Rogers Sugar Inc.
TSX : RSI

Rogers Sugar Inc.

November 27, 2015 07:30 ET

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

MONTRÉAL, CANADA--(Marketwired - Nov. 27, 2015) - 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 500,000 common shares (the "Shares") representing approximately 0.60% of the public float of the common shares of the Corporation. The average daily trading volume for the six calendar months preceding November 1, 2015 is 67,758 Shares. In accordance with TSX rules, the Corporation may repurchase on a daily basis 25% of the average, representing a maximum of 16,939 Shares. The bid will start on December 1, 2015, and may continue to November 30, 2016. 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.

The Corporation intends to implement an automatic purchase plan with a broker in order to facilitate repurchases of its Shares. Under such a plan, the Corporation's broker would repurchase Shares pursuant to the normal course issuer bid at any time including, without limitation, when the Corporation would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases would, if such a plan is implemented, be made by the Corporation's broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties' written agreement. The Corporation could suspend or terminate the automatic purchase plan only if it does not, at the relevant time, have material non-public information and the decision to suspend or terminate the automatic purchase plan is not taken during a self-imposed trading blackout period. Such an automatic purchase plan will constitute an "automatic plan" for purposes of applicable Canadian securities legislation.

As of November 19, 2015, the Corporation had 93,947,960 Shares outstanding and a public float of 82,095,782 Shares. During the past 12 months, 110,900 Shares were purchased by the Corporation at a weighted average price of $4.07.

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.

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