BOUCHERVILLE, QUÉBEC--(Marketwired - Aug. 10, 2016) - Uni-Select Inc. (TSX:UNS) ("Uni-Select"), announces that the Board of Directors approved the renewal of its normal course issuer bid (the "NCIB") to repurchase some of its outstanding common shares through the facilities of the Toronto Stock Exchange ("TSX") for a period of twelve months ending August 16, 2017. Up to 2,000,000 common shares, representing approximately 4.7% of the 42,231,178 common shares of Uni-Select issued and outstanding on August 1, 2016, may be purchased under the NCIB. The average daily trading volume for the six months prior to August 1, 2016 is 82,856 common shares. Daily repurchases will be limited to 20,714 common shares, other than block purchase exemptions. The common shares will be repurchased by Uni-Select for cancellation.
The number of common shares that Uni-Select intends to repurchase and the time of such repurchases will be determined by Uni-Select, at its discretion. The repurchase period will begin on August 17, 2016 and will end on the earlier of August 16, 2017 or the date on which Uni-Select will have either acquired the maximum number of common shares or otherwise decided not to make any further repurchases. All the common shares acquired under the NCIB will be repurchased at their market price at the time of acquisition.
The Board of Directors of Uni-Select has concluded that the repurchase of up to 2,000,000 common shares is a desirable use of funds for Uni-Select and, therefore, would be in the best interests of Uni-Select and its shareholders. During the twelve months ending on July 31, 2016, Uni-Select has repurchased 1,372,580 common shares at a weighted average price of $28.26 per share under its normal course issuer bid which commenced on August 17, 2015 and expires on August 16, 2016.
Uni-Select also announces that it will enter into an automatic purchase plan agreement ("APP") with a broker to allow for the purchase of its common shares under the NCIB at times when Uni-Select normally would not be active in the market due to regulatory restrictions or self-imposed trading blackout periods. Before entering into a blackout period, Uni-Select may, but is not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms of the APP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Uni-Select prior to the blackout period in accordance with TSX rules and the terms of the APP. The terms of the APP will be pre-cleared by the TSX. Outside of these pre-determined blackout periods, common shares will be purchased in accordance with Management's discretion.
Uni-Select is a leader in the distribution of automotive refinish and industrial paint and related products across North America, as well as in the automotive aftermarket parts business in Canada. Its over 3,000 team members, spread across a network of 13 distribution centres and over 255 corporate stores, are dedicated to supplying its customers the right products, at the right place, and when they need them. Uni-Select also offers advanced solutions and first-rate service to enable its customers' success. In the United States, FinishMaster, Inc., a subsidiary of Uni-Select, operates a network of automotive refinish corporate stores from coast to coast under the FinishMaster banner and supports more than 6,000 collision repair centre customers. Uni-Select's Canadian automotive aftermarket parts and automotive refinish business supports a growing national network of more than 1,150 independent customers and corporate stores, several of which operate under Uni-Select store banner programs including Auto Parts Plus®, Auto Plus® and Bumper to Bumper®. In Canada, Uni-Select supports over 3,900 shops and stores through its automotive repair/installer shop banners Auto Select®, Uni-Pro®, and SAXΓÇ"(Select Auto Xpert), as well as through its automotive refinish banner, Carrossier ProColor®. Uni-Select is headquartered in Boucherville, Québec, Canada, and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
The information provided in this press release may include some forward-looking information, which could include certain risks and uncertainties, which may cause the final results to be significantly different from those listed or implied within this news release. For additional information with respect to risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. The forward-looking information contained herein is made as of the date of this press release, and Uni-Select does not undertake to publicly update such forward-looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.