StorageVault Announces Normal Course Issuer Bids for Common Shares and Debentures
- World stocks edge back, bond yields, COVID-19 cases rise
- IBM (IBM) Tops Q1 EPS by 14c, Revenue Beats
- Dollar falls to lowest in more than seven weeks
- Bitcoin (BTC) Price Fell 20% Off the Highs Over the Weekend as Markets Got 'Too Excited' About Coinbase (COIN), Says Mike Novogratz
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
TORONTO, Jan. 25, 2021 (GLOBE NEWSWIRE) -- STORAGEVAULT CANADA INC. (“StorageVault” or the “Corporation”) (SVI-TSX-V) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange to renew its Normal Course Issuer Bid (“NCIB”) to purchase for cancellation, during the 12-month period starting January 25, 2021, up to 18,312,741 of the outstanding Common Shares of the Corporation, representing 5% of the Common Shares outstanding. In addition, the Corporation has received conditional acceptance from the TSX Venture Exchange to commence a NCIB to purchase for cancellation, during the 12-month period starting January 25, 2021, outstanding senior unsecured hybrid debentures of the Corporation (“Debentures”) in the aggregate principal amount of $3,750,000, representing 5% of the currently outstanding $75,000,000 aggregate principal amount of Debentures. Each NCIB will end on January 24, 2022, unless the maximum amount of Common Shares or Debentures, as applicable, is purchased before then or StorageVault provides earlier notice of termination.
The purchase and payment for the Common Shares and the Debentures will be made by StorageVault through the facilities of the TSX Venture Exchange. National Bank Financial Inc. has been selected as StorageVault’s agent for the NCIBs. The price paid for the Common Shares or Debentures, as applicable, will be, subject to NCIB pricing rules contained in securities laws, the prevailing market price of such Common Shares or Debentures, as applicable, on the TSX Venture Exchange at the time of such purchase. StorageVault intends to fund the purchases out of available cash.
StorageVault believes that the market price of its Common Shares and Debentures may not reflect their underlying value and the Board of Directors has authorized this initiative because, in the Board’s opinion, the proposed purchase of Common Shares and Debentures pursuant to the NCIBs constitutes an appropriate use of StorageVault’s funds, and the repurchase of its Common Shares and Debentures is one way of creating securityholder value.
To the knowledge of StorageVault, no director, senior officer or other insider of the StorageVault currently intends to sell any Common Shares or Debentures under the NCIBs. However, sales by such persons through the facilities of the TSX Venture Exchange may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these NCIB purchases. The benefits to any such person whose Common Shares or Debentures are purchased would be the same as the benefits available to all other holders whose Common Shares or Debentures are purchased.
About StorageVault Canada Inc.StorageVault owns and operates 209 storage locations in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, and Nova Scotia. StorageVault owns 167 of these locations plus over 4,600 portable storage units representing over 9.2 million rentable square feet.
For further information, contact Mr. Steven Scott or Mr. Iqbal Khan:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the NCIBs, including the commencement and end date of the NCIBs. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects StorageVault’s current beliefs and is based on information currently available to StorageVault and on assumptions StorageVault believes are reasonable. These assumptions include, but are not limited to: the underlying value of StorageVault and its Common Shares and Debentures; the ability of StorageVault to complete purchases under the NCIBs and final TSX Venture Exchange acceptance of the NCIBs; the level of activity in the storage business and the economy generally; consumer interest in StorageVault’s services and products; competition and StorageVault’s competitive advantages; trends in the storage industry, including macro-trends in relation to increased growth and growth in the portable storage business; the availability of attractive and financially competitive asset acquisitions in the future; the potential closing of previously announced acquisitions, if any, continuing to proceed as they have progressed to date; future performance of StorageVault being consistent with or better than past performance, including revenue and expenses being consistent with or better than historical revenue and expenses; and StorageVault’s continued response and ability to navigate the COVID-19 pandemic being consistent with, or better than, its ability and response to date. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of StorageVault to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board, third party or regulatory approvals; the actual results of StorageVault’s future operations; competition; changes in legislation, including environmental legislation, affecting StorageVault; the timing and availability of external financing on acceptable terms; conclusions of economic evaluations and appraisals; lack of qualified, skilled labour or loss of key individuals; and risks related to the COVID-19 pandemic including various recommendations, orders and measures of governmental authorities to try to limit the pandemic, including travel restrictions, border closures, non-essential business closures, service disruptions, quarantines, self-isolations, shelters-in-place, curfews, stay-at-home orders and social distancing, disruptions to markets, economic activity, financing, supply chains and sales channels, and a deterioration of general economic conditions including a possible national or global recession; the impact that the COVID-19 pandemic may have on StorageVault may include: a short-term delay in payments from customers, an increase in accounts receivable and an increase of losses on accounts receivable; decreased demand for the services that StorageVault offers; and a deterioration of financial markets that could limit StorageVault’s ability to obtain external financing. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in StorageVault’s disclosure documents on the SEDAR website at www.sedar.com. Although StorageVault has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of StorageVault as of the date of this news release and, accordingly, is subject to change after such date. However, StorageVault expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Man Group PLC : Form 8.3 - Gamesys Group plc
- Man Group PLC : Form 8.3 - Bally's Corporation
- Cook County Treasurer Maria Pappas Names Manuel Venegas As Her New Press Secretary