MONTREAL, QUEBEC--(Marketwired - April 11, 2017) - Transcontinental Inc. (TSX:TCL.A)(TSX:TCL.B) has been authorized to purchase for cancellation on the open market, between April 17, 2017 and April 16, 2018, up to 2,000,000 of its Class A Subordinate Voting Shares and up to 442,349 of its Class B Shares, representing approximately 3.16% of the 63,372,236 issued and outstanding Class A Subordinate Voting Shares and of the 14,016,326 issued and outstanding Class B Shares as of April 3, 2017. The average daily trading volume on the Toronto Stock Exchange of Class A Subordinate Voting Shares for the past six months was 156,766 and the average daily trading volume on the Toronto Stock Exchange of Class B Shares for the past six months was 1,651. In accordance with the Toronto Stock Exchange requirements, a maximum daily purchase of the greater of 25% of these averages or 1,000 shares may be made, which represent a total of 39,191 Class A subordinate Voting Shares and a total of 1,000 Class B Shares. The purchases will be made in the normal course of business at market prices through the facilities of the Toronto Stock Exchange and/or alternative Canadian trading platforms in accordance with the requirements of the exchange and/or, subject to the approval of any securities authority by private agreements. If necessary, purchases through private agreements will be executed at a price that is less than the prevailing market price on the Toronto Stock Exchange at the time of the purchase.
The Corporation believes that the purchase of the Class A subordinate Voting Shares and Class B Shares would constitute an economically worthwhile use by the Corporation of its funds and is in the best interest of the Corporation and its shareholders. During the period from April 15, 2016 to April 11, 2017, Transcontinental Inc. purchased 701,590 Class A Subordinate Voting Shares at a weighted average price of $17.42 and did not purchase Class B Shares.
In connection with the program, the Corporation established an automatic securities purchase plan to provide standard instructions regarding how the Corporation's shares are to be repurchased under the program. Accordingly, the Corporation may repurchase its shares under the automatic plan on any trading day during the program including during self-imposed trading blackout periods. The automatic plan will commence and should terminate together with the program. It constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the Toronto Stock Exchange.
About TC Transcontinental
Canada's largest printer with operations in print, flexible packaging, publishing and digital media, TC Transcontinental's mission is to create products and services that allow businesses to attract, reach and retain their target customers.
Respect, teamwork, performance and innovation are strong values held by the Corporation and its employees. The Corporation's commitment to its stakeholders is to pursue its business and philanthropic activities in a responsible manner.
Transcontinental Inc. (TSX:TCL.A)(TSX:TCL.B), known as TC Transcontinental, has close to 8,000 employees in Canada and the United States, and revenues of C$2.0 billion in 2016. Website www.tc.tc