Press release from Marketwire
Uni-Select Inc. Announces Renewal of its Normal Course Issuer Bid
Wednesday, August 07, 2013
Uni-Select Inc. Announces Renewal of its Normal Course Issuer Bid11:24 EDT Wednesday, August 07, 2013
BOUCHERVILLE, QUEBEC--(Marketwired - Aug. 7, 2013) - Uni-Select Inc. ("Uni-Select") (TSX:UNS) announces today that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to make a normal course issuer bid (the "Notice") to repurchase some of its outstanding common shares through the facilities of the TSX for a period of twelve months ending August 8, 2014. Up to 750,000 common shares, representing approximately 3.49% of the 21,465,070 common shares of Uni-Select issued and outstanding on July 31st, 2013, may be purchased under the normal course issuer bid. The average daily trading volume for the six months prior to July 31, 2013 is 19,489 common shares. Daily repurchases will be limited to 4,872 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 August 9, 2013 and will end on the earlier of August 8, 2014 or the date on which Uni-Select will have either acquired the maximum number of common shares pursuant to the Notice or otherwise decided not to make any further repurchases. All the common shares acquired under the bid 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 750,000 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, 2013, Uni-Select has repurchased 172,966 common shares at a weighted average price of $23.29 per share under its normal course issuer bid which commenced on August 9, 2012 and will expire on August 8, 2013.
Founded in 1968, Uni-Select is a major distributor of replacement parts, equipment, tools, accessories, paint and related products for motor vehicles in North America. Leader in the Canadian industry, Uni-Select is the 6th largest distributor in the United States and the leading independent distributor of automotive paint and related products in the country. With its 5,800 employees, Uni-Select efficiently services a wide network of independent installers and wholesalers, including over 6,200 that operate under one of its banner programs in North America. Uni-Select is headquartered in Boucherville and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
The information provided in this press release includes some forward-looking information, which includes 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations and Communications Manager