Boucherville (Québec), August 13, 2015 – Uni-Select Inc. (TSX:UNS) (“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 16, 2016. Up to 1,000,000 common shares, representing approximately 4.6% of the 21,613,694 common shares of Uni-Select issued and outstanding on August 1, 2015, may be purchased under the NCIB. The average daily trading volume for the six months prior to August 1, 2015 is 46,980 common shares. Daily repurchases will be limited to 11,745 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 17, 2015 and will end on the earlier of August 16, 2016 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 1,000,000 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 31, 2015, Uni-Select has repurchased 52,415 common shares at a weighted average price of $27.95 per share under its normal course issuer bid which commenced on August 11, 2014 and expired on August 10, 2015.
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.
Leader in the Canadian distribution of automotive products, Uni-Select
is also a leading independent automotive paint distributor in the United States with FinishMaster. Over 2,400 employees spread across 13 distribution centres and 189 corporate stores are dedicated to offering advanced solutions and first-rate service to customers in order for them to benefit from a positively superior experience. Uni-Select’s strong network and proficient programs contribute to the success of countless auto service shops and collision centres as well as more than 1,155 independent wholesalers in North America. Its Canadian banner programs made up of Auto Parts Plus®, Auto-Plus®, Bumper to Bumper®, Auto Select™, Uni-Pro®, SAX and Carrossier ProColor® regroup over 3,900 shops and stores. Uni-Select is headquartered in Boucherville and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
The information provided in this press release may include some
forward-looking information, which could include 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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Louis Juneau | Chief Legal Officer and Corporate Secretary
Tel. 450 641-6922 | email@example.com