STORAGEVAULT CANADA INC.
(“
StorageVault” or the
“
Corporation”) (
SVI-TSX) is
pleased to announce that it has received conditional acceptance
from the Toronto Stock Exchange (the “
TSX”) to
conduct a Normal Course Issuer Bid (“
NCIB”) to
purchase for cancellation, during the 12-month period starting
March 21, 2024: (i) up to 18,727,451 of the outstanding common
shares of the Corporation (the “
Common
Shares”), representing 5% of the 374,549,038
Common Shares outstanding (as of March 18, 2024); (ii) outstanding
5.75% senior unsecured hybrid debentures of the Corporation issued
in July 2020 and due on January 31, 2026 (“
2020
Debentures”) in the aggregate principal amount of
$3,750,000, representing 5% of the currently outstanding
$75,000,000 aggregate principal amount of 2020 Debentures (as of
March 18, 2024); (iii) outstanding 5.50% senior unsecured hybrid
debentures of the Corporation issued in July 2021 and due on
September 30, 2026 (“
2021
Debentures”) in the aggregate principal amount of
$2,873,750, representing 5% of the currently outstanding
$57,475,000 aggregate principal amount of 2021 Debentures (as of
March 18, 2024); and (iv) outstanding 5.00% convertible senior
unsecured debentures of the Corporation issued in January 2023 and
due on March 31, 2028 (“
2023
Debentures” and collectively, with the 2020
Debentures and 2021 Debentures, the “
Debentures”)
in the aggregate principal amount of $7,491,850, representing 5% of
the currently outstanding $149,837,000 aggregate principal amount
of 2023 Debentures (as of March 18, 2024). Each NCIB will end on
March 20, 2025, unless the maximum amount of Common Shares or
Debentures, as applicable, is purchased before then or StorageVault
provides earlier notice of termination. StorageVault will not
acquire through the facilities of the TSX more than 77,686 Common
Shares, $5,423 aggregate principal amount of 2020 Debentures,
$8,372 aggregate principal amount of 2021 Debentures or $51,352
aggregate principal amount 2023 Debentures, during a trading day,
being 25% of the average daily trading volume of the Common Shares
(310,747), 2020 Debentures ($21,692), 2021 Debentures ($33,491) and
2023 Debentures ($205,411), respectively, on the TSX from September
1, 2023 until February 29, 2024, subject to certain prescribed
exceptions. The stock symbol on the TSX for the Common Shares, 2020
Debentures, 2021 Debentures and 2023 Debentures is SVI, SVI.DB,
SVI.DB.B and SVI.DB.C, respectively.
The purchase and payment for the Common Shares
and Debentures will be made by StorageVault through the facilities
of the TSX or alternative trading systems. National Bank Financial
Inc. has been selected as StorageVault’s agent for the NCIB. The
price paid for the Common Shares or Debentures, as applicable, will
be, subject to NCIB pricing rules contained in securities laws, the
prevailing market price of such Common Shares or Debentures, as
applicable, on the TSX at the time of such purchase. StorageVault
intends to fund the purchases out of available cash.
StorageVault believes that the market price of
its Common Shares and Debentures may not reflect their underlying
value and the Board of Directors has authorized this initiative
because, in the Board’s opinion, the proposed purchase of Common
Shares and Debentures pursuant to the NCIB constitutes an
appropriate use of StorageVault’s funds, and the repurchase of its
Common Shares and Debentures is one way of creating securityholder
value.
To the knowledge of StorageVault, no director,
senior officer or other insider of StorageVault currently intends
to sell any Common Shares or Debentures under the NCIB. However,
sales by such persons through the facilities of the TSX may occur
if the personal circumstances of any such person changes or any
such person makes a decision unrelated to these NCIB purchases. The
benefits to any such person whose Common Shares or Debentures are
purchased would be the same as the benefits available to all other
holders whose Common Shares or Debentures are purchased.
