2024-10-31 22:40:00
Kinaxis® Inc. (“ Kinaxis “your”Enterprise”) (TSX: KXS) is pleased to announce that the Toronto Stock Exchange (the “If so” or “TSX”) accepted a notification (the “Notification”) issued by the company of its intention to undertake a share repurchase program (the “NCIB”). In connection with the NCIB, the company entered into an automatic share purchase plan (an “ASPP”) with your designated broker to permit the purchase of your common shares (the “Actions”).
The Notice provides that Company may, during the 12-month period beginning November 6, 2024 and ending November 5, 2025, or such earlier date when Kinaxis completes its purchases or provides notice of termination, purchase up to 1,404,639 Shares in total, representing approximately 5% of the Shares issued and outstanding as of October 23, 2024. As of the close of business on October 23, 2024, the Company had 28,092,786 Shares issued and outstanding. Except for block purchases permitted by TSX rules, the number of Shares to be purchased per day will not exceed 15,500, which represents 25% of the average daily trading volume of Shares on the TSX for the most recent six calendar months ending 30 September 2024 (being 62,000 Shares) prior to acceptance of the Notification by the TSX. The actual number of Shares that may be purchased under the NCIB and the timing of such purchases will be determined by the Company’s management, subject to applicable law and the rules of the TSX.
Subject to any necessary regulatory approvals, all purchases of Shares under the NCIB will be conducted through the facilities of the TSX and/or Canadian alternative trading systems at prevailing market prices, or by such other means as may be permitted by regulatory bodies. of applicable securities. All Shares purchased under the NCIB will be cancelled.
A Kinaxis firmou um ASPP com a RBC Dominion Securities Inc. (“RBC DS”) to permit the purchase of Shares under the NCIB at times when the Company would not normally be permitted to purchase Shares due to regulatory restrictions or self-determined blackout periods.
Under the ASPP, prior to entering a blackout period, Kinaxis may, but is not required to, instruct RBC DS to make purchases under the NCIB in accordance with the terms of the ASPP. These purchases will be determined by RBC DS, in its sole discretion, based on parameters established by Kinaxis prior to the lock-in period, in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. The ASPP was pre-cleared by the TSX simultaneously with the initiation of the NCIB.
The Company’s board of directors (the “Advice”) believes that, from time to time, the market price of Shares may not fully reflect the underlying value of the Company’s business. As a result, depending on future price movements and other factors, the Board believes that purchasing the Shares would be a desirable use of corporate funds in the best interests of the Company. Furthermore, the purchases are expected to benefit all persons who continue to hold Shares by increasing their ownership interest in the Company when such repurchased Shares are cancelled.
To the best of the Company’s knowledge, no director, senior executive or other person within the Company or any of its associates currently intends to sell any Shares under the NCIB. However, sales by such persons through the facilities of the Stock Exchange or any other available market or alternative trading system may occur if the personal circumstances of any such person change or if any such person makes an unrelated decision to these normal purchases. The benefits to any person whose Shares are purchased will be the same as the benefits available to all other holders whose Shares are purchased.
Pursuant to Kinaxis’ ordinary course issuer offer, which expires on November 5, 2024 (the “Expiring NCIB”), the Company has received approval from the TSX to purchase for cancellation up to a maximum of 1,424,790 Shares, representing approximately 5% of the issued and outstanding Shares of Kinaxis as of October 23, 2023. To date, the Company has repurchased and canceled 1,052,958 Shares under the Expiring NCIB, at a weighted average purchase price of approximately $148, 64 per Share (including commissions).
About Kinaxis
Kinaxis is the world leader in modern supply chain orchestration, which powers complex global supply chains and supports the people who manage them, in service to humanity. Our powerful AI-infused supply chain orchestration platform, Maestro™combines proprietary technologies and techniques that offer total transparency and agility throughout the supply chain; from multi-year strategic planning to last-mile delivery. We are trusted by renowned international brands to provide the agility and predictability needed to navigate today’s volatility and disruption. For more news and information, visit kinaxis.com or follow us on LinkedIn.
Cautionary Note and Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities legislation. Forward-looking information relates to future events or the anticipated performance of Kinaxis and reflects management’s expectations or beliefs with respect to such future events. In certain cases, statements containing forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “anticipates”, “intends” , “anticipates”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “could” or “will be performed”, “will occur” or “will be achieved” or the negative of these words or comparable terminology. Forward-looking information contained in this press release includes statements regarding the anticipated benefits of the NCIB and the number of Shares that may be acquired under the NCIB. By its nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual performance of Kinaxis to be materially different from any anticipated performance expressed or implied by such forward-looking information.
Forward-looking information is subject to a number of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the disclosure form. annual information of the Company dated March 25, 2024 for the fiscal year ending December 31, 2023 and other risks identified in the Company’s filings with Canadian securities regulators, which filings are available on SEDAR+ at https://www.sedarplus.ca.
The risk factors mentioned above are not an exhaustive list of factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on management’s beliefs, expectations and opinions on the date the statements are made, and the Company undertakes no obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions management changes, except as required by applicable law. For the reasons set out above, undue reliance should not be placed on forward-looking information.
SOURCE: Kinaxis Inc.
The original language text of this announcement is the official authorized version. Translations are provided as a facility only and must refer to the text in the original language, which is the only version of the text that has legal effect.
View original version on businesswire.com:
Contact:
Media relations
Jaime Cook | Kinaxis
[email protected]
289-552-4640
Investor relations
Rick Wadsworth | Kinaxis
[email protected]
613-907-7613
Source: BUSINESS WIRE
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Any assumes no obligation to update forward-looking information if circumstances or management’s beliefs, expectations, or opinions change, except as required by applicable law. Investors are cautioned not to place undue reliance on forward-looking information as it is not a guarantee of future performance and is subject to known and unknown risks, uncertainties, and other factors.
Kinaxis has announced a normal course issuer bid (NCIB) that allows the company to repurchase a maximum of 1,404,639 shares over a 12-month period starting November 6, 2024. This represents approximately 5% of its outstanding shares as of October 23, 2024. The purchases will occur under TSX regulations, and all repurchased shares will be canceled. The company aims to manage its capital effectively and believes that share repurchases can enhance shareholder value. They have also established an Automatic Securities Purchase Plan (ASPP) to facilitate share purchases during blackout periods. Forward-looking statements regarding the effectiveness and expectations of the NCIB are subject to various risks and uncertainties.