MONTREAL, Sept. 16, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a
North American leader in the transportation and logistics industry,
today announced that the Toronto Stock Exchange ("TSX") has approved
TransForce's normal course issuer bid ("NCIB"). Under the NCIB,
TransForce has the right to purchase for cancellation, from September
19, 2014 to September 18, 2015, a maximum of 6,000,000 common shares,
representing 7.4% of the 81,133,728 shares forming TransForce's public
float. As of August 31, 2014, TransForce had 98,667,033 common shares
issued and outstanding.
Under its previous NCIB, which expired on August 1, 2014, TransForce
repurchased 1,301,500 common shares at an average purchase price of
$22.9469 per share. All of the repurchased shares were cancelled by
TransForce.
Any shares purchased by TransForce under the NCIB will be at the market
price of the shares at the time of such purchases. The actual number of
shares that may be purchased and the timing of any such purchases will
be determined by TransForce. Any purchases made by TransForce pursuant
to the NCIB will be made in accordance with the rules and policies of
the TSX.
During the most recently-completed six months, the average daily trading
volume for the common shares of TransForce on the TSX was 236,695
shares. Consequently, under the policies of the TSX, TransForce will
have the right to repurchase under its NCIB, during any one trading
day, a maximum of 59,173 shares, representing 25% of the average daily
trading volume. In addition, TransForce will be allowed to make, once
per calendar week, a block purchase (as such term is defined in the TSX
Company Manual) of shares not directly or indirectly owned by insiders
of TransForce, in accordance with the policies of the TSX.
The Board of Directors of TransForce believes that, at appropriate
times, repurchasing its shares through the NCIB represents a good use
of TransForce's financial resources, as such action can protect and
enhance shareholder value when opportunities or volatility arise.
To the knowledge of TransForce, no director or senior officer, including
the CEO, and no person acting jointly or in concert with TransForce
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 shares are purchased would be the same as the benefits
available to all other shareholders whose shares are purchased under
the NCIB.
In connection with its NCIB, TransForce intends to enter into an
automatic share purchase plan with National Bank Financial Inc. in
order to allow for purchases under the NCIB during TransForce's
"black-out" periods, as permitted by the TSX Company Manual and the
Securities Act (Québec).
ABOUT TRANSFORCE
TransForce Inc. is a North American leader in the transportation and
logistics industry operating across Canada and the United States
through its subsidiaries. TransForce creates value for shareholders by
identifying strategic acquisitions and managing a growing network of
wholly-owned operating subsidiaries. Under the TransForce umbrella,
companies benefit from financial and operational resources to build
their businesses and increase their efficiency. TransForce companies
service the following segments:
-
Package and Courier;
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Less-Than-Truckload;
-
Truckload;
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Waste Management;
-
Other services, which includes logistics services and rig moving
services.
TransForce Inc. is publicly traded on the Toronto Stock Exchange (TSX:
TFI). For more information, visit http://www.transforcecompany.com.
FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release
may contain information and statements of a forward-looking nature
concerning the future performance of TransForce. These statements are
based on suppositions and uncertainties as well as on management's best
possible evaluation of future events. Such factors may include, without
excluding other considerations, fluctuations in quarterly results,
evolution in customer demand for TransForce's products and services,
the impact of price pressures exerted by competitors, and general
market trends or economic changes. As a result, readers are advised
that actual results may differ from expected results.
SOURCE TransForce Inc.
<p> </p> <p> <b>Investors:</b><br/> Alain Bédard<br/> Chairman, President and CEO<br/> TransForce Inc.<br/> (647) 729-4079<br/> <a href="mailto:abedard@transforcecompany.com">abedard@transforcecompany.com</a> </p> <p> <b>Media:</b><br/> Rick Leckner<br/> MaisonBrison Communications<br/> (514) 731-0000<br/> <a href="mailto:rickl@maisonbrison.com">rickl@maisonbrison.com</a> </p>