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AutoCanada Announces Results of its Substantial Issuer Bid
AutoCanada Announces Results of its Substantial Issuer Bid Canada NewsWire ...
About this update from Autocanada Inc.
[{"type":"text","content":"\n \n \n \n AutoCanada Announces Results of its Substantial Issuer Bid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n Dec. 19, 2022\n \n \n /CNW/ - AutoCanada Inc. (\"\n \n AutoCanada\n \n \" or the \"\n \n Company\n \n \") (TSX: ACQ) announced today the results of its substantial issuer bid to purchase up to\n \n $50,000,000\n \n in value of its common shares from its shareholders, which expired on\n \n December 16, 2022\n \n .\n \n \n \n \n \n \n \n \n \n The Company expects to take up and pay for 1,851,851 shares at a price of\n \n $27.00\n \n per share under the bid, representing an aggregate purchase price of\n \n $49,999\n \n ,977 and 7.29% of the total outstanding shares before giving effect to the bid.  After giving effect to the bid, AutoCanada expects to have 23,551,137 shares outstanding.\n \n \n A total of 2,280,595 shares were tendered pursuant to auction tenders at or below the purchase price or purchase price tenders. Since the bid was oversubscribed, shareholders who made auction tenders at or below the purchase price or purchase price tenders will have approximately 81.17% of their tendered shares purchased by the Company (other than \"odd lot\" tenders, which are not subject to proration). Any shares not purchased under the bid, including shares not purchased as a result of proration or shares tendered pursuant to auction tenders at prices higher than the purchase price, will be returned to shareholders as soon as practicable by Computershare Investor Services Inc., the depositary for the bid.\n \n \n Payment for and settlement of the purchased shares will be effected by the depositary on or before\n \n December 23, 2022\n \n . The \"specified amount\" for purposes of subsection 191(4) of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) in respect of each share is\n \n $25.23\n \n , the closing price of the shares on the Toronto Stock Exchange on\n \n December 16, 2022\n \n . The deemed dividends arising for purposes of the\n \n Income Tax Act\n \n (\n \n Canada\n...