CCL Industries announces TSX acceptance of Normal Course Issuer Bid

CCL Industries announced that the Toronto Stock Exchange has accepted a notice filed by the Company to commence a normal course issuer bid. Under the Bid, the Company is authorized to acquire up to 14,750,000 of its Class B non-voting shares, being approximately 9.93% of the public float of the Class B non-voting shares as of May 15, 2024. No Bid is proposed to be made for the Company’s Class A voting shares. All purchases will be made through the facilities of and in accordance with the rules of the TSX and all Class B non-voting shares purchased will be cancelled. Except where reliance is placed on the TSX’s block purchase exemption, the maximum number of Class B non-voting shares that could be purchased under the Bid on any trading day will be limited to 67,024 Class B non-voting shares. The average TSX daily trading volume for the six-month period ended April 30, 2024, was 268,097 Class B non-voting shares. The Bid will commence on May 25, 2024, and end no later than May 24, 2025. CCL’s management believe that such purchases are an appropriate and desirable use of available funds. Pursuant to a previous notice of intention to conduct a normal course issuer bid, under which Company sought and received approval from the TSX to purchase up to 14,500,000 Class B non-voting shares for the period of May 25, 2023 to May 24, 2024, the Company has purchased, as of May 15, 2024, 87,305 Class B non-voting shares on the open market at an average purchase price of $58.87 per share. As of May 15, 2024, the issued and outstanding number of Class B non-voting shares was 167,585,919 and the public float of the Class B non-voting shares was 148,547,448. Purchases were made through the facilities of the TSX and all Class B non-voting shares purchased were cancelled.