Aecon Pronounces TSX Approval of Regular Course Issuer Bid

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Printed Aug 15, 2024 • 5 minute learn

TORONTO, Aug. 15, 2024 (GLOBE NEWSWIRE) — Aecon Group Inc. (TSX: ARE) (“Aecon”) introduced in the present day receipt of regulatory approval from the Toronto Inventory Change (the “TSX”) of its discover of intention to make a traditional course issuer bid (the “NCIB”).

Beneath the NCIB, Aecon might buy for cancellation, throughout the interval commencing on August 19, 2024 and ending on the sooner of August 18, 2025 and the date on which Aecon reaches the utmost purchases permitted underneath the NCIB, as much as 3,126,306 frequent shares of Aecon (“Frequent Shares”), representing 5% of the issued and excellent Frequent Shares. Aecon had a complete of 62,526,130 issued and excellent Frequent Shares as of August 7, 2024.

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Purchases of Frequent Shares underneath the NCIB will probably be made in accordance with TSX guidelines by way of the amenities of the TSX and/or by way of different Canadian buying and selling programs. The value paid for any repurchased Frequent Shares would be the market worth of such Frequent Shares on the time of acquisition. Each day purchases on the TSX underneath the NCIB will probably be restricted to a most of 75,578 Frequent Shares, representing 25% of the typical each day buying and selling quantity of the Frequent Shares on the TSX for six months ending July 31, 2024, topic to any purchases made pursuant to the block buy exception.

Aecon believes that the repurchase of Frequent Shares at sure market costs is an acceptable and fascinating use of Aecon’s funds that’s in the most effective pursuits of Aecon and helpful to its shareholders. Aecon intends to make any purchases on an opportunistic foundation, taking share worth and different concerns under consideration. The NCIB will probably be funded utilizing Aecon’s current money sources or its senior credit score facility.

The precise variety of Frequent Shares which can be bought underneath the NCIB and the timing of any such purchases will probably be decided by the administration of Aecon, topic to relevant securities legal guidelines and TSX guidelines. Aecon might elect to droop or discontinue repurchases of Frequent Shares at any time, in accordance with relevant legal guidelines. There could be no assurances that any such purchases of Frequent Shares underneath the NCIB will probably be accomplished.

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Aecon additionally introduced that it has entered into an automated securities buy plan (the “Plan”) in respect of the NCIB with a delegated dealer (the “Dealer”). The Dealer will probably be accountable for making purchases of Frequent Shares pursuant to the Plan to facilitate the acquisition of Frequent Shares throughout instances when Aecon would ordinarily not be permitted to buy Frequent Shares as a result of regulatory restrictions or buying and selling black-out durations established underneath Aecon’s Insider Buying and selling Coverage. Beneath the Plan, Aecon might, however isn’t required to, instruct the Dealer to make purchases underneath the NCIB primarily based on parameters set by Aecon in accordance with the Plan, TSX guidelines and relevant securities legal guidelines. The Plan has been pre-cleared by the TSX and will probably be applied efficient August 19, 2024.

About Aecon

Aecon Group Inc. (TSX: ARE) is a North American development and infrastructure growth firm with international expertise. Aecon delivers built-in options to personal and public-sector shoppers by way of its Building section within the Civil, City Transportation, Nuclear, Utility and Industrial sectors, and gives undertaking growth, financing, funding, administration, and operations and upkeep companies by way of its Concessions section. Be part of our on-line group on X, LinkedIn, Fb, and Instagram @AeconGroupInc.

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Assertion on Ahead-Trying Info

The
data
in
this
press
launch
consists of
sure
forward-looking
statements
which
might
represent
forward-looking data underneath relevant securities legal guidelines. These forward-looking statements are primarily based on
at present obtainable aggressive, monetary and financial knowledge and working plans however are topic to dangers and uncertainties. Ahead-looking
statements
might
embrace,
with out
limitation,
statements
concerning
the
operations,
enterprise,
monetary
situation, anticipated monetary outcomes, efficiency, prospects, ongoing targets, methods and outlook for Aecon, together with statements concerning: Aecon’s intention to begin the NCIB, the timing, strategies and amount of any purchases underneath the NCIB, the provision of money for repurchases of Frequent Shares underneath the NCIB, and compliance with relevant legal guidelines and rules pertaining to the NCIB. Ahead-looking statements might in some instances be recognized by phrases corresponding to “might,” “will,” “expects,” “goal,” “future,” “plans,” “believes,” “anticipates,” “estimates,” “tasks,” “intends,” “ought to” or the destructive of those phrases, or comparable
expressions.

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In
addition
to
occasions
past
Aecon’s
management,
there
are
elements
which
may
trigger
precise
or
future
outcomes,
efficiency or
achievements
to
differ
materially
from
these
expressed
or
inferred
herein
together with,
however
not
restricted
to:
the
threat
of
not with the ability to meet contractual schedules and different efficiency necessities, the danger of not with the ability to meet its labour wants and the appliance of crucial accounting estimates in respect of the remaining three fastened worth legacy tasks
being
carried out
by
joint
ventures
in
which
Aecon
is
a
participant,
and
the
data
in
respect
of
such
joint ventures underneath evaluate and evaluation in respect of the appliance of such crucial accounting estimates. These forward-looking statements are primarily based on quite a lot of elements and assumptions together with, however not restricted to that: not one of the dangers recognized above materialize, there aren’t any unexpected adjustments to financial and market circumstances, no important occasions happen outdoors the unusual course of enterprise and assumptions concerning the result of the excellent claims in respect of the remaining three fastened worth legacy tasks being carried out by joint ventures wherein Aecon is a participant. These assumptions are primarily based on data at present obtainable to Aecon, together with data
obtained
from
third-party
sources.
Whereas
Aecon
believes
that
such
third-party
sources
are
dependable
sources of data, Aecon has not independently verified the knowledge. Aecon has not ascertained the validity or accuracy
of
the
underlying financial
assumptions
contained
in
such
data
from
third-party
sources
and
hereby disclaims any duty or legal responsibility in any way in respect of any data obtained from third-party
sources.

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Threat elements are mentioned in higher element in Part 13 – “Threat Components” in Aecon’s 2023 Administration’s Dialogue and Evaluation for the fiscal 12 months ended December 31, 2023 and Aecon’s Administration’s Dialogue and Evaluation for the
fiscal
quarter
ended
June
30,
2024,
every
filed
on
SEDAR+
(www.sedarplus.ca).
Besides
as
required
by
relevant securities
legal guidelines,
forward-looking
statements
converse
solely
as
of
the
date
on
which
they
are
made
and
Aecon
undertakes no
obligation
to
publicly
replace
or
revise
any
forward-looking
assertion,
whether or not
as
a
consequence
of
new
data,
future occasions or
in any other case.