SSC Security Services Corp. Announces Intention to Renew Normal Course Issuer Bid
REGINA, SK, Dec. 11, 2023 /CNW/ - SSC Security Services Corp. ("SSC" or the "Company") (TSXV: SECU) (OTCQX: SECUF), a leading provider of cyber, physical and electronic security services, announced today an intention to make a normal course issuer bid (the "Bid") for up to 1,200,000 of its Class A common shares (the "Shares"), representing approximately 10% of SSC's public float.
Subject to, and only upon receipt of final approval by TSX Venture Exchange, the Bid will commence on January 4, 2024 and continue until the earlier of January 3, 2025 and the date by which SSC has acquired the maximum Shares which may be purchased under the Bid. The Bid will be made through the facilities of the TSX Venture Exchange, or such other "designated exchange" as that term is defined by applicable Canadian securities laws, and the purchase and payment for the Shares will be made in accordance with TSX Venture Exchange requirements, or such other designated exchange, at the market price of the Shares at the time of acquisition. All Shares purchased by SSC under the Bid will be cancelled.
SSC has appointed CIBC Capital Markets as its broker to conduct the normal course issuer bid transactions.
Management of SSC believes that the Shares have been trading in a price range which does not adequately reflect their value and that the purchase of the Shares under the Bid will enhance shareholder value in general.
SSC previously purchased 1,695,540 Shares under an NCIB that expired on December 13, 2019, 766,904 Shares under an NCIB that expired on December 17, 2020, 606,433 Shares under an NCIB which expired on January 3, 2022, 379,300 under an NCIB which expired on January 3, 2023, and 302,200 to date under an NCIB that began on January 4, 2023 and expires on January 3, 2024. Additionally, SSC previously purchased 5,362,694 Shares under a substantial issuer bid previously announced on July 15, 2019 and 2,472,895 Shares under a substantial issuer bid previously announced on March 6, 2020. (All share numbers have been adjusted to reflect the 1-for-3 share consolidation which took place on October 1, 2021).
Further information can be found in the disclosure documents filed by SSC with the securities regulatory authorities, available at www.sedarplus.ca and on SSC's website at www.securityservicescorp.ca.
SSC Security Services Corp. is a national provider of cyber, physical and electronic security services to corporate and public sector clients across Canada. For more information, please visit www.securityservicescorp.ca.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This release includes forward-looking statements regarding SSC and its business. Such statements are based on the current expectations and views of future events of SSC's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting SSC, including risks regarding the security industry, the agricultural industry, economic factors and the equity markets generally and many other factors beyond the control of SSC. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and SSC undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
SOURCE SSC Security Services Corp.