Laval, Quebec, August 31, 2015 – Savaria Corporation ("Savaria") (TSX: SIS), North America’s leader in the accessibility industry, today announced that it has received Toronto Stock Exchange ("TSX") approval to a Notice of Intention to implement a normal course issuer bid. According to the notice, Savaria intends to purchase for cancellation, in accordance with the requirements of the TSX, up to 813,865 common shares, representing approximately 2.5 % of the 32,554,614 common shares that are issued and outstanding as of August 24, 2015.
The average daily trading volume ("ADTV") of Savaria's common shares over the last six completed calendar months was 38,124. According to the TSX requirements, Savaria is entitled, on any trading day, to purchase up to 9,531 common shares. Once a week, in excess of the daily 9,531 repurchased limit, Savaria may also purchase a block of shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of shares which total 150% or more of the ADTV.
The normal course issuer bid will begin on September 3, 2015, and will run until September 2, 2016 at the latest. These purchases are to be made through the facilities of the TSX in accordance with its requirements on normal course issuer bids. The price, which Savaria will pay for any common shares, will be the market price at the time of acquisition plus brokerage fees. The Corporation did not buy back any of its shares in the last twelve months.
Savaria believes that the purchase of its shares may constitute an appropriate use of its available cash, and therefore, that the issuer bid is in the best interests of Savaria and its shareholders.
Savaria Corporation (savaria.com) is North America's leader in the accessibility industry focused on meeting the needs of people with mobility challenges. Savaria designs, manufactures, distributes and installs primarily elevators for home and commercial use, as well as stairlifts and vertical and inclined platform lifts. With the acquisition of Silver Cross, the Corporation now operates a lead generation program to capture and distribute leads on potential customers to close to 100 affiliates in North America; also, it is a franchisor of stores through which new and recycled accessibility equipment is sold. In addition, Savaria converts and adapts minivans to be wheelchair accessible. The diversity of its product line, one of the world’s most comprehensive, enables the Corporation to stand out by proposing an integrated and customized solution for its customers’ mobility needs. Its operations in China have substantially grown and the collaboration with Savaria's other Canadian facilities increases its competitive edge in the market place. The Corporation records more than 60% of its revenue outside Canada, primarily in the United States. It operates a sales network of some 400 active retailers and affiliates in North America and employs some 430 people at its head office in Laval and at its plants and sales offices in Montreal (Quebec), Brampton and London (Ontario), Calgary (Alberta) and Huizhou (China).
FORWARD LOOKING STATEMENTS
Certain statements may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.
For more information, please contact:
Hélène Bernier, CPA, CA
1-800-931-5655, ext. 248
President and Chief Executive Officer