Stella-Jones announces normal course issuer bid

Stella-Jones announced that the Toronto Stock Exchange has accepted its Notice of Intention to Make a Normal Course Issuer Bid. Pursuant to the Notice, Stella-Jones may, during the 12-month period commencing November 14, 2023, and ending November 13, 2024, purchase for cancellation, up to 2,500,000 Common Shares, representing approximately 5% of the public float of its Common Shares. As at October 31, 2023, Stella-Jones had 57,153,679 Common Shares issued and outstanding, 49,446,375 Common Shares comprising the public float. As approved by the TSX, the Company was authorized to purchase for cancellation up to 5,000,000 Common Shares during the 12-month period commencing on November 14, 2022 and ending on November 13, 2023. During the period commencing November 14, 2022 and ending October 31, 2023, the Company purchased 2,426,452 Common Shares through the facilities of the TSX at a weighted average price of approximately $57.62 per Common Share, for a total consideration of approximately $139,802,149. The Notice provides that purchases under the Normal Course Issuer Bid will be effected on the open market through the facilities of the TSX. The average daily trading volume of the Common Shares on the TSX for the six-month period ended October 31, 2023 was 116,080 Common Shares and, therefore, in accordance with the requirements of the TSX, the daily purchase limit under the NCIB on the TSX will be 29,020 Common Shares, representing 25% of the ADTV, subject to certain prescribed exceptions. The price that Stella-Jones will pay for any Common Shares acquired by Stella-Jones under the NCIB will be the market price of the Common Shares at the time of acquisition. Purchases will be made at management’s discretion. Additionally, Stella-Jones has implemented an automatic share purchase plan with its designated broker in connection with the NCIB in order to allow, if deemed advisable by Stella-Jones, for share purchases during self-imposed blackout periods. The Board of Directors of Stella-Jones believes that the repurchase of Common Shares represents an attractive and responsible investment of capital and is in the best interests of Stella-Jones.