Horizon North Logistics Inc. (“Horizon North” or the “Corporation”) (TSX: HNL.TO) announced today that the Toronto Stock Exchange (the “TSX”) has accepted the Corporation’s notice of intention to commence a normal course issuer bid (the “NCIB”).
Under the terms of the NCIB, Horizon North is authorized to acquire up to an aggregate of 16,185,634 of its common shares (“Common Shares”), representing approximately 10% of its “public float” (as such term is defined by the policies of the TSX) as at December 13, 2018. A maximum of 96,129 Common Shares may be repurchased by Horizon North on any one day, subject to certain exemptions permitted by the TSX. All Common Shares purchased by Horizon North under the NCIB will be returned to treasury and cancelled. As at December 13, 2018, Horizon North had 164,268,988 Common Shares issued and outstanding, of which 161,856,348 Common Shares were in its public float.
Although the Corporation has a present intention to acquire Common Shares, it is not obligated to make any purchases pursuant to the NCIB. The actual number of Common Shares purchased pursuant to the NCIB and the timing of such purchases will be determined by Horizon North and will be dependent on future market conditions, Horizon North’s share price, the Corporation’s capital requirements, and other factors.
The NCIB will commence on December 20, 2018 and terminate on December 19, 2019, or the earlier of the date all shares which are subject to the NCIB are purchased. All purchases will be effected at market prices through the facilities of the TSX or alternative Canadian trading platforms in accordance with applicable regulatory requirements. Shareholders may obtain a copy of the NCIB, without charge, by contacting Horizon North.
The Board of Directors of Horizon North believes that, from time to time, the market price of the Common Shares may not accurately reflect the value of those shares and, accordingly, given the Corporation’s strong financial position, the purchase and cancellation of shares through the NCIB represents an attractive investment opportunity for Horizon North. Such purchases would increase the proportionate interest of, and may be advantageous to, all remaining shareholders.
About Horizon North
Horizon North is a publicly listed corporation (TSX: HNL.TO) providing a full range of industrial, commercial, and residential products and services. Our Industrial Services division supplies workforce accommodations, camp management services, access solutions, maintenance and utilities. Our Modular Solutions division integrates modern design concepts and technology with state of the art, off-site manufacturing processes; producing high quality building solutions for commercial and residential offerings including offices, hotels, and retail buildings, as well as distinctive single detached dwellings and multi-family residential structures. As a result of our diverse product and service offerings, Horizon North is uniquely positioned to meet the needs of our customers in numerous sectors, anywhere in Canada.
Additional information related to Horizon North, including the Corporation’s annual information form, press releases, financial statements and MD&A are available on SEDAR at www.sedar.com
For further information, please contact Rod Graham, President and Chief Executive Officer or Scott Matson, Senior Vice President Finance and Chief Financial Officer, 900, 240 – 4th Avenue S.W., Calgary, Alberta T2P 4H4; Telephone (403) 517 – 4654, Fax (403) 517 – 4678; website: www.horizonnorth.ca
This news release contains certain statements or disclosures relating to Horizon North that are based on the expectations of its management as well as assumptions made by and information currently available to Horizon North which may constitute forward-looking statements or information (“forward-looking statements”) under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Horizon North anticipates or expects may, could or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by the use of the words “believe”, “intend”, “may”, “would”, “will” and similar expressions. In particular, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following: the NCIB and the terms thereof; the Corporation’s intention to acquire Common Shares and the timing and determining factors associated therewith; the terms of purchases of Common Shares under the NCIB; the engagement of Peters & Co. Limited by the Corporation in connection with the NCIB; the Board of Directors’ beliefs in respect of the value of the Common Shares and the benefits of the NCIB.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Horizon North including, without limitation: the ability of the Corporation to realize benefits from the NCIB; that Horizon North will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; availability of debt and/or equity sources to fund Horizon North’s capital and operating requirements as needed; and certain cost assumptions in respect of the Common Shares.
Horizon North believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: general economic, market and business conditions; the Corporation’s future capital requirements; execution risk in connection with the NCIB; demand for the Corporation’s products and services; unforeseen legal or regulatory developments; and certain other risks detailed from time to time in Horizon North’s public disclosure documents including, without limitation, those risks identified in this news release, and in Horizon North’s annual information form, copies of which are available on Horizon North’s SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive and are cautioned not to place undue reliance on these forward-looking statements.
The forward-looking statements contained in this news release are made as of the date hereof and the Corporation undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.