Date: December 23, 2011
Source: Progressive Waste Solutions Ltd.
Progressive Waste Solutions Ltd. (Toronto, ON) said it received approval to expand its share repurchase program by 3.5 million shares to 7.5 million shares, representing about 6.3% of the total public float. The repurchase program allows the company management to buy back company shares at its discretion to enhance shareholder value. As of Dec. 21, the company had bought back about 2.59 million shares under the program at a cost of $54.2 million.
"An ongoing stock repurchase program is a key element of our long-term plan to deliver a balanced return to shareholders," said Joe Quarin, chief operating officer, in a statement. Quarin becomes CEO at the first of the year with the retirement of CEO Keith Carrigan.
Progressive also repurchased a million shares previously held by TC Carting LLC earlier this year. The total cost of the 3.5 million shares repurchased in 2011 was $76.9 million. The company had about 118.4 million common shares outstanding as of Dec. 16.
PRESS RELEASE
December 23, 2011
Progressive Waste Solutions Ltd. Updates Normal Course Issuer Bid
Progressive Waste Solutions Ltd. (NYSE:BIN)(TSX:BIN) (the "Company") announced today that it has received approval from the Toronto Stock Exchange ("TSX") to increase the number of common shares for repurchase under the Company's existing normal course issuer bid ("NCIB") that was announced on August 17, 2011.
Under the amended NCIB, up to 7,500,000 common shares (representing approximately 6.3% of the total public float on August 9, 2011) may be repurchased in open market transactions on the TSX, the New York Stock Exchange and/or alternative trading systems by August 18, 2012. The increase of 3,500,000 shares to the Company's NCIB is pursuant to the authorization received from the Company's Board of Directors to increase and extend the Company's share repurchase program, which was announced in a press release on December 19, 2011. As of December 21, 2011, approximately 2.59 million common shares have been purchased at a total cost of US$54.2 million under the NCIB.
In accordance with TSX rules, any daily repurchases would be limited to a maximum of 47,833 shares, which represents 25% of the average daily trading volume on the TSX of 191,332 common shares for the six months ended July 31, 2011. The TSX rules also allow the Company to purchase, once a week, a block of common shares not owned by any insiders, which may exceed such daily limit. On December 21, 2011, there were 118,314,651 Company common shares outstanding and the public float calculated in accordance with TSX rules was 117,442,312 common shares. Any shares that are repurchased pursuant to the NCIB will be cancelled. Decisions regarding any future repurchases will be based on market conditions, share price and other factors, including opportunities to invest in growth capital. There can be no assurance as to the precise number of shares that will be repurchased. The Company may discontinue purchases at any time, subject to compliance with applicable regulatory requirements.
From time to time, the Company may enter into a pre-defined plan with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the Company's broker will be adopted in accordance with applicable Canadian and U.S. securities laws.
About Progressive Waste Solutions Ltd.
Progressive Waste Solutions Ltd. is one of North America's largest full-service, vertically integrated waste management companies, providing non-hazardous solid waste collection and landfill disposal services to commercial, industrial, municipal and residential customers in twelve states and the District of the Columbia in the U.S., and six Canadian provinces. The Company's major brands are IESI, BFI Canada and Waste Services. The Company's shares are listed on the New York and Toronto Stock Exchanges under the symbol BIN.
Contact Information
Progressive Waste Solutions Ltd.
Chaya Cooperberg, Vice President
Investor Relations and Corporate Communications
(905) 532-7517
chaya.cooperberg@progressivewaste.com.
www.progressivewaste.com.
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