Cogeco Communications announces changes to its offer for the issuer of the normal price | Wbactive

MONTREAL, November 24, 2022 /CNW Telbec/ – Cogeco Communications Inc. (the “Company” or “Cogeco Communications”) announces that it has received approval from the Toronto Stock Exchange (the “TSX”) to launch its previously announced offering for an issuer at normal price (the “NCIB”) with respect to its subordinated voting shares (the “Subordinated Shares”), to increase the maximum number of Subordinated Shares that may be repurchased for cancellation pursuant to the NCIB from 1,500,000 to 1,960,905; representing 10% of the 19,609,056 Subordinated Shares making up the “public dealings” of the Company’s issued and outstanding Subordinated Shares as of the Record Date of April 22, 2022. No other terms of the NCIB have been changed.

Cogeco Communications is balancing capital allocation between ongoing significant investments in its broadband networks to expand and improve access to connectivity, pursuing attractive acquisitions and returning capital to shareholders. In addition to dividends, the Company believes that purchasing its subordinated shares under the NCIB is a suitable vehicle to enhance shareholder value and provide additional investment returns to its shareholders.

Purchases under the NCIB began on May 4, 2022 and will not continue beyond that May 3, 2023. All purchases under the NCIB will be made through the facilities of the TSX or Canadian Alternative Trading Systems, where permitted, and will comply with their regulations. Purchases under the NCIB are made through open market transactions.

Under the TSX Rules, the Company is permitted to purchase a maximum of 19,367 Subordinated Shares per day through the facilities of the TSX, representing 25% of the average daily trading volume as calculated under the TSX Rules. In addition, in accordance with the TSX Rules, the Company may make a weekly block purchase (as that term is defined in the TSX Company Handbook) of subordinated stock that is not directly or indirectly owned by Insiders of the Company. The Subordinated Shares purchased pursuant to the NCIB Offer will be cancelled.

The price payable by the Company for each Subordinated Share is the market price at the time of purchase plus brokerage fees, where applicable.

Except for the increase in the maximum number of subordinated shares that may be repurchased under the NCIB, the Automatic Stock Purchase Plan (“ASPP”) that Cogeco Communications has entered into with a nominated broker remains unchanged. The ASPP permits the purchase of subordinated shares under the NCIB at times when the company would not normally be permitted to purchase subordinated shares due to regulatory restrictions or self-imposed lock-up periods.

In the time of May 4, 2022 to November 15, 2022 inclusive, through the facilities of the TSX and the Canadian Alternative Trading Systems, Cogeco Communications acquired an aggregate of 817,735 subordinated shares at a weighted average price per subordinated share of $82.46.

About Cogeco Communications

Rooted in the communities it serves, Cogeco Communications Inc. is a growing competitive force in the North American telecommunications sector with a 65-year heritage. Through its Cogeco Connexion and Breezeline (formerly Atlantic Broadband) businesses, Cogeco Communications provides Internet, video and voice services to 1.6 million residential and business customers in Quebec and Canada ontario in Canada and in thirteen states in The United States. Cogeco Communications Inc. Subordinate Voting Shares are listed on the Toronto Stock Exchange (TSX: CCA).

FORWARD LOOKING STATEMENTS

Certain statements in this press release may constitute “forward-looking information” within the meaning of securities laws. Forward-looking information may relate to Cogeco Communications Inc. (“Cogeco Communications” or the “Company”) future prospects and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as “may “; “Will”; “should”; “expect”; “to plan”; “anticipate”; “believe”; “to intend”; “estimate”; “predict”; “Potential”; “continue”; “anticipate,” “ensure,” or other similar expressions referring to matters that are not historical facts. In particular, statements regarding the Company’s financial policies, future results of operations and economic performance, goals and strategies are forward-looking statements. These statements are based on certain factors and assumptions, including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance, and business prospects and opportunities that Cogeco Communications believes are reasonable as of the current date. In particular, refer to the “Business Goals and Strategies” and “Financial Guidance for Fiscal Year 2023” sections of the Company’s annual Management’s Discussion and Analysis (“MD&A”) for 2022 for a discussion of certain key economic, market and operational assumptions that we in preparing have made forward-looking statements. Although management believes these assumptions to be reasonable based on information currently available to the company, they could prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties, which could cause actual results to differ materially from Cogeco Communications’ current expectations. These factors include risks such as competitive risks, business risks (including potential disruptions to our supply chain due to economic and geopolitical instability resulting from the war in Ukraine and other contributing factors, increasing transportation lead times, shortages and shortages of input materials and essential telecommunications equipment, and competition for resources), regulatory risks, technology risks (including cybersecurity), financial risks (including fluctuations in currencies and interest rates), economic conditions (including increased inflation, reaching historic highs and putting pressure on revenues due to reduced consumer spending and rising costs), man-made and natural threats to our network, infrastructure and systems, community acceptance risks, ethical behavior risks, property risks, risks of litigation and public health and safety, many of which are beyond the Company’s control. Readers should refer to the “Uncertainties and Key Risk Factors” section of the Company’s 2022 annual MD&A for more detailed information on these risks and uncertainties. These factors are not intended to be a comprehensive list of factors that could affect Cogeco Communications, and future events and results could differ materially from management’s current projections. The reader should not place undue emphasis on the forward-looking information contained in this press release, which represents Cogeco Communications’ expectations as of the date of this press release (or the date of its other publication) and may change after such date. While management may do so, the Company is under no obligation (and expressly disclaims any such obligation) and undertakes no obligation to update or revise this information at any particular time, whether as a result of new information, future events or otherwise Found. except as required by law. All amounts are in Canadian dollars unless otherwise noted.

SOURCE Cogeco Communications Inc.

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