TORONTO, March 7,
2024 /CNW/ - Sleep Country Canada Holdings Inc.
("Sleep Country" or the "Company") (TSX: ZZZ) announced today
acceptance by the Toronto Stock Exchange (the "TSX") of the
Company's Notice of Intention to Make a Normal Course Issuer Bid
("NCIB"). Pursuant to the NCIB, the Company proposes to purchase
through the facilities of the TSX, other designated exchanges
and/or alternative trading systems, from time to time over the next
12 months, if considered advisable, up to a maximum of 2,368,443
common shares ("Shares") of the Company, being approximately 10% of
its public float of 23,684,435 Shares as of February 29, 2024. Purchases may commence through
the TSX on March 11, 2024 and will conclude on the
earlier of the date on which purchases under the bid have been
completed and March 10, 2025. The Company may purchase up to a
daily maximum of 15,927 Shares (representing 25% of the average
daily trading volume of the Shares on the TSX for the six months
prior to February 29, 2024 excluding
purchases by the Company under its prior normal course issuer bid,
being 63,711 Shares), except where such purchases are made in
accordance with the "block purchase" exception under applicable TSX
rules and policies.
The Shares may be purchased for cancellation through the
facilities of the TSX, other designated exchanges and/or
alternative trading systems. The board of directors of Sleep
Country has concluded that the market price of Sleep Country's
Shares may not, from time to time, reflect the inherent value of
the Company and purchases of Shares pursuant to the bid may
represent an appropriate and desirable use of funds that allows the
Company to return excess cash to shareholders, while still having
sufficient cash available to fund all of its growth capital
expenditure requirements.
The Company purchased 1,449,691 Shares through the
facilities of the TSX, other designated exchanges and/or
alternative trading systems at a volume weighted average price of
$23.36 per share under its previous
normal course issuer bid which commenced on March 9, 2023, pursuant to which it sought and
obtained approval of the TSX to purchase 2,675,550 Shares. Sleep
Country's previous normal course issuer bid expires on
March 8, 2024. As of February 29,
2024, the Company had 33,529,713 issued and outstanding
Shares.
The Company has established an automatic share purchase plan
("ASPP") in connection with the NCIB to facilitate the purchase of
Shares during times when the Company would ordinarily not be
permitted to purchase Shares due to regulatory restrictions or
self-imposed black-out periods. Before entering a black-out period,
the Company may, but is not required to, instruct its broker to
make purchases under the NCIB based on parameters set by the
Company in accordance with the ASPP, TSX rules and applicable
securities laws. The ASPP has been pre-cleared by the TSX and will
be implemented effective March 11,
2024.
About Sleep Country
Sleep Country is Canada's leading specialty sleep retailer with
a purpose to transform lives by awakening Canadians to the power of
sleep. Sleep Country operates under the retail banners; Sleep
Country Canada, Dormez-vous, the rest, Endy, Silk & Snow, Hush
and most recently acquired, Casper
Canada. The Company has omnichannel and eCommerce
operations, including 304 corporate-owned stores and 19 warehouses
across Canada. Recognized as one of Canada's Most Admired Corporate
Cultures by Waterstone Human Capital, Sleep Country is committed to
building a company culture of inclusion and diversity where
differences are embraced and valued. The Company actively invests
in its sleep ecosystem, innovative products, world-class customer
experience, communities and its people. For more information about
Sleep Country, please visit ir.sleepcountry.ca.
Forward-Looking Information
Certain information in this news release contains
forward-looking information and forward-looking statements, which
reflect the current view of management with respect to the
Company's objectives, plans, goals, strategies, outlook, results of
operations, financial and operating performance, prospects and
opportunities. Wherever used, the words "may", "will",
"anticipate", "intend", "estimate", "expect", "plan", "believe" and
similar expressions, identify forward-looking information and
forward-looking statements. Forward-looking information and
forward-looking statements should not be read as guarantees of
future events, performance or results, and will not necessarily be
accurate indications of whether, or the times at which, such
events, performance or results will be achieved. All of the
information in this news release, containing forward-looking
information or forward-looking statements, is qualified by these
cautionary statements.
Forward-looking information and forward-looking statements are
based on information available to management at the time they are
made, underlying estimates, opinions and assumptions made by
management and management's current good faith belief with respect
to future strategies, prospects, events, performance and results,
and are subject to inherent risks and uncertainties surrounding
future expectations generally. Such risks and uncertainties
include, but are not limited to, those described in the Company's
2023 annual information form (the "AIF") filed on March 6, 2024. A copy of the AIF can be accessed
under the Company's profile on SEDAR+ at sedarplus.ca. Additional
risks and uncertainties not presently known to the Company or that
the Company currently believes to be less significant may also
adversely affect the Company.
The Company cautions that the list of risk factors and
uncertainties described in the AIF are not exhaustive and that
should certain risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual strategies,
prospects, events, performance and results may vary significantly
from those expected. There can be no assurance that the actual
strategies, prospects, results, performance, events or activities
anticipated by the Company will be realized or even if
substantially realized, that they will have the expected
consequences to, or effects on, the Company. Readers are urged to
consider the risks, uncertainties, and assumptions carefully in
evaluating the forward-looking information and forward-looking
statements and are cautioned not to place undue reliance on such
information and statements. The Company does not undertake to
update any such forward-looking information or forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable laws.
SOURCE Sleep Country Canada Holdings Inc. Investor Relations