CCL Industries Inc. Announces TSX Acceptance of Normal Course Issuer Bid

TORONTO, ON / ACCESSWIRE / May 20, 2022 / CCL Industries Inc. ("the Company" or "CCL"), (TSX:CCL.A), (TSX:CCL.B) a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, announced today that the Toronto Stock Exchange ("TSX") has accepted a notice filed by the Company to commence a normal course issuer bid ("the Bid"). Under the Bid, the Company is authorized to acquire up to 14,500,000 of its Class B non-voting shares, being approximately 9.9% of the public float of the Class B non-voting shares as of May 16, 2022. No Bid is proposed to be made for the Company's Class A voting shares.

All purchases will be made through the facilities of and in accordance with the rules of the TSX and all shares purchased will be cancelled. Except where reliance is placed on the TSX's block purchase exemption, the maximum number of shares that could be purchased under the Bid on any trading day will be limited to 70,789 Class B non-voting shares. The average daily trading volume for the six-month period ended April 30, 2022, was 283,157 Class B non-voting shares.

The Bid will commence on May 25, 2022, and end no later than May 24, 2023. CCL's management believe that such purchases are an appropriate and desirable use of available funds.

Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 8,000,000 Class B non-voting shares for the period of May 25, 2021 to May 24, 2022, the Company has purchased, as of May 16, 2022, 1,805,888 Class B non-voting shares on the open market at an average purchase price of $57.78 per share. As of May 16, 2022, the issued and outstanding number of Class B non-voting shares was 166,709,007 and the public float of the Class B non-voting shares was 146,835,777. Purchases were made through the facilities of the TSX and all shares purchased were cancelled.

Forward-looking Statements

This press release contains forward-looking information and forward-looking statements (hereinafter collectively referred to as "forward-looking statements"), as defined under applicable securities laws, that involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or depend on future events or conditions. Forward-looking statements are typically identified by the words "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. Statements regarding the operations, business, financial condition, priorities, ongoing objectives, strategies and outlook of the Company, other than statements of historical fact, are forward-looking statements. Specifically, this press release contains forward-looking statements regarding the commencement and expiry of the Bid and the number of Class B shares that might be acquired under the Bid.