MONTRÉAL, QUÉBEC--(Marketwired - Dec. 6, 2016) - Transcontinental Inc. (TSX:TCL.A)(TSX:TCL.B) received approval from the Toronto Stock Exchange to amend its normal course issuer bid ("NCIB") in order to increase the maximum number of Class A Subordinate Voting Shares that may be repurchased from 1,000,000 Class A Subordinate Voting Shares, representing 1.6% of the 63,513,472 issued and outstanding Class A Subordinate Voting Shares as of April 4, 2016 (the reference date for the NCIB), to 2,000,000 Class A Subordinate Voting Shares, representing 3.1% of the 63,513,472 issued and outstanding Class A Subordinate Voting Shares on the reference date. No other terms of the NCIB have been amended.
Purchases under the NCIB began on April 15, 2016, will end no later than April 14, 2017, and will be made through the facilities of the Toronto Stock Exchange in accordance with its requirements. Under its current NCIB, as of November 30, 2016, the Corporation has repurchased 701,590 of its Class A Subordinate Voting Shares at a weighted-average price of $17.42, for a total cash consideration of $12.2 million.
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