AutoCanada announces results of its substantial issuer bid
by CM Staff
After giving effect to the Offer, AutoCanada expects to have 25,402,988 Shares issued and outstanding.
EDMONTON — AutoCanada Inc. announced the results of its “modified Dutch auction” substantial issuer bid. Pursuant to the Offer, the Company offered to purchase up to $100,000,000 in value of its outstanding common shares from its shareholders.
Based on the count by Computershare Investor Services Inc., depositary for the Offer, the Company expects to take up and pay for approximately 1,159,707 Shares at a price of $28.00 per Share under the Offer, representing an aggregate purchase price of $32,471,796 and 4.37% of the total issued and outstanding Shares of the Company before giving effect to the Offer.
Details of the Offer are described in the notice of variation and extension dated August 3, 2022, which amended the original offer to purchase and issuer bid circular dated June 30, 2022, as well as in the related amended and restated letter of transmittal and notice of guaranteed delivery dated August 3, 2022.
As the total number of Shares tendered was less than the total that could have been purchased by the Company under the terms of the Offer, all Shares validly deposited and not withdrawn prior to the expiry of the Offer will be purchased at the maximum purchase price offered under the Offer and no proration will be required.
After giving effect to the Offer, AutoCanada expects to have 25,402,988 Shares issued and outstanding.
Payment and settlement of the purchased Shares will be effected by the Depositary prior to August 19, 2022 in accordance with the settlement procedures described in the Offer.
The “specified amount” for purposes of subsection 191(4) of the Income Tax Act (Canada) in respect of each Share is $27.80.