StorageVault conducted a previous NCIB for up to
18,905,000 Common Shares, $3,750,000 2020 Debentures, $2,875,000
2021 Debentures and $5,000,000 2023 Debentures through the
facilities of the TSX, which NCIB ended on March 17, 2024. Pursuant
to the previous Common Share NCIB, StorageVault purchased an
aggregate of 4,308,998 Common Shares, at a volume weighted average
price of $4.863398 per Common Share, $25,000 of principal amount
of 2021 Debentures, at a volume weighted average price of $90.95
per $100 of principal, and $163,000 of principal amount of 2023
Debentures were purchased, at a volume weighted average price of
$87.00 per $100 of principal, and no 2020 Debentures were
purchased.
About StorageVault Canada
Inc.StorageVault owns and operates 243 storage locations
across Canada. StorageVault owns 212 of these locations plus over
5,000 portable storage units representing over 11.7 million
rentable square feet on over 686 acres of land. StorageVault also
provides last mile storage and logistics’ solutions and
professional records management services, such as document and
media storage, imaging and shredding services.
For further information, contact Mr. Steven
Scott or Mr. Iqbal Khan:
Tel: 1-877-622-0205ir@storagevaultcanada.com
Follow us:
Instagram: @accessstorageca @depotiumminientrepot
@sentinelstorageca @cubeitportablestorage
Facebook: /AccessStorageCA /Depotium
/SentinelStorageCanada /Cubeit /FlexSpaceLogistics
Forward-Looking Information:
This news release contains “forward-looking information” within the
meaning of applicable Canadian securities legislation. All
statements, other than statements of historical fact, included
herein are forward-looking information. In particular, this news
release contains forward-looking information regarding: the NCIBs,
including the commencement and end date of the NCIBs. There can be
no assurance that such forward-looking information will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such forward-looking
information. This forward-looking information reflects
StorageVault’s current beliefs and is based on information
currently available to StorageVault and on assumptions StorageVault
believes are reasonable. These assumptions include, but are not
limited to: the underlying value of StorageVault and its Common
Shares and Debentures; the ability of StorageVault to complete
purchases under the NCIBs and final TSX acceptance of the NCIBs;
the level of activity in the storage business and the economy
generally; consumer interest in StorageVault’s services and
products; competition and StorageVault’s competitive advantages;
trends in the storage industry, including macro-trends in relation
to increased growth and growth in the portable storage business;
the availability of attractive and financially competitive
acquisitions in the future; the potential closing of previously
announced acquisitions, if any, continuing to proceed as they have
progressed to date; and future performance of StorageVault being
consistent with or better than past performance, including revenue
and expenses being consistent with or better than historical
revenue and expenses. Forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or
achievements of StorageVault to be materially different from those
expressed or implied by such forward-looking information. Such
risks and other factors may include, but are not limited to:
general business, economic, competitive, political and social
uncertainties; general capital market conditions and market prices
for securities; delay or failure to receive board of directors,
third party or regulatory approvals; the actual results of
StorageVault’s future operations; competition; changes in
legislation, including environmental legislation, affecting
StorageVault; the timing and availability of external financing on
acceptable terms; conclusions of economic evaluations and
appraisals; and lack of qualified, skilled labour or loss of key
individuals. A description of additional risk factors that may
cause actual results to differ materially from forward-looking
information can be found in StorageVault’s disclosure documents on
the SEDAR website at www.sedar.com. Although StorageVault has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Readers
are cautioned that the foregoing list of factors is not exhaustive.
Readers are further cautioned not to place undue reliance on
forward-looking information as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Forward-looking information contained in this news release
is expressly qualified by this cautionary statement. The
forward-looking information contained in this news release
represents the expectations of StorageVault as of the date of this
news release and, accordingly, is subject to change after such
date. However, StorageVault expressly disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities law.
StorageVault Canada (TSX:SVI)
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