Cott Announces TSX Approval of Normal Course Issuer Bid
TORONTO and TAMPA, FL -- (Marketwire) -- 05/17/12 -- Cott Corporation (COT) (" Cott ") (NYSE: COT) (TSX: BCB) today announced the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid for a portion of its common shares ("Common Shares") as appropriate opportunities arise from time to time. Cott's normal course issuer bid will be made in accordance with the requirements of the TSX and Rule 10b-18 of the Securities Exchange Act of 1934. Cott may begin to purchase Common Shares on or about May 22, 2012.
As of May 14, 2012, 95,197,240 Common Shares were outstanding, with a public float of 80,343,751 Common Shares. Pursuant to the notice, the maximum regulatory amount that Cott may acquire is 8,034,375 Common Shares, being 10% of the public float of Common Shares as of May 14, 2012 in the 12-month period commencing May 22, 2012 and ending on May 21, 2013. Potential purchases are subject to a maximum of $35 million set by Cott, and will be made through the facilities of the TSX and the New York Stock Exchange (" NYSE ") and in accordance with applicable regulatory requirements. The price which Cott will pay for any Common Share will be the market price of such Common Share at the time of acquisition. Pursuant to the TSX rules, the maximum number of Common Shares that may be repurchased during the same trading day on the TSX is 22,643 Common Shares, subject to certain exceptions for block repurchases. Rule 10b-18 contains similar restrictions on daily purchases that may be made by Cott on the NYSE based on the average daily trading volume of Cott's common shares on the NYSE, subject to certain exceptions for block purchases. The Common Shares will be cancelled upon their purchase by Cott. Cott will fund the purchases through cash on hand. Cott believes that the purchase by Cott of a portion of outstanding Common Shares is an appropriate use of available cash and is in the best interests of Cott and its shareowners.
The notice of intention provides that no appraisal or valuation regarding Cott, its material assets or securities, has been prepared within the two years preceding the date of the notice.
To the knowledge of Cott, no director, senior officer or other insider of Cott currently intends to sell any Common Shares under the bid. However, sales by such persons through the facilities of the TSX or NYSE may occur if the personal circumstances of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other securityholders whose Common Shares are purchased.
About Cott Corporation
Cott is one of the world's largest beverage companies focusing on private-label and contract manufacturing. With approximately 4,000 employees, Cott operates soft drink, juice, water and other beverage bottling facilities in the United States, Canada, the U.K. and Mexico. Cott markets beverage concentrates in over 50 countries around the world.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 conveying management's expectations as to the future based on plans, estimates and projections at the time Cott makes the statements. Forward-looking statements involve inherent risks and uncertainties and Cott cautions you that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement. The forward-looking statements contained in this press release include, but are not limited to, statements related to the amount of shares that may be repurchased under the share repurchase program. The forward-looking statements are based on assumptions regarding management's current plans and estimates. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate.
CONTACT: Michael C. Massi Investor Relations Tel: (813) 313-1786 Email Contact
Source: Cott Corporation