Stack Capital Group Inc. Announces Normal Course Issuer Bid

TORONTO, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Stack Capital Group Inc. (TSX:STCK, STCK.WT) (“Stack Capital”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by Stack Capital of its intention to make a normal course issuer bid (the “NCIB”) with respect to its outstanding common shares. Stack Capital management believes its share price is undervalued compared to its recently announced Book Value per Share of $11.30.

The notice provides that Stack Capital may, during the 12-month period commencing November 17, 2023, and ending no later than November 16, 2024, purchase through the facilities of the TSX and/or alternative Canadian Trading Systems up to 449,000 common shares in total, being 5.0% of the issued and outstanding common shares as of November 7, 2023. The price which Stack Capital will pay for any common shares will be the market price at the time of acquisition. During the period of this NCIB, Stack Capital may make purchases under the NCIB by means of open market transactions. The actual number of common shares which may be purchased pursuant to the NCIB and the timing of any such purchases will be determined by senior management of Stack Capital. The average daily trading volume from May 1, 2023 to October 31, 2023 was of 4,050 common shares. Daily purchases under the NCIB will be generally limited to 1,012 common shares, other than block purchases. All shares purchased by Stack Capital under the NCIB will be cancelled.

As of November 7, 2023, there were 8,982,345 common shares of Stack Capital outstanding, and the public float was 8,142,888 common shares.

Stack Capital may purchase its common shares, from time to time, if it believes that the market price of its common shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of Stack Capital.

In connection with the NCIB, Stack Capital has entered into an automatic share purchase plan (“ASPP”) with a designated broker to facilitate the purchase of common shares under the NCIB, including at times when Stack Capital would ordinarily not be permitted to purchase its common shares due to regulatory restrictions or self-imposed blackout periods. During restricted or blackout periods, purchases under the ASPP will be determined by the designated broker in its sole discretion based on the purchasing parameters set by Stack Capital in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. Outside of the restricted and blackout periods, the timing and amount of purchases under the NCIB will be determined by senior management of Stack Capital. The ASPP has been pre-cleared by the TSX and will become effective on November 17, 2023, concurrently with the commencement of the NCIB. All purchases made under the ASPP will be included in computing the number of common shares purchased under the NCIB.