Intertape Polymer Group Announces Renewal of Normal Course Issuer Bid
MONTREAL and SARASOTA, Fla., July 21, 2020 (GLOBE NEWSWIRE) -- Intertape Polymer Group Inc. (TSX:ITP) (the "Company") is pleased to announce that the Toronto Stock Exchange ("TSX") has approved the
renewal of the Company's normal course issuer bid ("NCIB"). Under the renewed NCIB, the Company will be entitled to repurchase for cancellation up to 4,000,000 common shares, representing 7.13% of
the Company's "public float" as of July 10, 2020, over a twelve-month period starting on July 23, 2020 and ending on July 22, 2021. The purchases by the Company will be effected through the
facilities of the TSX and on other alternative trading systems in Canada, and will be made at the market price of the shares at the time of the purchase. There were 59,009,685 common shares of the
Company issued and outstanding as of July 10, 2020, of which 56,122,079 shares constituted the "public float".
During the most recently completed six months, the average daily trading volume for the common shares of the Company on the TSX was 256,450 shares. Consequently, under the policies of the TSX, the Company will have the right to repurchase during any one trading day a maximum of 64,112 common shares, representing 25% of the average daily trading volume. In addition, the Company may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of common shares not directly or indirectly owned by insiders of the Company, in accordance with the policies of the TSX.
The Company is renewing its NCIB because it believes that the repurchase of common shares at certain market prices is beneficial to the Company and its shareholders. The Company intends to make any purchases on an opportunistic basis, taking share price and other considerations into account.
Any purchases made pursuant to the NCIB will be made in accordance with the requirements of the TSX. Except for exempt offers, the Company will make no purchases of common shares other than open market purchases during the period of the NCIB.
Under the Company's current NCIB, which expires on July 22, 2020, the Company is authorized to purchase up to 4,000,000 shares. The Company did not repurchase any common shares under its current NCIB during the last twelve months.
About Intertape Polymer Group Inc.
Intertape Polymer Group Inc. is a recognized leader in the development, manufacture and sale of a variety of paper and film based pressure-sensitive and water-activated tapes, polyethylene and specialized polyolefin films, protective packaging, engineered coated products and packaging machinery for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota, Florida, the Company employs approximately 3,700 employees with operations in 31 locations, including 22 manufacturing facilities in North America, four in Asia and one in Europe.