VANCOUVER, BC — Village Farms International Inc.’s board of directors unanimously approved a US$10 million share repurchase authorization for up to 5,687,000 common shares, being five percent of the company’s issued and outstanding common shares.
The timing and amount of any shares of the company’s common stock that are repurchased under the repurchase program will be determined by company management based on its evaluation of market conditions and other factors. The company may enter into an automatic plan to facilitate repurchases from time to time under the plan, in the open market or through privately negotiated transactions in compliance with Rule 10b-18 and Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, and in accordance with issuer exemptions under section 4.8(3) and (5) of Canadian National Instrument 62-104 pertaining to issuer bids.
The repurchase program does not obligate the Company to acquire any particular amount of securities, and the repurchase program may be suspended or discontinued at any time at the company’s discretion. The actual timing, number and value of securities repurchased depend on a number of factors, including the market price of the company’s common shares, general market and economic conditions, the company’s financial results and liquidity, and other considerations. The company will repurchase its common shares at a price per common share that is no greater than the maximum permitted under applicable securities laws. The company expects to fund share repurchases from existing cash on hand and from future cash generated from operations.
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