Enterprise Group Announces Renewal of Normal Course Issuer Bid
St. Albert, Alberta--(Newsfile Corp. - August 19, 2020) - Enterprise Group, Inc. (TSX: E) ("Enterprise," or "the Company") announces that the Toronto Stock Exchange ("TSX") has accepted its notice of intention to renew its normal course issuer bid to purchase outstanding common shares of the Company ("Shares") on the open market in accordance with the rules of the TSX.
The Company is authorized to purchase up to 3,393,599 Shares under the normal course issuer bid, representing 10% of its public float, as of August 13, 2020. As of that date, there were 49,912,374 Shares issued and outstanding. The average daily trading volume of the Shares for the six months ended July 31, 2020, calculated in accordance with the rules of the TSX, was 26,941 Shares. Enterprise is subject to a daily repurchase limit of 25% of such volume, being 6,735 Shares, except where such purchases are made in accordance with the block purchase exemption under TSX rules.
Enterprise intends to renew the normal course issuer bid effective August 24, 2020 and continue the bid until August 23, 2021 or such earlier time as the bid is completed or terminated at the option of the Company. All Shares purchased under this bid will be purchased in the open market through the facilities of the TSX or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled. During the past 12 months, the Company has purchased an aggregate of 2,561,500 Shares (of a maximum of 3,855,907 Shares) at a weighted average price of $0.16 per Share.
Enterprise's Board of Directors has authorized the normal course issuer bid as it is believed that the purchase of the Shares pursuant to the normal course issuer bid is in the best interest of shareholders as the Shares may become available at prices that make an attractive investment and appropriate use of the Company's funds.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries. The Company's focus is primarily on specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management, and human resources to support continued growth. More information is available at the Company's website www.enterprisegrp.ca. Corporate filings can be found on www.sedar.com.
For questions or additional information, please contact:
Leonard Jaroszuk: President & CEO, or
Desmond O'Kell: Senior Vice-President
This news release may contain certain forward-looking information as defined under applicable Canadian securities legislation, that is not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. In particular, this news release includes forward-looking information relating to the Company's intention to purchase Shares pursuant to the normal course issuer bid, the number of Shares to be purchased, the timing of such purchases and the impact of such purchases on the value of the remaining Shares. Actual results, events or developments could be materially different from those expressed or implied by these forward-looking statements. There is no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors including those discussed in the Company's Annual Information Form and most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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