Boucherville, July 31, 2014 – Uni-Select Inc. (“Uni-Select”) announces that the Board of Directors approved the renewal of its normal course issuer bid (the “NCIB”) to repurchase some of its outstanding common shares through the facilities of the Toronto Stock Exchange (“TSX”) for a period of twelve months ending August 10, 2015. Up to 250,000 common shares, representing approximately 1.18% of the 21,257,969 common shares of Uni-Select issued and outstanding on July 30, 2014, may be purchased under the NCIB. The average daily trading volume for the six months prior to July 1, 2014 is 22,862 common shares. Daily repurchases will be limited to 5,715 common shares, other than block purchase exemptions. The common shares will be repurchased by Uni-Select for cancellation.
The number of common shares that Uni-Select intends to repurchase and the time of such repurchases will be determined by Uni-Select, at its discretion. The repurchase period will begin on August 11, 2014 and will end on the earlier of August 10, 2015 or the date on which Uni-Select will have either acquired the maximum number of common shares or otherwise decided not to make any further repurchases. All the common shares acquired under the NCIB will be repurchased at their market price at the time of acquisition.
The Board of Directors of Uni-Select has concluded that the repurchase of up to 250,000 common shares is a desirable use of funds for Uni-Select and, therefore, would be in the best interests of Uni-Select and its shareholders. During the twelve months ending on July 30, 2014, Uni-Select has repurchased 137,788 common shares at a weighted average price of $24.12 per share under its normal course issuer bid which commenced on August 9, 2013 and will expire on August 8, 2014.
Uni-Select also announces that it will enter into an automatic purchase plan agreement (“APP”) with a broker to allow for the purchase of its common shares under the NCIB at times when Uni-Select normally would not be active in the market due to regulatory restrictions or self-imposed trading blackout periods. Before entering into a blackout period, Uni-Select may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the APP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Uni-Select prior to the blackout period in accordance with TSX rules and the terms of the APP. The terms of the APP will be pre-cleared by the TSX. Outside of these pre-determined blackout periods, common shares will be purchased in accordance with Management’s discretion.
Founded in 1968, Uni-Select is a major distributor of replacement parts, equipment, tools, accessories, paint and related products for motor vehicles in North America. Leader in the Canadian industry, Uni-Select is the 5th largest distributor and the leading independent distributor of automotive paint and related products in North America. With its 5,500 employees, Uni-Select efficiently services a wide network of independent installers and wholesalers, including over 6,600 which operate under one of its banner programs in North America. Uni-Select is headquartered in Boucherville, QC and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
The information provided in this press release includes some forward-looking information, which includes certain risks and uncertainties which may cause the final results to be significantly different from those listed or implied within this news release. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
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Investor Relations and Communications Manager