Printed: Aug. 9, 2022 at 6:30 AM CDT|Up to date: 1 hour in the past
TORONTO, Aug. 9, 2022 /PRNewswire/ – Corus Leisure Inc. (“Corus” or the “Firm”) (TSX: CJR.B) introduced at the moment that the Toronto Inventory Alternate (the “TSX”) has accepted the discover filed by the Firm to amend its regular course issuer bid (“NCIB”). The modification will increase the utmost variety of Class B non-voting shares which may be repurchased, from 9,669,705 Class B non-voting shares, representing roughly 5% of the Firm’s ‘public float’ as at January 3, 2022, to 19,339,410 Class B non-voting shares, representing roughly 10% of the Firm’s ‘public float’ as at January 3, 2022. Every day repurchases can be restricted to a most of 231,935 Class B non-voting shares, representing 25% of the common each day buying and selling quantity for the six months ended December 31, 2021 (being 927,743 Class B non-voting shares), besides the place purchases are made in accordance with the “block buy exception” of the TSX guidelines. No different phrases of the NCIB have been amended.
Purchases underneath the NCIB started on January 17, 2022 and can terminate no later than January 16, 2023, and are made by means of regular course purchases effected by the amenities of the TSX, different designated exchanges and/or different Canadian buying and selling techniques. Underneath its present NCIB, as of July 27, 2022, the Firm has repurchased 7,646,900 Class B non-voting shares, at a weighted-average value of $4.30.
In deciding to amend the NCIB, the Firm believes that, whereas the macroeconomic atmosphere will seemingly be difficult within the quick to medium time period, the market value of the Class B non-voting shares might not, infrequently, totally replicate their long-term worth. Accordingly, the acquisition of the Class B non-voting shares could be in the most effective curiosity of the Firm and a lovely and acceptable use of obtainable funds. Though the Firm has a gift intention to accumulate its Class B non-voting shares pursuant to the NCIB, the Firm won’t be obligated to make any purchases and purchases could also be suspended by the Firm at any time.
Warning Regarding Ahead-Wanting Data
This press launch incorporates forward-looking info and must be learn topic to the next cautionary language:
To the extent any statements made on this press launch comprise info that’s not historic, these statements are forward-looking statements and could also be “forward-looking info” throughout the which means of relevant securities legal guidelines (collectively, “forward-looking info”). This forward-looking info pertains to, amongst different issues, statements associated to the NCIB and future purchases of Class B non-voting shares pursuant to the NCIB, and might usually be recognized by way of phrases equivalent to “consider”, “anticipate”, “anticipate”, “intend”, “plan”, “will”, “might” and different related expressions. As well as, any statements that confer with expectations, projections or different characterizations of future occasions or circumstances could also be thought-about forward-looking info. Though Corus believes that the expectations mirrored in such forward-looking info are affordable, such info entails assumptions and dangers and uncertainties and undue reliance shouldn’t be positioned on such statements. Sure materials elements or assumptions are utilized with respect to the forward-looking info, together with with out limitation, elements and assumptions concerning the final market circumstances and basic outlook for the trade together with the potential affect of latest competitors and trade mergers and acquisitions, rates of interest, stability of the promoting, distribution, merchandise and subscription markets, working and capital prices and tariffs, taxes and charges, the Firm’s means to supply fascinating content material and the Firm’s capital and working outcomes being in keeping with its expectations. Precise outcomes might differ materially from these expressed or implied in such info. Essential elements that would trigger precise outcomes to vary materially from these expectations embrace, amongst different issues: the Firm’s means to draw and retain promoting income; viewers acceptance of the Firm’s tv packages and cable networks; the Firm’s means to recoup manufacturing prices, the supply of tax credit and the existence of co-production treaties; the Firm’s means to compete in any of the industries wherein it does enterprise; the alternatives (or lack thereof) which may be introduced to and pursued by the Firm; circumstances within the leisure, info and communications industries and technological developments therein; modifications in legal guidelines or laws or the interpretation or utility of these legal guidelines and laws; the Firm’s means to combine and notice anticipated advantages from its acquisitions and to successfully handle its progress; the Firm’s means to efficiently defend itself in opposition to litigation and complaints; failure to fulfill covenants underneath the Firm’s senior credit score facility or senior unsecured notes; epidemics, pandemics or different public well being crises, together with the present outbreak of COVID-19 and modifications in accounting requirements. Further details about these elements and concerning the materials assumptions underlying any forward-looking info could also be discovered underneath the heading “Dangers and Uncertainties” within the Administration’s Dialogue and Evaluation for the yr ended August 31, 2021 and underneath the heading “Danger Components” within the Firm’s Annual Data Kind. Corus cautions that the foregoing listing of vital assumptions and elements which will have an effect on future outcomes just isn’t exhaustive. When counting on the Firm’s forward-looking info to make choices with respect to Corus, buyers and others ought to fastidiously think about the foregoing elements and different uncertainties and potential occasions. Until in any other case specified, all forward-looking info on this doc speaks as of the date of this doc. Until in any other case required by relevant securities legal guidelines, Corus disclaims any intention or obligation to publicly replace or revise any forward-looking info whether or not because of new info, occasions or circumstances that come up after the date thereof or in any other case.
About Corus Leisure Inc.
Corus Leisure Inc. (TSX: CJR.B) is a number one media and content material firm that develops and delivers prime quality manufacturers and content material throughout platforms for audiences world wide. Partaking audiences since 1999, the Firm’s portfolio of multimedia choices embody 33 specialty tv providers, 39 radio stations, 15 typical tv stations, a set of digital and streaming belongings, animation software program, know-how and media providers. Corus is an internationally-renowned content material creator and distributor by Nelvana, a world class animation studio knowledgeable in all codecs and Corus Studios, a globally acknowledged producer of hit scripted and unscripted content material. The Firm additionally owns modern full-service social digital company so.da, life-style leisure firm Kin Canada, main 2D animation software program provider Toon Growth and kids’s guide publishing home, Children Can Press. Corus’ roster of premium manufacturers contains International Tv, W Community, HGTV Canada, Meals Community Canada, Magnolia Community Canada, The HISTORY® Channel, Showcase, Grownup Swim, Nationwide Geographic, Disney Channel Canada, YTV, International Information, Globalnews.ca, Q107, Nation 105, and CFOX, together with broadly distributed Canadian streaming platforms STACKTV, Nick+, the International TV App and Curiouscast. For extra info go to www.corusent.com.
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