Mr. Ken Grondin reports
RECIPE ANNOUNCES INTENTION TO IMPLEMENT NORMAL COURSE ISSUER BID
The Toronto Stock Exchange has approved Recipe Unlimited Corp.'s notice of intention to make a normal course issuer bid (NCIB) for its subordinate voting shares as appropriate opportunities arise from time to time. Recipe's NCIB will be made in accordance with the policies of the TSX. Recipe may purchase its shares for cancellation during the period from June 24, 2019, to June 23, 2020.
Pursuant to the notice and subject to the market price of its shares and other considerations, Recipe may acquire over the next 12 months up to 1,822,329 shares, representing 10 per cent of the public float of 18,223,293 shares. The average daily trading volume for the last six months was 14,615 shares. Daily purchases will be limited to 3,653 shares, other than block purchase exemptions. There are 26,871,249 shares outstanding as of June 14, 2019. Any NCIB purchases will be made at market prices through the facilities of the TSX, alternative Canadian trading systems or by such other means as may be permitted by the TSX, including under automatic purchase plans and by private agreements under issuer bid exemption orders issued by securities regulatory authorities and shares purchased through the NCIB will be cancelled. Recipe has purchased 1,269,759 of 1,907,816 shares that were approved under the NCIB in the 12 months preceding the date of this notice at an average weighted price of $26.14. Recipe believes that the continuing purchase of its outstanding shares is an appropriate and beneficial use of its funds and is in the best interest of its shareholders.
About Recipe Unlimited Corp.
Founded in 1883, Recipe is Canada's oldest and largest full-service restaurant company. The company franchises and/or operates some of the most recognized brands in the country, including Swiss Chalet, Harvey's, St-Hubert, The Keg, Milestones, Montana's, Kelsey's, East Side Mario's, New York Fries, Prime Pubs, Bier Markt, Landing, Original Joe's, State & Main, Elephant & Castle, The Burger's Priest, The Pickle Barrel, Marigolds & Onions, and 1909 Taverne Moderne.
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