KINGSEY FALLS, QC, March 17, 2022 /CNW Telbec/ - Cascades Inc. (TSX: CAS) announces that the Toronto Stock Exchange (the "TSX") 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, 2022 and will not continue beyond March 18, 2023. The Common Shares purchased shall be cancelled.
The notice will enable Cascades to acquire up to 2,015,053 Common Shares which represents approximately 2% of the 100,752,662 issued and outstanding Common Shares as of March 7, 2022. Between March 19, 2021, and March 18, 2022, Cascades was authorized to acquire up to 2,045,621 Common Shares. Since March 19, 2021, and up until March 8, 2022, Cascades purchased the maximum authorized amount of common shares on the open market through the facilities of the TSX, at a volume weighted average price of $14.97.
The average daily trading volume of Cascades' Common Shares was 257,035 on the TSX 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 64,258 Common Shares.
All purchases will be made through the facilities of the TSX in accordance with its requirements and/or alternative trading systems.
Cascades has entered into an automatic share purchase plan (the "APP") with its designated broker to facilitate repurchases of Cascades Inc.'s common shares (the "Shares") under its normal course issuer bid ("NCIB"). The APP is intended to allow for the purchase of Shares under the NCIB at times when the Company may not ordinarily be permitted to purchase its shares due to regulatory restrictions and self-imposed blackout periods. The TSX has precleared the APP.
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 solutions for packaging, hygiene and recovery needs. The company employs approximately 10,000 women and men, who work in a network of nearly 80 production units in North America. 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, while contributing to the well-being of people, communities and the planet. Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS.
SOURCE Cascades Inc.
Vice-President, Communications, Public Affairs, and Sustainability
Jennifer Aitken, MBA
Director, Investor Relations