Cascades renews its normal course issuer bid
KINGSEY FALLS, QC, March 13, 2012 /PRNewswire/ – Cascades Inc. (TSX:
CAS) announces that the Toronto Stock Exchange accepted its notice of
intention to begin a normal course issuer bid in respect of its Common
Shares. Purchases pursuant to the normal course issuer bid will
commence on March 15, 2012 and will not continue beyond March 14,
2013. The Common Shares purchased shall be cancelled.
The notice will enable Cascades to acquire up to 4,725,273 Common Shares
which represents approximately 5% of the 94,505,465 issued and
outstanding Common Shares as of March 1(st), 2012. Since March 1, 2011, Cascades purchased 2,363,563 Common Shares
at an average weighted cost of $5.12.
The average daily trading volume of Cascades’ Common Shares was 92,250
on the Toronto Stock Exchange over the last six completed calendar
months (the ADTV). Accordingly, Cascades is entitled to purchase up to
25% of the ADTV on any trading day being 23,062 Common Shares.
All purchases will be made through the facilities of the Toronto Stock
Exchange in accordance with its requirements.
Cascades considers that the shares to be acquired may, from time to
time, be undervalued in the market and represent an excellent
opportunity to enhance shareholder value.
Founded in 1964, Cascades produces converts and markets packaging and
tissue products composed mainly of recycled fibres. Cascades employs
close to 11,000 men and women who work in more than 100 production
units located in North America and Europe. Cascades’ management
philosophy, its 45 years of experience in recycling, its continued
efforts in research and development are strengths which enable the
company to create new products for its customers. The Cascades’ shares
trade on the Toronto Stock Exchange under the ticker symbol CAS.
Certain statements in this release, including statements regarding
future results and performance, are forward-looking statements (as such
term is defined under the Private Securities Litigation Reform Act of
1995) based on current expectations. The accuracy of such statements
is subject to a number of risks, uncertainties and assumptions that may
cause actual results to differ materially from those projected,
including, but not limited to, the effect of general economic
conditions, decreases in demand for the Company’s products, increases
in raw material costs, fluctuations in selling prices and adverse
changes in general market and industry conditions and other factors
listed in the Company’s Securities and Exchange Commission filings.
SOURCE CASCADES INC.