Algoma Central Corporation Announces Renewal of Normal Course Issuer Bid

St. Catharines, Ontario, March 19, 2024 Algoma Central Corporation (“Algoma” or the “Company”) (TSX:ALC), a leading provider of marine transportation services, announced today that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to proceed with the renewal of its normal course issuer bid (the “NCIB”).

Algoma’s Board of Directors believes that the market price of Algoma’s common shares (“Shares”), from time to time, may not reflect the inherent value of the Company and purchases of Shares pursuant to the NCIB may represent an appropriate and desirable use of funds.  Any purchases made under the NCIB will be made by Algoma subject to favourable market conditions at the prevailing market price at the time of acquisition through the facilities of the TSX and/or alternative Canadian trading systems.

Pursuant to the notice, during the twelve month period commencing March 21, 2024 and ending March 20, 2025, Algoma may purchase up to 1,975,857 of its Shares, representing approximately 5% of the 39,517,144 Shares that were issued and outstanding as of March 7, 2024. Under the NCIB, other than purchases made pursuant to block purchase exemptions, Algoma may purchase up to 2,201 Shares on the TSX during any trading day, which represents approximately 25% of the average daily trading volume of the Shares on the TSX for the past six calendar months, being 8,807 Shares. Any Shares purchased under the NCIB will be cancelled.

In conjunction with the renewal of the NCIB, Algoma has entered into a new automatic share purchase plan (the “ASPP”) with a designated broker to allow for the purchase of its Shares under the NCIB at times when Algoma normally would not be active in the market due to applicable regulatory restrictions or internal trading black-out periods.

Before the commencement of any particular internal trading black-out period, Algoma may, but is not required to, instruct its designated broker to make purchases of Shares under the NCIB during the ensuing black-out period in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Algoma prior to commencement of the applicable black-out period in accordance with the terms of the ASPP and applicable TSX rules. Outside of these black-out periods, Shares will continue to be purchasable by Algoma at its discretion under its NCIB.

The ASPP will commence on the Company’s behalf during the quarterly blackout period of the Company for its first quarter 2024 results commencing March 31, 2024 and will terminate on the earliest of the date on which: (a) the maximum annual purchase limit under the NCIB has been reached; (b) Algoma terminates the ASPP in accordance with its terms; or (c) the NCIB expires. The ASPP constitutes an “automatic securities purchase plan” under applicable Canadian securities laws.

The Company’s previous NCIB commenced on March 21, 2023 and expires on March 20, 2024 (the “Previous NCIB”). Under the Previous NCIB, the Company obtained the approval of the TSX to purchase up to 1,926,915 Shares, which represented 5% of the 38,538,301 Shares issued and outstanding as at the close of business on March 7, 2023. As of March 7, 2024, the Company purchased 568,267 Shares at a weighted average trading price of $15.17 per share under the Previous NCIB and will continue to purchase additional shares up to the expiry date.

Although Algoma intends to purchase Shares under its NCIB, there can be no assurances that any such purchases will be completed.

Forward-looking Statements

Algoma Central Corporation’s public communications often include written or oral forward-looking statements.  Statements of this type are included in this document and may be included in other filings with Canadian securities regulators or in other communications.  All such statements are made pursuant to the safe harbour provisions of any applicable Canadian securities legislation. Forward-looking statements may involve, but are not limited to, comments with respect to our objectives and priorities for 2024 and beyond, our strategies or future actions, our targets, expectations for our financial condition or share price and the results of or outlook for our operations or for the Canadian, U.S. and global economies.  The words “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “predicts”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct and that actual results may differ materially from such predictions, forecasts, conclusions or projections.  We caution readers of this document not to place undue reliance on our forward-looking statements as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

About Algoma Central Corporation

Algoma Central Corporation is a global provider of marine transportation that owns and operates dry and liquid bulk carriers, serving markets throughout the Great Lakes St. Lawrence Seaway and internationally. Algoma is aiming to reach a carbon emissions reduction target of 40% by 2030 and net zero by 2050 across all business units with fuel efficient vessels, innovative technology, and alternate fuels. Algoma truly is Your Marine Carrier of Choice™. Learn more at www.algonet.com.

Contacts:

Gregg A. Ruhl

President & CEO

905-687-7890

Peter D. Winkley, CPA, CA

E.V.P. & Chief Financial Officer

905-687-7897

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