TFI International Announces Renewal of Normal Course Issuer Bid
Montreal, Quebec, September 28, 2018 – TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that the Toronto Stock Exchange (“TSX”) has approved the renewal of TFI International’s normal course issuer bid (“NCIB”). Under the NCIB, as renewed, TFI International may purchase for cancellation a maximum of 6,000,000 common shares, representing 7.22% of the 83,138,867 shares forming TFI International’s public float. The shares may be purchased through the facilities of the TSX and on alternative exchanges in Canada over the twelve-month period from October 2, 2018 to October 1, 2019. As of September 25, 2018, TFI International had 87,969,542 common shares issued and outstanding.
Under its previous NCIB, which entered into effect on October 2, 2017 and which expires on October 1, 2018, TFI International was authorized to purchase up to 6,000,000 shares. As of September 25, 2018, TFI International had repurchased 3,159,748 common shares at a volume weighted average purchase price of $34.2788 per share, through the facilities of the TSX and on alternative exchanges in Canada. All of the repurchased shares were cancelled by TFI International.
Any shares purchased by TFI International under the renewed NCIB will be at the market price of the shares at the time of such purchases. The actual number of shares that may be purchased and the timing of any such purchases will be determined by TFI International. Any purchases made by TFI International pursuant to the renewed NCIB will be made in accordance with the rules and policies of the TSX.
During the most recently-completed six months, the average daily trading volume for the common shares of TFI International on the TSX was 282,439. Consequently, under the policies of the TSX, TFI International will have the right to repurchase during any one trading day a maximum of 70,609 shares, representing 25% of the average daily trading volume. In addition, TFI International may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of shares not directly or indirectly owned by insiders of TFI International, in accordance with the policies of the TSX.
To the knowledge of TFI International, no director or senior officer, including the CEO, and no person acting jointly or in concert with TFI International currently intends to sell shares during the renewed NCIB. However, sales by such persons through the facilities of the TSX may occur if any such person makes a decision unrelated to the NCIB. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other shareholders whose shares are purchased under the NCIB.
In connection with the renewed NCIB, TFI International has entered into an automatic share purchase plan with National Bank Financial Inc. in order to allow for purchases under the NCIB during TFI International’s “black-out” periods, as permitted by the TSX Company Manual and the Securities Act (Québec).