TORONTO, ONTARIO--(Marketwired - Aug. 26, 2016) - Toromont Industries Ltd. (TSX:TIH) announced today that it has filed with the Toronto Stock Exchange a notice of intention to make a normal course issuer bid for certain of its common shares through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems.
Under this notice, Toromont is entitled to purchase up to 6,660,117 common shares representing 10% of its common shares in the public float (66,601,179 as of August 19, 2016) during the 12-month period commencing August 31, 2016 and ending August 30, 2017. Toromont had 78,262,846 common shares issued and outstanding as at August 19, 2016.
The daily purchase limit allowed under this issuer bid is 39,655 and the actual number of shares which may be purchased and the timing of any such purchases will be determined by Toromont. All shares purchased under this issuer bid will be cancelled. The average daily trading volume for the six-month period ending July 31, 2016 was 158,622.
Toromont believes that from time-to-time the purchase of its common shares at prevailing market prices may be a worthwhile investment and in the best interests of both Toromont and its shareholders. During the current issuer bid period, 163,744 common shares were purchased, at the weighted average price of $28.33 per security, for cancellation by Toromont.
Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations and a growing agricultural equipment business. CIMCO is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Both segments offer comprehensive product support capabilities. This press release and more information about Toromont Industries can be found at www.toromont.com.