STOCK SYMBOL: PFB
CALGARY, AB, Aug. 24, 2020 /CNW/ - PFB Corporation (the "Corporation") announced today that it will be proceeding with a normal course issuer bid to purchase shares on the open markets through the facilities of the Toronto Stock Exchange (TSX) as well as through alternate trading systems in Canada upon which the Common Shares are traded. Under the applicable rules, the Corporation may purchase up to a maximum of 50,000 of its Common Shares, representing 0.74% of the Corporation's issued and outstanding Common Shares, which, as at the date hereof, is 6,791,003. The daily maximum number Common Shares that may be acquired under the normal course issuer bid is 1,000 common shares. The Corporation may also make one block purchase per calendar week which exceeds such daily purchase restriction, subject to the rules of the TSX. The average daily trading volume of the Corporation for the past six months was 3,616. Purchases by the Corporation can commence on September 3, 2020 and will end no later than September 2, 2021.
PFB Corporation will pay the market price for its common shares on the TSX at the time of acquisition and no purchases will be made other than by means of open market transactions during the period the normal course issuer bid is outstanding. As of today, the Corporation has purchased 50,000 Common Shares at an average weighted price of $10.49 per share during the past 12 months under their current normal course issuer bid, which ends on September 2, 2020.
PFB Corporation believes that the Common Shares may from time to time be undervalued and may not reflect the financial strength and net asset value of the Corporation. All Common Shares purchased under the normal course issuer bid will be cancelled, increasing the respective proportionate share interests of all remaining shareholders. The funding for any purchases of Common Shares pursuant to the normal course issuer bid will be financed out of working capital.
PFB Corporation has two operating subsidiaries, Plasti-Fab Ltd. that operates in Canada and PFB America Corporation that operates in the United States. The Canadian segment primarily derives its revenues from the sale of expanded polystyrene ("EPS") foam products, which it manufactures at its facilities in Canada. The USA segment primarily derives its revenues from the sale of EPS foam products, customized log and timber structures made at its facilities in the United States which typically include design and installation services that together provide the basis for a bundled sale of its manufactured products. Both segments develop, manufacture and market insulation building products and technologies based on expanded polystyrene technology; that, when used as components of a building envelope, enable residential and commercial structures to be highly energy-efficient. We are also experts in engineered geotechnical applications of our products. PFB building products are used in both new and renovation markets in residential, commercial and industrial projects.
SOURCE PFB Corporation
View original content: http://www.newswire.ca/en/releases/archive/August2020/24/c5455.html