LAVAL, QUEBEC--(Marketwired - Jan. 30, 2014) - Savaria Corporation ("Savaria") (TSX:SIS), North America's leader in the accessibility industry, today announced that it has received Toronto Stock Exchange ("TSX") approval to a Notice of Intention to implement a normal course issuer bid. According to the notice, Savaria intends to purchase for cancellation, in accordance with the requirements of the TSX, up to 585,000 common shares, representing 2.5 % of the 23,410,864 common shares that are issued and outstanding as of January 21, 2014.
The average daily trading volume ("ADTV") of Savaria's common shares over the last six completed calendar months was 9,031. According to the TSX requirements, Savaria is entitled, on any trading day, to purchase up to 2,257 common shares. Once a week, in excess of the daily 2,257 repurchased limit, Savaria may also purchase a block of shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of shares which total 150% or more of the ADTV.
The normal course issuer bid will begin on February 1, 2014, and will run until January 31, 2015 at the latest. These purchases are to be made through the facilities of the TSX in accordance with its requirements on normal course issuer bids. The price, which Savaria will pay for any common shares, will be the market price at the time of acquisition plus brokerage fees.
Savaria has purchased 6,200 of its common shares at a weighted average price of $1.56 within the last twelve months pursuant to a normal course issuer bid which began on February 1st, 2013 and will terminate on January 31st, 2014.
Savaria believes that the purchase of its shares may constitute an appropriate use of its available cash, and therefore, that the issuer bid is in the best interests of Savaria and its shareholders.
Savaria Corporation (savaria.com) is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures, installs and distributes primarily elevators for home and commercial use, as well as stairlifts and vertical and inclined platform lifts. In addition, it converts and adapts wheelchair accessible automotive vehicles and offers scooters and motorized wheelchairs. The diversity of its product line, one of the world's most comprehensive, enables the Corporation to stand out by proposing an integrated and customized solution for its customers' mobility needs. Its operations in China have substantially grown and the collaboration with Savaria's other Canadian facilities increases its competitive edge in the market place. The Corporation records some 60% of its revenue outside Canada, primarily in the United States. It has a sales network of some 600 retailers in North America and employs some 360 people at its head office in Laval and at its plants in Montreal (Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China).
FORWARD LOOKING STATEMENTS
Certain statements may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.