Cogeco Communications announces an amendment to its normal course issuer bid

MONTREAL, November 24, 2022 /CNW Telbec/ – Cogeco Communications Inc. (the “Corporation” or “Cogeco Communications”) announces that it has received approval from the Toronto Stock Exchange (the “TSX”) to amend its normal course issuer bid (the “Tender”) in respect of its subordinate voting shares (the “Subordinate Shares”) to increase the maximum number of subordinate shares that may be purchased for cancellation under the OPRA from 1,500,000 to 1 960,905, representing 10% of the 19,609,056 subordinate shares which constituted “free float” subordinate shares issued and outstanding of the Company on the record date of April 22, 2022. No other terms of the public buyback offer have been modified.

Cogeco Communications balances the allocation of capital between making significant ongoing investments in its broadband networks to expand and improve access to connectivity, pursuing attractive acquisitions and returning capital to shareholders. In addition to dividends, the Company believes that the purchase of its subordinate shares under the issuer bid is an appropriate tool to increase shareholder value and provides additional investment returns to its shareholders.

Procurement under the OPRC began on May 4, 2022 and will not continue beyond May 3, 2023. All purchases under the issuer bid are made through the facilities of the TSX or Canadian alternative trading systems, if eligible, and in accordance with their rules. Purchases under the OPRC are made through open market transactions.

Under the rules of the TSX, the Company is authorized to purchase daily, through the facilities of the TSX, a maximum of 19,367 subordinate shares representing 25% of the average daily trading volume, as calculated according to the rules of the TSX. In addition, the Company may make, once a week, a Bulk Purchase (as such term is defined in the TSX Company Handbook) of Restricted Shares which are not held directly or indirectly by insiders of the Company, in accordance with the rules of the TSX. The subordinate shares purchased under the OPRA are cancelled.

The price to be paid by the Company for any subordinate share will be the market price at the time of acquisition, plus brokerage fees, if any.

Except to reflect the increase in the maximum number of subordinate shares that may be repurchased under the OPRA, the automatic share purchase plan (“ASP”) entered into by Cogeco Communications with a designated broker remains unchanged. . The RPEA allows for the purchase of restricted shares under the issuer bid at times when the Company would not normally be permitted to purchase restricted shares due to regulatory restrictions or self-imposed blackout periods. .

During the period of May 4, 2022 at November 15, 2022 inclusive, Cogeco Communications purchased through the facilities of the TSX and Canadian alternative trading systems a total of 817,735 subordinate shares at a weighted average price per subordinate share of $82.46.

About Cogeco Communications

Rooted in the communities it serves, Cogeco Communications inc. is a growing competitive force in the North American telecommunications industry with a 65-year heritage. Through its Cogeco Connexion and Breezeline (formerly Atlantic Broadband) business units, Cogeco Communications provides Internet, video and telephone services to 1.6 million residential and business customers in Quebec and Ontario in Canada as well as in thirteen states of United States. The subordinate voting shares of Cogeco Communications inc. are listed on the Toronto Stock Exchange (TSX: CCA)


Certain statements contained in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to future prospects and anticipated events, activities, operations, financial performance, financial condition or results of Cogeco Communications Inc. (“Cogeco Communications” or the “Company”) and, in some instances, may be identified by terminology such as “may”; “will be”; “should”; “expect”; “to plan”; “to anticipate”; “to believe”; “intention”; “estimate”; “to predict”; “potential”; “Continue”; “foresee”, “ensure” or other similar expressions concerning matters that are not historical facts. In particular, statements regarding the Company’s financial direction, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions, including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities. business, which Cogeco Communications deems reasonable at the current date. See in particular the “Business Objectives and Strategies” and “Financial Guidance for Fiscal 2023” sections of the Company’s 2022 Annual MD&A for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. Although management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco Communications currently anticipates. These factors include risks such as competitive risks, business risks (including potential disruption to our supply chain caused by economic and geopolitical instability resulting from the war in Ukraine and other contributing factors, increased transportation times, scarcity and shortage of key raw materials and telecommunications equipment, and competition for resources), regulatory risks, technology risks (including cybersecurity ), financial risks (including currency and interest rate fluctuations), economic conditions (including high inflation reaching historic highs, putting pressure on incomes, due to reduced consumer spending and increased costs), man-made and natural threats to our network, infrastructure and systems, community acceptance risks, ethical behavior risks, property risks, litigation risks and public health and safety risks, many of which are beyond the Company’s control. For more comprehensive information on these risks and uncertainties, the reader is invited to refer to the “Uncertainties and main risk factors” section of the Company’s 2022 annual management report. These factors are not intended to represent a complete list of factors that could affect Cogeco Communications and future events and results could differ materially from what management currently anticipates. The reader should not place undue importance on the forward-looking information contained in this press release which represents the expectations of Cogeco Communications as of the date of this press release (or as of the date on which they are otherwise stated) and are subject to change. after such date. Although management may choose to do so, the Company is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or change this information at any time, whether as a result of new information, future events or otherwise, except as required by law. All amounts are quoted in Canadian dollars, unless otherwise specified.

SOURCE Cogeco Communications Inc.


Show original content:

Denise W. Whigham