Calgary, AB, May 2, 2019 – Tervita Corporation ("Tervita" or the "Corporation") (TSX: TEV) announced today that a Notice of Intention to commence its Normal Course Issuer Bid (the "NCIB") has been approved by its board of directors and has been filed with and accepted by the Toronto Stock Exchange (the "TSX"). Given the positive outlook for our business, we believe Tervita’s shares are undervalued and as such we are initiating a normal course issuer bid to purchase them as appropriate. Tervita’s balance sheet priorities are unchanged. We continue to invest capital in attractive growth opportunities, spend within internally generated cash flows, and our deleveraging plans remain intact.
Pursuant to the NCIB, Tervita is authorized to repurchase common shares in the capital of Tervita ("Common Shares") having an aggregate purchase price of up to $20 million, which equates to 3,115,264 Common Shares at today’s trading prices, representing 2.68% of Tervita’s 117,557,112 Common Shares outstanding as at April 30, 2019. The average daily trading volume of the Corporation’s Common Shares from November 1, 2018 to April 30, 2019 was 125,992 Common Shares ("ADTV"). Accordingly, pursuant to the rules of the TSX, the maximum number of Common Shares that the Corporation may repurchase in any one day is 25% of the ADTV, which totals 31,498 Common Shares. Tervita may also make one block purchase per calendar week which exceeds the daily repurchase restriction.
The NCIB will commence on May 7, 2019 and will terminate on the earlier of: (i) May 6, 2020; and (ii) the date on which the maximum number of Common Shares are purchased pursuant to the NCIB. Purchases of Common Shares under the NCIB will be effected through the facilities of the TSX, other alternative trading platforms, at the market price at the time of purchase. Common Shares purchased pursuant to the NCIB will thereafter be cancelled.
Tervita is a leading waste management and environmental solutions provider offering waste processing, treating, recycling, and disposal services to customers in the oil and gas, mining, and industrial sectors. We serve our customers onsite and through a network of facilities in Canada and the United States.
For 40 years, Tervita has been focused on delivering safe and efficient solutions through all phases of a project while minimizing impact, maximizing returns™. Our dedicated and experienced employees are trusted sustainability partners to our clients. Safety is our top priority: it influences our actions and shapes our culture. Tervita trades on the TSX as TEV. For more information, visit tervita.com.
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