Tervita Corporation Announces Updated Normal Course Issuer Bid
Thursday, December 5, 2019
CALGARY, Dec. 5, 2019 /CNW/ - Tervita Corporation ("Tervita", the "Company") (TSX: TEV) announced today that the Company has applied to the Toronto Stock Exchange ("TSX"), and the TSX has accepted, an application to amend its normal course issuer bid ("NCIB"). Previously, Tervita was approved to purchase approximately 3,115,264 common shares; the NCIB has been amended to permit Tervita to purchase up to an additional 2,762,591 common shares, for an aggregate authorization to purchase 5,877,855 common shares, or 5% of its issued and outstanding shares, under the amended NCIB (the "Amended NCIB"). The Amended NCIB will commence on December 10, 2019 and will remain active until the earlier of (i) May 6, 2020; and (ii) the date on which the maximum number of Common Shares are purchased pursuant to the NCIB.
The NCIB is consistent with management's focus on creating long-term shareholder value and allows Tervita to take advantage of opportunities that may exist where management feels the share price does not reflect the underlying value of its business. The NCIB is supported by the Company's liquidity position and does not take away from our ability to continue to fund our portfolio of capital projects.
The Company will continue their previously announced automatic share purchase plan ("ASPP") with a broker to facilitate repurchases of common shares at times when the Company ordinarily would not be active in the market due to insider trading rules and its own internal trading blackout periods. The ASPP was implemented on May 21, 2019.
Tervita is a leading waste management and environmental solutions provider offering waste processing, treating, recycling, and disposal services to customers in the oil and gas, mining, and industrial sectors. We serve our customers onsite and through a network of facilities in Canada and the United States.
For 40 years, Tervita has been focused on delivering safe and efficient solutions through all phases of a project while minimizing impact, maximizing returns™. Our dedicated and experienced employees are trusted sustainability partners to our clients. Safety is our top priority: it influences our actions and shapes our culture. Tervita trades on the TSX as TEV. For more information, visit tervita.com.
This news release contains certain statements that may be "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Forward looking statements are statements that are not historical facts and are often, but not always, identified using words or phrases such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "estimated", "projects", "potential" and similar expressions, or stating that certain actions, events or conditions "will", "would", "may", "might", "could" or "should" occur or be achieved or other similar terminology. In particular, but without limiting the foregoing, this news release contains forward-looking statements or information pertaining to the purchase and cancellation of Common Shares under the NCIB. Risks and uncertainties that may affect actual results include, without limitation, that there can be no assurance as to how many Common Shares, if any, will ultimately be acquired by Tervita under its NCIB. Accordingly, this news release is subject to the disclaimer and qualified by the assumptions, qualifications and risk factors referred to in management's discussion and analysis dated March 13, 2019, in Tervita's 2019 annual report and in other Tervita public disclosure documents and filings with securities commissions in Canada (available on SEDAR at sedar.com), including factors such as the general economic conditions and dependency on exploration and production activity levels in the markets, changes in environmental regulations and increase in market competition and changes in industry practices, all of which may affect the Corporation's ability or decision to purchase Common Shares under its NCIB. Although Tervita believes the expectations expressed in such forward-looking statements and information are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements.
The forward-looking statements and information included in this news release are expressly qualified in their entirety by this cautionary statement. Tervita cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof, and, except as required by law, Tervita does not undertake any obligation to update publicly or to revise any of the included forward-looking statements or information, whether as a result of new information, change in management's estimates or opinions, future circumstances or events or otherwise, except as expressly required by applicable securities law.
SOURCE Tervita Corporation