TORONTO, Sept. 22, 2026 /CNW/ -- Toromont Industries Ltd. ("Toromont" or the "Company"), (TSX: TIH) announced today that the Toronto Stock Exchange (the "TSX") has accepted the notice filed by the Company of its intention to make a normal course issuer bid ("NCIB") for a portion of its Common Shares.
Under this notice, Toromont is entitled to purchase up to 8,151,696 Common Shares ("Common Shares"), representing 10% of its 81,516,960 Common Shares in the "public float" (as defined by the TSX) as of September 11, 2026. Purchases may commence on September 24, 2026 and continue until September 23, 2027, when the NCIB expires, or on such earlier date on which the NCIB is complete. Toromont had 81,599,776 Common Shares issued and outstanding as at September 11, 2026.
Based on the average daily trading volume of 276,787 during the last six months, daily purchases will be limited to 69,196 Common Shares, other than purchases made pursuant to block purchase exemptions under the TSX rules. Purchases of Common Shares under the NCIB will be made through the facilities of the TSX or alternative Canadian trading systems at the market price at the time of purchase. All shares purchased under the NCIB will be cancelled.
Toromont believes that, from time to time, the market price of its Common Shares may be such that their purchase may be an attractive and appropriate use of corporate funds. The NCIB will provide the Company with additional flexibility to manage capital.
Toromont has entered into an automatic securities purchase plan ("ASPP") with a designated broker in order to facilitate the repurchase of Common Shares under the NCIB. During the effective period of Toromont's ASPP, Toromont's broker may purchase Common Shares at times when the Company would not be active in the market due to insider trading rules and its own internal trading blackout periods. Purchases will be made by Toromont's broker based upon parameters set by Toromont when it is not in possession of any material non-public information about itself and its securities, and in accordance with the terms of the ASPP. Outside of the effective period of the ASPP, Common Shares may continue to be purchased in accordance with Toromont's discretion, subject to applicable law. The ASPP has been entered into in accordance with the requirements of applicable Canadian securities laws and TSX rules.
Under its previous NCIB that commenced on September 23, 2025 and expires on September 22, 2026, Toromont was approved to repurchase up to 8,128,838 Common Shares. No Common Shares were repurchased during this period.
About Toromont
Toromont Industries Ltd. operates through two business segments: the Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory - spanning the Canadian provinces of Newfoundland & Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario, and Manitoba, in addition to most of the territory of Nunavut. The Equipment Group includes industry-leading rental operations, a material handling business and a power generation enclosure manufacturer. CIMCO is one of North America's leading suppliers of thermal management solutions that enable customers to reduce energy consumption and emissions, use natural refrigerants, and monitor and control their operating environments autonomously. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont Industries Ltd. can be found at www.toromont.com.
FORWARD-LOOKING INFORMATION
Information in this press release that is not a historical fact is "forward-looking information". Words such as "plans", "expects", "anticipates", "believes", "could", "will", "may" and similar expressions are intended to identify forward-looking information.
Forward-looking information in this press release includes, but is not limited to, statements regarding Toromont's intention to make purchases under the NCIB, the number of Common Shares that may be purchased, the timing and duration of the NCIB, the potential use of the ASPP, the cancellation of Common Shares purchased under the NCIB, Toromont's views regarding the market price of its Common Shares and the use of corporate funds, and the NCIB providing additional flexibility to manage capital. Forward-looking information reflects management's current estimates, beliefs and assumptions, which are based on historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances.
Forward-looking information is subject to significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including risks relating to changes in market conditions, the trading price and liquidity of Toromont's Common Shares, regulatory requirements and approvals, the availability of Common Shares for purchase, the ability to implement purchases under the NCIB or ASPP, changes in capital allocation priorities, and general economic, financial and capital market conditions. Readers are cautioned not to place undue reliance on forward-looking information.
For a further description of risks and uncertainties, please refer to the Company's most recent Management's Discussion and Analysis and Annual Information Form.
Toromont disclaims any obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
For more information contact:
John M. Doolittle
Executive Vice President and Chief Financial Officer
Toromont Industries Ltd.
T: (416) 514-4790
SOURCE Toromont Industries Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/September2026/22/c6581.html