TORONTO, May 20, 2021 (GLOBE NEWSWIRE) – CCL Industries Inc. (TSX: CCL.A) (TSX: CCL.B) (âthe Companyâ or âCCLâ), a global leader in specialty labels , security and packaging solutions for global corporations, government institutions, small businesses and consumers, today announced that the Toronto Stock Exchange (“TSX”) has accepted a notice filed by the Company to launch a public buyback offer in the normal course of business (âthe Offerâ). Pursuant to the Offer, the Company is authorized to acquire up to 8,000,000 of its class B non-voting shares, or approximately 4.77% of its issued and outstanding class B non-voting shares. . No offer is being made for the Company’s Class A voting shares.
The application will start on May 25, 2021 and end no later than May 24, 2022.
As of May 17, 2021, CCL had 167,696,732 Class B non-voting shares issued and outstanding. All purchases will be made through the facilities of and in accordance with the rules of the TSX and all shares purchased will be forfeited. Except when relying on the TSX Class Purchase Exemption, the maximum number of Shares that could be purchased under the Offer on a Trading Day will be limited to 72,469 Class B shares without voting rights. The average daily trading volume for the six-month period ended April 30, 2021 was 289,877 Class B Non-Voting Shares. The actual number of Class B Non-Voting Shares purchased, if any, and the timing of such purchases will be determined by CCL, taking into account market conditions, share prices and other factors. There can be no assurance as to the number of Class B Non-Voting Shares, if any, that will be purchased under the Offer.
CCL management believes that these purchases constitute an appropriate and desirable use of available funds.
This press release may contain forward-looking information and forward-looking statements (hereinafter collectively referred to as âforward-looking statementsâ), as defined by applicable securities laws, which involve a number of risks and uncertainties. Forward-looking statements include all statements that are predictive in nature or that depend on future events or conditions.
Forward-looking statements are not guarantees of future performance. They involve known and unknown risks and uncertainties relating to future events and conditions, including, but not limited to, the negative impact of the novel coronavirus COVID-19 pandemic on our business, our employees, our customers. and our suppliers as well as the global economy and financial markets; general economic and geopolitical conditions; fluctuations in exchange rates and interest rates; and changes in the availability of credit. Do not place undue reliance on forward-looking statements, as CCL’s actual results could differ materially from those anticipated in such forward-looking statements. Forward-looking statements are also based on a number of assumptions, which may prove to be incorrect, including, but not limited to, assumptions regarding the following: the continued availability of capital; fluctuations in exchange rates and interest rates; and general business, economic and capital market conditions. If one or more risks materialize or if assumptions prove to be incorrect, actual results could differ materially from those expressed or implied in the forward-looking statements. Further details on the main risks are available in the Management report section of CCL’s 2020 annual report, in particular in section 4: âRisks and uncertaintiesâ. CCL’s annual and quarterly reports are available online at www.sedar.com or are available on request.
For more information on CCL, visit – www.cclind.com or contact:
|Sean Washchuk||Senior vice president
and financial director
CCL Industries Inc. employs approximately 22,200 people and operates 191 production facilities in 42 countries with offices in Toronto, Canada, and Framingham, Massachusetts. CCL is the world’s largest converter of specialty pressure sensitive extruded film materials for a wide range of decorative, educational, functional and security applications for government institutions and large global customers in the packaging markets. consumer, health and chemicals, consumer electronics and automotive. Extruded and laminated plastic tubes, aluminum aerosols and special bottles, folded instruction brochures, precisely decorated and cut components, electronic displays, polymer banknote substrate and other products and complementary services are sold in parallel in specific end-use markets. Avery is the world’s largest provider of labels, specialty converted media, and software solutions for short-term digital printing applications for businesses and consumers, available alongside complementary products sold through distributors, retailers and retailers. mass and e-commerce retailers. Checkpoint is a leading developer of RF and RFID technology systems for loss prevention and inventory management applications, including labeling and tagging solutions, for the retail and commercial industries. clothing from around the world. Innovia is a leading global producer of specialty, high performance, multi-layer, surface-engineered films for labeling, packaging and security applications. The company is partially integrated into materials science with capabilities in polymer extrusion, adhesive development, coating and lamination, surface engineering and metallurgy; deployed as needed in the four business segments.