KINGSEY FALLS, QC, March 15, 2017 /CNW Telbec/ - Cascades Inc. (TSX: CAS) announces that the Toronto Stock Exchange accepted its notice of intention to begin a normal course issuer bid in respect of its Common Shares. Purchases pursuant to the normal course issuer bid will commence on March 17, 2017 and will not continue beyond March 16, 2018. The Common Shares purchased shall be cancelled.
The notice will enable Cascades to acquire up to 946,066 Common Shares which represents approximately 1% of the 94,606,610 issued and outstanding Common Shares as of March 4, 2017. Since March 4, 2016, Cascades purchased 1,047,243 Common Shares at a volume weighted average price of $8.62.
The average daily trading volume of Cascades' Common Shares was 145,265 on the Toronto Stock Exchange over the last six completed calendar months (the ADTV). Accordingly, Cascades is entitled to purchase up to 25% of the ADTV on any trading day being 36,316 Common Shares.
All purchases will be made through the facilities of the Toronto Stock Exchange in accordance with its requirements.
Cascades considers that the shares to be acquired may, from time to time, be undervalued in the market and represent an excellent opportunity to enhance shareholder value.
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres. The Company employs 11,000 women and men, who work in close to 90 production units in North America and Europe. With its management philosophy, half a century of experience in recycling, and continuous efforts in research and development as driving forces, Cascades continues to deliver the innovative products that customers have come to rely on. Cascades' shares trade on the Toronto Stock Exchange, under the ticker symbol CAS.
SOURCE Cascades Inc.
Vice-President, Communications et Public Affairs
Jennifer Aitken, MBA
Director, Investor Relations