Finning International Inc. (TSX: FTT) (“Finning”) today announced that, in connection with its previously announced normal course issuer bid (“NCIB”) to purchase up to 5,300,000 of its common shares (“Shares”), it has entered into an automatic share purchase plan (“ASPP”) with a designated broker.
Finning International Inc. today announced that, in connection with the previously announced normal course issuer bid (“NCIB”) to purchase for cancellation up to 8,000,000 of our common shares (“shares”), we have entered into an automatic share purchase plan (“ASPP”) with a designated broker. The ASPP allows for the purchase of shares under the NCIB at times when we would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout restrictions.
The ASPP provides a set of standard instructions to the designated broker to make purchases under the NCIB in accordance with the limits and other terms set out in the ASPP. The designated broker will determine the timing of these purchases in its sole discretion based on purchasing parameters set by Finning and subject to the rules of the Toronto Stock Exchange (“TSX”), applicable securities laws, and the terms of the ASPP. The ASPP has been pre-cleared by the TSX and will be implemented as of January 1, 2022. All purchases made under the ASPP will be included in computing the number of shares purchased and cancelled by Finning under the NCIB.
The NCIB, which was renewed by Finning on May 10, 2021, began on May 13, 2021, and will end no later than May 12, 2022. Outside of pre-determined blackout periods, shares may be purchased under the NCIB based on management’s discretion, in compliance with TSX rules, and applicable securities laws.
Finning International is the world’s largest Caterpillar dealer delivering unrivalled service to customers for nearly 90 years. Headquartered in Surrey, British Columbia, we provide Caterpillar equipment, parts, services, and performance solutions in Western Canada, Chile, Argentina, Bolivia, the United Kingdom, and Ireland.
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