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ACHESON, Alberta, April 06, 2022 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOANYSE:NOA) today announced that it intends to commence a normal course issuer bid (the “NCIB”) to purchase, for cancellation, up to 2,113,054 common shares in the capital of the Company (“Common Shares”), which represents approximately 10% of the public float (as defined in the TSX Company Manual) and approximately 7.05% of the issued and outstanding Common Shares as of March 31, 2022. As at March 31, 2022, the Company had 29,974,336 Common Shares issued and outstanding. In connection with the shares purchasable under the NCIB, the Company has entered into an automatic share purchase plan (“ASPP”) with its designated broker.
Purchases of Common Shares under the NCIB may be made through the facilities of the Toronto Stock Exchange (“TSX”), the New York Stock Exchange (“NYSE”) and alternative trading systems by means of open market transactions or by such other means as may be permitted by the TSX and under applicable securities laws. Under the NCIB, and in order to comply with applicable securities laws, the Company will purchase a maximum of 1,498,716 Common Shares (or approximately 5% of the issued and outstanding voting common shares) on the NYSE and alternative trading systems.
The Company believes that the current market price of its Common Shares does not fully reflect their underlying value and that current market conditions provide opportunities for the Company to acquire Common Shares at attractive prices. In the Company’s view, a repurchase of Common Shares would be an effective use of its cash resources and would be in the best interests of the Company and its shareholders. The Company believes that it would both enhance liquidity for shareholders seeking to sell and provide an increase in the proportionate interests of shareholders wishing to maintain their positions.
The NCIB is expected to commence on or about April 11, 2022 and will terminate no later than April 10, 2023, provided that purchases may not be made on the NYSE until …
Full story available on Benzinga.com
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