Rogers Sugar Inc.

Rogers Sugar Inc.

November 21, 2013 16:01 ET

Rogers Sugar Receives Toronto Stock Exchange Approval for Normal Course Issuer Bid

MONTRÉAL, CANADA--(Marketwired - Nov. 21, 2013) - Rogers Sugar Inc. (the "Corporation") (TSX:RSI) announced today that it has received approval from Toronto Stock Exchange to proceed with a normal course issuer bid to purchase up to 5,000,000 common shares (the "Shares") representing approximately 6.08% of the public float of the common shares of the Corporation. The average daily trading volume for the six calendar months preceding November 1, 2013 is 101,583 Shares. In accordance with TSX rules, the Corporation may repurchase on a daily basis 25% of the average, representing a maximum of 25,395 Shares. The bid will start on November 27, 2013, and may continue to November 26, 2014. The Shares will be purchased on behalf of the Corporation by a registered broker through the facilities of TSX or alternative Canadian trading platforms. The price paid for the Shares will be the market price at the time of acquisition, and the number of Shares purchased and the timing of any such purchases will be determined by the Corporation. All Shares purchased by the Corporation will be cancelled.

As of November 15, 2013, the Corporation had 94,114,260 Shares outstanding and a public float of 82,262,214 Shares. During the past 12 months, no Shares were purchased by the Corporation.

The Corporation believes that its Shares may trade in price ranges which do not fully reflect the value of the Shares. As a result, the Corporation believes that the purchase of its outstanding Shares may represent an appropriate use of its funds.

About Rogers Sugar Inc.

The Corporation is a corporation established under the laws of Canada. The Corporation holds all of the common shares of Lantic Inc. Lantic Inc. operates cane sugar refineries in Montreal, Quebec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Lantic Inc.'s sugar products are marketed under the "Lantic" trademark in Eastern Canada, and the "Rogers" trademark in Western Canada, and include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups.

Contact Information

  • Lantic Inc.
    Ms. Manon Lacroix
    Vice-President, Finance and Secretary