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Roots Announces Renewal of its Normal Course Issuer Bid for Common Shares
Roots Announces Renewal of its Normal Course Issuer Bid for Common Shares Canada NewsWi...
About this update from Roots Corp.
[{"type":"text","content":"\n \n \n \n Roots Announces Renewal of its Normal Course Issuer Bid for Common Shares\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Dec. 9, 2022\n \n \n /CNW/ -\n \n Roots\n \n Corporation (\"Roots,\" \"Roots Canada\" or the \"Company\") (TSX: ROOT) today announced that the Toronto Stock Exchange (the \"TSX\") has accepted a notice filed by Roots of its intention to commence a Normal Course Issuer Bid (\"NCIB\") for its Common Shares through the facilities of the TSX (or other alternative Canadian trading systems). Purchases will be made in accordance with the rules and policies of the TSX and Common Shares purchased will be cancelled.\n \n \n \n \n \n \n \n \n \n The notice provides that the Roots board of directors has approved the purchase on the TSX, during the period commencing\n \n December 16, 2022\n \n and ending\n \n December 15, 2023\n \n , of up to 2,119,667 Common Shares representing approximately 10% of Roots public float of 21,196,677 Common Shares as at\n \n December 2, 2022\n \n . As at\n \n December 2, 2022\n \n , Roots had outstanding 41,716,564 Common Shares. Under the bid, Roots may purchase up to 4,806 Common Shares on the TSX (or other alternative Canadian trading systems) during any trading day, which represents 25% of the average daily trading volume on the TSX for the prior six months (being 19,225 Common Shares), all as calculated in accordance with the rules of the TSX. This limitation does not apply to purchases made pursuant to block purchase exemptions.\n \n \n Roots is making this NCIB because it believes that in appropriate circumstances its Common Shares represent an attractive investment opportunity and that purchases under the bid will enhance the value of the Common Shares held by the remaining shareholders.\n \n \n Pursuant to its existing NCIB, ending\n \n December 15, 2022\n \n , Roots sought and receiv...