Goodfellow Inc. Renews its Normal Course Issuer Bid

DELSON, Quebec, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Goodfellow Inc. (TSX: GDL) (“Goodfellow” or the “Company”), announced today that the Toronto Stock Exchange (the “TSX”) has approved the notice filed by the Company to renew its normal course issuer bid (“NCIB”) with respect to its common shares (the “Shares”).

The notice provides that Goodfellow may, during the 12-month period commencing November 20, 2023 and ending no later than November 19, 2024, purchase up to 426,157 Shares, representing approximately 5% of the 8,523,154 issued and outstanding Shares of the Company as at November 9, 2023, through the facilities of the TSX or other designated exchanges or Canadian alternative trading systems, at times and in numbers to be determined by the Company. All Shares purchased under the NCIB will be acquired on the open market and in accordance with the rules and policies of the TSX and applicable securities laws at the prevailing market prices, plus applicable brokerage fees, and cancelled. The Company may also seek issuer bid exemption orders from securities regulators allowing for purchases under private agreements, in which case purchases may also be made in accordance with such exemptions, at a discount to the market price.

The average daily trading volume of the Shares on the TSX for the most recently completed six calendar months is 2,935. Accordingly, pursuant to the rules and policies of the TSX, daily purchases under the NCIB will be limited to 1,000 Shares, except pursuant to certain prescribed exceptions, including a weekly block purchase of Shares not owned by insiders of the Company.

Goodfellow considers that the acquisition of Shares for cancellation is a sound use of its funds. Decisions regarding the actual number of Shares and timing of any purchases or other actions in connection with the NCIB will be made by Goodfellow based on various factors, including prevailing market conditions and the Company’s capital and liquidity positions.

Goodfellow has also renewed its automatic share purchase plan (“ASPP”) with a designated broker in connection with the NCIB. The ASPP allows for the purchase for cancellation of Shares, subject to certain trading parameters, by its designated broker during times when Goodfellow would ordinarily not be active in the market due to applicable regulatory restrictions or self-imposed blackout periods. Outside these periods, Shares may be repurchased by Goodfellow at its discretion under the NCIB.