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VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- Rogers Sugar Inc. (the “Corporation” or “Rogers Sugar” ) (TSX: RSI ) announced today that it has received approval of the Toronto Stock Exchange to proceed with a normal course issuer bid to purchase up to 1,500,000 common shares (the “ Shares ”) representing approximately 1.6% of the public float of Shares as at May 10, 2018. The average daily trading volume for the 6-month period preceding May 1, 2018 is 159,288 Shares. In accordance with TSX rules, the Corporation may repurchase up to 39,822 Shares on a daily basis. The bid will commence on May 24, 2018, and terminate on May 23, 2019 or on such earlier date as the Corporation may complete its purchases pursuant to the bid. The Shares will be purchased on behalf of the Corporation by a registered broker through the facilities of TSX or alternative Canadian trading systems. The price paid for the Shares will be the market price at the time of acquisition, and the number of Shares purchased and the timing of any such purchases will be determined by the Corporation. All Shares purchased by the Corporation will be cancelled. As at May 10, 2018, the Corporation had 105,744,970 Shares outstanding and a public float of 93,695,429 Shares. During the past 12 months, no Shares were purchased by the Corporation.
The Corporation also announced that it has implemented an automatic repurchase plan with a broker in order to facilitate repurchases of its Shares under its normal course issuer bid. Under the Corporation’s automatic repurchase plan, the Corporation’s broker may repurchase Shares under the normal course issuer bid at any time including, without limitation, when the Corporation would ordinarily not be permitted to due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by the Corporation’s broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties’ written agreement. The Corporation may suspend or terminate the automatic repurchase plan only if it does not have material non-public information and the decision to suspend or terminate the automatic repurchase plan is not taken during a self-imposed trading blackout period. The automatic repurchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and has been pre-cleared by the TSX.
The Corporation believes that its Shares may trade in price ranges which do not fully reflect the value of the Shares. As a result, the Corporation believes that the purchase of its outstanding Shares may represent an appropriate use of its funds.
About Rogers Sugar Inc.
Rogers Sugar is a corporation established under the laws of Canada. The Corporation holds all of the common shares of Lantic and its administrative office is in Montréal, Québec. Lantic operates cane sugar refineries in Montreal, Québec and Vancouver, British Columbia, as well as the only Canadian sugar beet processing facility in Taber, Alberta. Lantic’s sugar products are marketed under the “Lantic” trademark in Eastern Canada, and the “Rogers” trademark in Western Canada and include granulated, icing, cube, yellow and brown sugars, liquid sugars and specialty syrups. Lantic owns all of the common shares of L.B. Maple Treat Corporation ( “LBMT” ) and its head office is headquartered in Granby, Québec. LBMT operates bottling plants in Granby, St-Honoré-de-Shenley and Dégelis, Québec and in Barre, Vermont. LBMT’s products include maple syrup, maple sugar and derived maple syrup products and are sold under various brand names, such as L.B. Maple Treat, Great Northern, Decacer, Sucro-Bec and Highland Sugarworks.
FOR FURTHER INFORMATION PLEASE CONTACT:
Ms. Manon Lacroix Vice President, Finance, Chief Financial Officer and Secretary Lantic Inc. Tel: (514) 940-4350 Website: www.lantic.ca or www.rogerssugarinc.com
