Mattr Corp. Strengthens Shareholder Value with NCIB Renewal
Mattr Corp. Reinvents Its Shareholder Value Strategy
Mattr Corp. (“Mattr” or the “Company”) has taken a significant step in strengthening its commitment to enhancing shareholder value by renewing its normal course issuer bid (NCIB). The Toronto Stock Exchange (TSX) has officially approved this initiative, paving the way for Mattr to repurchase shares that demonstrate confidence in its future and its ongoing growth strategy.
Details of the Normal Course Issuer Bid
Under the newly established NCIB, Mattr plans to buy back up to 4,991,584 of its common shares, which represent around 10% of its public float as of a recent date. As the company stands, it has a total of 61,649,707 shares currently outstanding. Set to commence at the end of this month, the bid will remain active for one year or until the maximum buyback is achieved, allowing Mattr to manage the timing and extent of its share repurchases efficiently.
Share Repurchase Mechanics
The implementation of the NCIB will facilitate purchases of shares through the TSX and potentially through other permitted exchanges, such as NEO and Aequitas Neo. The Company intends to execute these buys at prevailing market prices, underscoring its commitment to maximizing value for its shareholders. With the intention to utilize existing cash resources for funding these purchases, the cancellation of repurchased shares will further tighten the share structure and enhance overall shareholder value.
The Strategic Role of the Automatic Share Purchase Plan
In conjunction with the NCIB, Mattr is introducing an automatic share purchase plan to streamline its repurchase process. This plan, which has received TSX approval, allows designated brokers to buy back shares even during periods when the Company typically refrains from trading—such as during internal blackout periods. This strategic move ensures that Mattr can continue to repurchase shares consistently, thus supporting its stock in the respective markets.
Past Performance Under the Previous NCIB
Reflecting on its past performance, Mattr successfully executed its previous NCIB, which commenced in June of the prior year. Under this program, the Company repurchased a total of 4,982,824 shares, utilizing the full authorized limit. The total expenditure for these shares amounted to roughly $65.2 million, with the average purchase price calculated at around $13.07 per share. The proactive measure reinforced Mattr’s confidence in its growth trajectory and market position.
About Mattr
Mattr is at the forefront as a global materials technology company, primarily serving essential infrastructure markets. These sectors include transportation, communication, energy, and water management, which are pivotal to sustaining modern societies. Mattr is committed to delivering innovative solutions through its two primary segments: Connection Technologies and Composite Technologies. Each plays a vital role in advancing the sustainability and efficiency of critical infrastructure.
Contact Information
For additional insights or inquiries regarding Mattr’s initiatives, please reach out to:
Meghan MacEachern
VP, Investor Relations & External Communications
Tel: 437-341-1848
Email: meghan.maceachern@mattr.com
Website: www.mattr.com
Frequently Asked Questions
What is the purpose of the normal course issuer bid (NCIB)?
The NCIB allows Mattr to repurchase shares in order to return capital to shareholders and enhance their investment value.
How many shares is Mattr planning to repurchase?
Mattr intends to repurchase up to 4,991,584 common shares under the renewed NCIB.
When does the new NCIB start and end?
The NCIB starts at the end of this month and will run for a full year unless the maximum buyback is reached sooner.
How does the automatic share purchase plan facilitate share repurchases?
This plan allows Mattr to continue repurchases during internal trading restrictions, ensuring consistent share buybacks.
What was the outcome of Mattr's previous NCIB?
Under the previous NCIB, Mattr successfully repurchased 4,982,824 shares, achieving its maximum purchase limit.
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