TORONTO, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Trisura Group Ltd. ("Trisura” or "Trisura Group”) (TSX: TSU), a leading specialty insurance provider, announced today that the Toronto Stock Exchange ("TSX”) has accepted a notice filed by Trisura Group Ltd. of its intention to make a Normal Course Issuer Bid ("NCIB”) to be transacted through the facilities of the TSX and/or alternative trading systems.
The notice provides that Trisura Group may, during the 12-month period commencing December 6, 2024 and ending December 5, 2025, purchase up to 1,433,371 common shares in total, representing approximately 3% of Trisura Group's issued and outstanding common shares. As at November 22, 2024, Trisura Group had 47,779,021 common shares issued and outstanding. Under the NCIB, Trisura Group may purchase up to 17,689 common shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 70,758 common shares on the TSX for the six months ended November 30, 2024.
The purchase of Trisura Group common shares is intended to offset dilution resulting from the issuance of common shares pursuant to Trisura Group's equity incentive programs. The establishment of the NCIB also provides Trisura with the flexibility to acquire common shares from time to time as an effective means of returning capital to its shareholders.
Purchases under the NCIB may be made through the facilities of the TSX and/or alternative trading systems at market prices prevailing at the time of purchase or such other price as may be permitted. All common shares acquired by Trisura Group under the NCIB will be cancelled. Repurchases will be subject to compliance with applicable Canadian securities laws.
About Trisura Group
Trisura Group Ltd. is a specialty insurance provider operating in the Surety, Warranty, Corporate Insurance, and Fronting business lines of the market. Trisura has investments in wholly owned subsidiaries through which it conducts insurance and reinsurance operations. Those operations are primarily in Canada and the United States. Trisura Group Ltd. is listed on the Toronto Stock Exchange under the symbol "TSU”.
Further information is available at http://www.trisura.com. Important information may be disseminated exclusively via the website; investors should consult the site to access this information. Details regarding the operations of Trisura Group Ltd. are also set forth in regulatory filings. A copy of the filings may be obtained on Trisura Group's SEDAR+ profile at www.sedarplus.ca.
For further information, please contact:
Name: Bryan Sinclair
Tel: 416 607 2135
Email: [email protected]
Cautionary Statement Regarding Forward-Looking Statements and Information
Note: This news release contains "forward-looking information” within the meaning of Canadian provincial securities laws and "forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of our Company and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as "expects,” "likely,” "anticipates,” "plans,” "believes,” "estimates,” "seeks,” "intends,” "targets,” "projects,” "forecasts”, "potential” or negative versions thereof and other similar expressions, or future or conditional verbs such as "may,” "will,” "should,” "would” and "could”.
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of our Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause common share repurchases to differ materially from expectations include, but are not limited to the fact that the amount and timing of any future common share repurchases will depend on the earnings, cash requirements and financial condition of Trisura, market conditions, capital requirements applicable law and regulations (including Canadian securities laws), other factors deemed relevant by Trisura and the other risks and factors detailed from time to time in our documents filed with securities regulators in Canada.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, our Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
