10:07:25 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Neptune Technologies & Bioressources Inc
Symbol NTB
Shares Issued 74,979,697
Close 2014-10-29 C$ 1.89
Market Cap C$ 141,711,627
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Neptune Technologies receives TSX nod for issuer bid

2014-10-30 08:11 ET - News Release

Mr. Andre Godin reports

NEPTUNE RECEIVES TSX APPROVAL FOR NORMAL COURSE ISSUER BID

Neptune Technologies & Bioressources Inc. has received approval of the Toronto Stock Exchange to proceed with its normal course issuer bid (NCIB) announced on Oct. 15, 2014.

Under the bid, Neptune may repurchase for cancellation up to 1.5 million of its common shares through the facilities of the TSX and Nasdaq Stock Market, representing approximately 2 per cent of the issued and outstanding common shares of the corporation as of Oct. 15, 2014.

The average daily trading volume for the six-month period preceding Oct. 1, 2014, was 83,437 shares. In accordance with TSX rules, Neptune may repurchase up to 20,859 shares on a daily basis on the Toronto Stock Exchange. Additional shares may be repurchased by Neptune on Nasdaq within the limits prescribed by the Securities and Exchange Commission (SEC) and Nasdaq rules.

The bid will commence on Nov. 3, 2014, and terminate on Nov. 2, 2015, or the date on which the corporation has either acquired the maximum number of shares allowable under the NCIB or otherwise decided not to make any further repurchases under the NCIB. Neptune has not repurchased any shares during the past 12 months.

The actual number of shares purchased, the timing of purchases and the price at which the shares are bought will depend on future market conditions and on potential alternative uses for the corporation's cash resources. Any purchases will be subject to trading restrictions and will be made by the corporation at the prevailing market price of the shares at the time of purchase. The corporation may elect to suspend or discontinue its NCIB at any time.

To the knowledge of Neptune, no director or senior officer, and no person acting jointly or in concert with Neptune, currently intends to sell shares during the NCIB. However, sales by such persons through the facilities of the TSX may occur if any such person makes a decision unrelated to the NCIB. The benefits to any such person whose common shares are purchased would be the same as the benefits available to all other shareholders whose shares are purchased under the NCIB.

We seek Safe Harbor.

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