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TAMPA, Fla., May 5, 2021 /CNW/ - Primo Water Corporation (NYSE: PRMW) (TSX: PRMW) (the "Company" or "Primo"), a leading provider of water direct to consumers and water filtration services in North America and Europe as well as a leading provider of water dispensers, purified and spring bottled water, and self-service refill drinking water in the U.S. and Canada, announced that its Board of Directors authorized a new $50 million share repurchase program and declared a quarterly dividend. Primo also announced the results of voting for directors at its annual and special meeting of shareowners held on May 4, 2021 (the "Meeting").
SHARE REPURCHASE PROGRAM
The Board of Directors authorized a new $50 million share repurchase program which commences on May 10, 2021 and expires on May 9, 2022. Under the program, the Company's common shares may be repurchased periodically in open market or privately negotiated transactions through the facilities of the NYSE.
"With our successful transformation into a pure play water company and successfully navigating the pandemic over the last twelve months, we have sufficient liquidity to fund our tuck-in acquisition program, in addition to an opportunistic return of capital plan in 2021," said Tom Harrington, Primo's Chief Executive Officer. "Our new share repurchase program reflects the Board's confidence in our future performance and our continued long-term cash flow generation and demonstrates our ongoing commitment to providing fundamental value for our shareholders."
The actual timing, manner, number, and value of shares repurchased under the program will be determined by management at its discretion and will depend on a number of factors, including the market price of Primo's common shares, general market and economic conditions, applicable law and other requirements, and other business considerations, provided however that the price per common share will not exceed the market price as at the date of acquisition (plus reasonable brokerage fees and commissions) in accordance with applicable securities laws and exchange rules.
DECLARATION OF DIVIDEND
Primo also announced that its Board of Directors declared a dividend of US$0.06 per share on common shares, payable in cash on June 16, 2021 to shareowners of record at the close of business on June 4, 2021.
VOTING RESULTS FOR ELECTION OF DIRECTORS
By a vote conducted by ballot, each of the nominees listed in the proxy statement dated March 25, 2021 was elected as a director of the Company at the Meeting. The detailed voting results are as follows:
% of Votes
# of Votes
% of Votes
Susan E. Cates
Stephen H. Halperin
Thomas J. Harrington
Billy D. Prim
Graham W. Savage
Steven P. Stanbrook
Details of the voting results on all matters considered at the Meeting are available in the Company's report of voting results, which is available under the Company's profile on SEDAR at www.sedar.com.
ABOUT PRIMO WATER CORPORATION
Primo Water Corporation is a leading pure-play water solutions provider in North America, Europe and Israel and generates approximately $2.0 billion in annual revenue. Primo operates largely under a recurring razor/razorblade revenue model. The razor in Primo's revenue model is its industry leading line-up of sleek and innovative water dispensers, which are sold through major retailers and online at various price points or leased to customers. The dispensers help increase household penetration which drives recurring purchases of Primo's razorblade offering. Primo's razorblade offering is comprised of Water Direct, Water Exchange, and Water Refill. Through its Water Direct business, Primo delivers sustainable hydration solutions across its 21-country footprint direct to the customer's door, whether at home or to commercial businesses. Through its Water Exchange and Water Refill businesses, Primo offers pre-filled and reusable containers at over 13,000 locations and water refill units at approximately 22,000 locations, respectively. Primo also offers water filtration units across its 21-country footprint representing a top five position.
Primo's water solutions expand consumer access to purified, spring and mineral water to promote a healthier, more sustainable lifestyle while simultaneously reducing plastic waste and pollution. Primo is committed to its water stewardship standards and is proud to partner with the International Bottled Water Association (IBWA) in North America as well as with Watercoolers Europe (WE), which ensure strict adherence to safety, quality, sanitation and regulatory standards for the benefit of consumer protection.
Primo is headquartered in Tampa, Florida (USA). For more information, visit www.primowatercorp.com.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management's expectations as to the future based on plans, estimates and projections at the time Cott makes the statements. Forward-looking statements involve inherent risks and uncertainties and Primo cautions you that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement. The forward-looking statements contained in this press release include, but are not limited to, statements related to the amount of shares that may be repurchased under the share repurchase program. The forward-looking statements are based on assumptions regarding management's current plans and estimates. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate.
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SOURCE Primo Water Corporation
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