LASALLE, QC, Sept. 19, 2023 /CNW/ –Â GDI Integrated Facility Services Inc. (“GDI” or the “Company“) (TSX:Â GDI) announced today that a normal course issuer bid (“NCIB“) authorized by its Board of Directors to purchase for cancellation during the next 12 months up to 500,000 subordinate voting shares, representing approximately 3.4% of the aggregate number of subordinate voting shares outstanding as of the close of business on September 8, 2023, has been approved by the Toronto Stock Exchange (“TSX“).
At the close of business on September 8, 2023, there were 14,660,447 subordinate voting shares issued and outstanding, including a public float of 10,373,015 subordinate voting shares. The actual number of subordinate voting shares which will be purchased for cancellation and the timing of any such purchases will be determined by the Company. GDI’s management and Board of Directors believe that at certain times the purchase for cancellation of the Company’s subordinate voting shares falls within its criteria for capital allocation. The NCIB will provide the ability for the Company to purchase subordinate voting shares at its discretion and in accordance with TSX rules as part of its mandate to increase shareholder value. During the preceding NCIB, which covered the period from June 3, 2022 to June 2, 2023, the Company purchased on the open market through the facilities of the TSX as well as other alternative trading systems in Canada a total 145,400 subordinate voting shares at a weighted average price paid per security of $44.33 out of a total of 500,000 subordinate voting shares it had initially sought to repurchase.Â
Purchases under the NCIB will be made by means of open market transactions through the facilities of the TSXÂ as well as alternative trading systems in Canada. The exchange’s rules permit the Company to purchase daily a maximum of 2,891 subordinate voting shares through TSX facilities, subject to any block purchases made in accordance with TSX rules, which is 25% of the average daily trading volume of subordinate voting shares for the six completed calendar months ending August 31, 2023 which totalled 11,566 subordinate voting shares.
The Company has entered into an automatic share purchase plan under which its designated broker will repurchase the Company’s subordinate voting shares during the NCIB. The automatic share purchase plan allows for purchases by the Company of its subordinate voting shares during certain pre-determined black-out periods, subject to certain parameters. Outside of these pre-determined black-out periods, shares will be purchased in accordance with management’s discretion. The price to be paid by the Company for any shares will be the market price at the time of acquisition.
Purchases of subordinate voting shares may commence on September 21, 2023 and will expire at the earliest on September 20, 2024 or the date on which the Company has either acquired the maximum number of subordinate voting shares allowable.
GDI is a leading integrated commercial facility services provider which offers a range of services in Canada and the United States to owners and managers of a variety of facility types including office buildings, educational facilities, industrial facilities, healthcare establishments, stadiums and event venues, hotels, shopping centres, distribution facilities, airports and other transportation facilities. GDI’s commercial facility services capabilities include commercial janitorial and building maintenance, the installation, maintenance and repair of HVAC-R, mechanical, electrical and building automation systems, as well as other complementary services such as janitorial products manufacturing and distribution. GDI’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: GDI). Additional information on GDI can be found on its website at www.gdi.com.Â
Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward looking information may relate to GDI’s future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as “may”; “will”; “should”; “expect”; “plan”; “anticipate”; “believe”; “intend”; “estimate”; “predict”; “potential”; “continue”; “foresee”; “ensure” or other similar expressions concerning matters that are not historical facts. In particular, statements regarding GDI’s future operating results and economic performance, and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which GDI believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. It is impossible for GDI to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the “Risk Factors” section) that could cause actual results to differ materially from what GDI currently expects. Namely, these factors include risks pertaining to unsuccessful implementation of the business strategy, inherent operating risks of acquisition activity, failure to integrate, decline in commercial real estate occupancy levels, increase in costs which cannot be passed on to customers, labour shortages, disruption in information technology systems and execution issues with Strategic IT projects, increases in interest rates, deterioration in general economic conditions, prolonged armed conflict in Ukraine, COVID-19 and related pandemic, increase in competition, influence of the principal shareholders, loss of key or long-term customers, public procurement laws and regulations, legal proceedings, reputational damage, labour disputes, environmental, social and governance (ESG) considerations, goodwill and long-lived assets impairment charges, tax matters, dependence on key employees, participation in multi-employer pension plans, legislation or other governmental action, exchange rate fluctuations, disputes with franchisees, cybersecurity and data protection, data confidentiality, and public perception of our environmental footprint, many of which are beyond the Company’s control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Company is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.
SOURCE GDI Integrated Facility Services Inc.
