CCL Industries Announces Intention to Renew NCIB

TORONTO, ON / ACCESSWIRE / May 9, 2024 / CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B) (the "Company" or "CCL"), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, announced today that the Company intends to file with the Toronto Stock Exchange (the "TSX") as soon as practicable a notice of intention to renew its normal course issuer bid (the "NCIB") to purchase its Class B non-voting shares. If this notice is accepted by the TSX, the Company expects to purchase for cancellation, at its discretion during the 12 months following such acceptance, up to 14,750,000 Class B non-voting shares representing approximately 9.93% of the public float of the Class B non-voting shares of the Company. Purchases under the NCIB will be conducted in the open market or as otherwise permitted, subject to the terms and limitations applicable to the NCIB. The actual number of Class B non-voting shares that may be purchased under the NCIB, and the timing of any such purchases, will be determined by the Company, subject to the limitations imposed by the TSX. There cannot be any assurance as to how many Class B non-voting shares, if any, will ultimately be purchased by the Company. The Company believes that the purchase of Class B non-voting shares under the NCIB will be in the best interest of the Company and will represent an appropriate and desirable use of available funds.

The Company's current NCIB, announced in May of 2023 for the purchase of up to 14,500,000 Class B non-voting shares, will expire on May 24, 2024. As at the close of trading on May 8, 2024, CCL has purchased 87,305 Class B non-voting shares at a volume-weighted average price of $58.87. 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 number of Class B shares that might be acquired under the NCIB.