KINGSEY FALLS, QC, March 17, 2020 /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 19, 2020 and will not continue beyond March 18, 2021. The Common Shares purchased shall be cancelled.
The notice will enable Cascades to acquire up to 1,886,220 Common Shares which represents approximately 2% of the 94,311,015 issued and outstanding Common Shares as of March 6, 2020. Between March 19, 2019 and March 18, 2020, Cascades was authorized to acquire up to 1,878,456 Common Shares. Since March 19, 2019 and up until March 6, 2020, Cascades purchased on the open market through the facilities of the Toronto Stock Exchange, 511,581 Common Shares at a volume weighted average price of $11.04.
The average daily trading volume of Cascades' Common Shares was 139,314 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 34,828 Common Shares.
All purchases will be made through the facilities of the Toronto Stock Exchange in accordance with its requirements and/or alternative trading systems.
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 offers sustainable, innovative and value-added packaging, hygiene and recovery solutions. The company employs 11,000 women and men across a network of over 90 facilities in North America and Europe. Driven by its participative management, half a century of experience in recycling, and continuous research and development efforts, Cascades continues to provide innovative products that customers have come to rely on, while contributing to the well-being of people, communities and the entire planet. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS.
Vice-President, Communications and Public Affairs
Jennifer Aitken, MBA
Director, Investor Relations