017 and may extend to August 28, 2018 or such earlier date as the Corporation may complete its purchases pursuant to the Notice or otherwise terminate the bid. The number of common shares and variable voting shares that the Corporation intends to repurchase and the time of such repurchases will be determined by the Corporation, at its discretion.
During the twelve months ending on July 31, 2017, the Corporation sought and obtained approval to purchase 390,625 common and variable shares and repurchased 60,480 of such shares at a weighted average price of $12.80 per share under its normal course issuer bid which expires on August 28, 2017.
The management of the Corporation believes that, from time to time, the market price of the common shares and variable voting shares may not reflect their inherent value with regard to the Corporation’s financial position and future prospects. At such times, the purchase of common shares and variable voting shares for
cancellation would, in the opinion of management, be an appropriate and desirable use of the Corporation’s funds and may be advantageous to shareholders by increasing the value of the remaining shares.
All the common shares and variable voting shares acquired under the bid will be purchased by a registered broker through the facilities of the TSX in accordance with its requirements. All common shares and variable voting shares acquired will automathically be cancelled. The common shares and variable voting shares will be purchased at their market price at the time of acquisition.
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