Héroux-Devtek announces Normal Course Issuer Bid
by CM Staff
Under the NCIB, Héroux-Devtek has the right to purchase for cancellation, from May 25, 2021 to May 24, 2022, a maximum of 2,412,279 common shares.
LONGUEUIL — On May 20, Héroux-Devtek Inc., an international manufacturer of aerospace products, announced that the Toronto Stock Exchange (TSX) has approved Héroux-Devtek’s normal course issuer bid (NCIB). Under the NCIB, Héroux-Devtek has the right to purchase for cancellation, from May 25, 2021 to May 24, 2022, a maximum of 2,412,279 common shares, representing, as of May 12, 2021, 10% of the public float of 24,122,794 common shares. The Corporation had 36,796,469 common shares issued and outstanding as of May 12, 2021.
“We believe that the NCIB is a flexible means to optimize our capital allocation and provide immediate value for shareholders while not compromising our position for future growth initiatives,” said Mr. Martin Brassard, President and Chief Executive Officer of Héroux-Devtek.
During the most recently completed six months, the average daily trading volume for the common shares of Héroux-Devtek on the TSX was 50,071 shares. Consequently, under the policies of the TSX, Héroux-Devtek will have the right to repurchase under its NCIB, during any trading day, a maximum of 12,517 shares, representing 25% of the average daily trading volume. In addition, the Corporation will be allowed to make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of shares not directly or indirectly owned by insiders of Héroux-Devtek, in accordance with the TSX policies. Héroux-Devtek will fund the purchases through available cash. The Corporation has not repurchased any shares in the last 12 months.
In connection with the NCIB, Héroux-Devtek has entered into an automatic share purchase plan (ASPP) with Desjardins to facilitate purchases at times when the Corporation would not normally be active in the market due to regulatory restrictions or self-imposed trading blackouts.
Héroux-Devtek Inc. is an international company specializing in the design, development, manufacture, repair and overhaul of aircraft landing gear, hydraulic and electromechanical actuators, custom ball screws and fracture-critical components for the Aerospace market.