BOUCHERVILLE, QUÉBEC--(Marketwire - March 18, 2013) - Uni-Select Inc. (« Uni-Select ») (TSX:UNS) announces today that the Toronto Stock Exchange ("TSX") has accepted its proposition to amend (the "Amendment Notice") its notice of intention (the "Initial Notice") to make a normal course issuer bid to repurchase some of its outstanding common shares through the facilities of the TSX for a period of twelve months ending August 8, 2013 (the ("NCIB"). The purpose of the Amendment Notice is to increase the number of shares that Uni-Select may purchase under the NCIB from 200,000 to 750,000, representing approximately 3.47% of the 21,638,036 common shares of Uni-Select issued and outstanding as of August 6, 2012. Daily repurchases are not affected by the Amendement Notice and will be limited to 2,961 common shares, other than block purchase exemptions. The common shares will be repurchased by Uni-Select for cancellation.
The number of common shares that Uni-Select intends to repurchase and the time of such repurchases will be determined by Uni-Select, at its discretion. The repurchase period is not affected by the Amendement Notice. It will therefore end, as contemplated in the Initial Notice, on the earlier of August 8, 2013 or the date on which Uni-Select will have either acquired the maximum number of common shares pursuant to the Amendment Notice or otherwise decided not to make any further repurchases. All the common shares acquired under the NCIB will be repurchased at their market price at the time of acquisition.
The Board of Directors of Uni-Select has concluded that the repurchase of up to 750,000 common shares is a desirable use of funds for Uni-Select and, therefore, would be in the best interests of Uni-Select and its shareholders. During the last twelve months, Uni-Select has repurchased 169,266 common shares at a weighted average price of $23.73 per share under its normal course issuer bids covering such period. These repurchases have all occurred since the beginning of the NCIB.
Shareholders may obtain a copy of the Amendment Notice, at no charge, by contacting the Secretary of Uni-Select at (450) 641-2440.
Founded in 1968, Uni-Select is a major distributor of replacement parts, equipment, tools and accessories for motor vehicles in North America. Leader in the Canadian industry, Uni-Select is the 6th largest distributor in the United States and the leader independent distributor of automotive paint and related products in the country. With 6,100 employees, Uni-Select effectively serves a wide network of independent installers and wholesalers, including more than 6,200 operating under its banners or adhering to its programs in North America. Uni-Select is headquartered in Boucherville and its shares are traded on the Toronto Stock Exchange (TSX) under the symbol UNS.
This press release may contain projections and other forward-looking statements within the meaning of applicable securities laws. While these projections and other statements represent our best current judgement, they are subject to risks and uncertainties that could cause actual results to vary. These statements may include risks and uncertainties, including, but not limited to, factors detailed in Uni-Select's Annual Report and other continuous disclosure documents filed with the Canadian securities commissions. Unless required to do so pursuant to applicable securities legislation, Uni-Select assumes no obligation as to the updating or revision of the forward-looking statements as a result of new information, future events or other changes.