illumin Announces TSX Acceptance of Normal Course Issuer Bid

Rhea-AI Summary

illumin Holdings (TSX:ILLM, OTCQB:ILLMF) has received TSX approval for a new normal course issuer bid (NCIB) to purchase and cancel up to 3,914,167 common shares, representing 10% of its public float. The NCIB will run from December 23, 2024, to December 22, 2025. The company has established an automatic share purchase plan (ASPP) with a designated broker to facilitate purchases during blackout periods.

The daily purchase limit is set at 12,518 shares, based on 25% of the average daily trading volume of 50,073 shares between June-November 2024. Under its previous NCIB that expired on November 12, 2024, illumin repurchased and cancelled 3,755,746 shares at an average price of $1.59 per share.

Positive

• Previous NCIB successfully executed with 3.76M shares repurchased at $1.59/share
• New NCIB allows for repurchase of up to 3.91M shares (10% of public float)
• ASPP implementation enables continuous share repurchases during blackout periods

Negative

• None.

TORONTO, Dec. 19, 2024 (GLOBE NEWSWIRE) -- illumin Holdings Inc. (TSX:ILLM) (OTCQB:ILLMF) (“illumin” or “Company”) announced today that it has received approval from the Toronto Stock Exchange ("TSX") to proceed with a normal course issuer bid ("NCIB").

Under the NCIB, the Company may purchase for cancellation up to 3,914,167 common shares of the Company (the "Shares"). As at December 10, 2024, illumin had 50,954,061 Shares issued and outstanding. As such, the maximum number of shares that may be purchased under the NCIB represents approximately 10% of illumin’s public float as at December 10, 2024, being 3,914,167 Shares. The Company’s average daily trading volume (“ADTV”) between June 1, 2024 and November 30, 2024 was 50,073 Shares and the daily purchase limit, being 25% of ADTV, is 12,518 Shares. The NCIB will commence on December 23, 2024 and may continue to December 22, 2025 or such earlier time as the NCIB is completed or terminated at the option of the Company. The Shares will be purchased on behalf of the Company by a registered broker through the facilities of the TSX and through other alternative Canadian trading systems at the prevailing market price at the time of such transaction.

In connection with the NCIB, illumin has entered into an automatic share purchase plan (the “ASPP”) with its designated broker to allow for the purchase of Shares under the NCIB at times when illumin normally would not be active in the market due to internal trading black-out periods. Such purchases will be determined by the broker at its sole discretion, based on the purchasing parameters set out by the Company in accordance with the rules of the TSX, applicable securities laws and the terms of the ASPP. Purchases of Shares under the ASPP may be made through the facilities of the TSX and alternative trading systems. The ASPP has been pre-cleared by the TSX and will be effective as of December 23, 2024. The ASPP will terminate on the earliest of the date on which: (i) the NCIB expires; (ii) the maximum number of Shares have been purchased under the NCIB; and (iii) the Company terminates the ASPP in accordance with its terms. Concurrent with the establishment of the ASPP, the Company has confirmed to the broker that it was then not aware of any material undisclosed or non-public information with respect to the Company or any securities of the Company. During the term of the ASPP, the Company will not communicate any material undisclosed or non-public information to the trading staff of the broker; accordingly, the broker may make purchases regardless of whether a trading blackout period is in effect or whether there is material undisclosed or non-public information about the Company at the time that purchases are made under the ASPP. In the event that the ASPP is materially varied, suspended or terminated, the Company will issue a news release advising of such variation, suspension or termination, as applicable.

Management of the Company believes that, from time to time, the market price of the Shares may not fully reflect the underlying value of the Shares and that at such times the purchase of Shares would be in the best interests of shareholders. As a result of such purchases, the number of issued Shares will be decreased and, consequently, the proportionate share interest of all remaining shareholders will be increased on a pro rata basis.

Pursuant to a previous normal course issuer bid, illumin sought acceptance of the TSX to purchase up to 4,330,226 common shares and which was accepted by the TSX on November 13, 2023 and expired on November 12, 2024. The Company had, as of November 12, 2024, repurchased and cancelled under that earlier NCIB 3,755,746 Shares on the open market at an average purchase price of $1.59 per share.

About illumin:

illumin is a journey advertising platform that enables marketers to reach consumers at every stage of their journey by leveraging advanced machine learning algorithms and real-time data analytics. The Company’s mission is to illuminate the path for brands to connect with their customers through the power of data-driven advertising. Headquartered in Toronto, Canada, illumin serves clients across North America, Latin America, and Europe.

For further information, please contact:

Steve Hosein Investor Relations illumin Holdings Inc. 416-218-9888 x5313 investors@illumin.com

David Hanover Investor Relations – U.S. KCSA Strategic Communications 212-896-1220 dhanover@kcsa.com

Disclaimer in regards to Forward-looking Statements

Certain statements included herein constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. In particular, this news release contains forward-looking statements and information relating to the Company’s belief that the NCIB is in the best interests of the Company and its shareholders and that underlying value of the Company may not be reflected in the market price of the Shares. Investors are cautioned not to put undue reliance on forward-looking statements. Except as required by law, the Company does not intend, and undertakes no obligation, to update any forward-looking statements to reflect, in particular, new information or future events.

For more complete information about the Company, please read our disclosure documents filed on SEDAR+ at www.sedarplus.com.

FAQ

How many shares can illumin (ILLMF) repurchase under the new NCIB program?

Under the new NCIB program, illumin can repurchase up to 3,914,167 common shares, representing approximately 10% of its public float as of December 10, 2024.

What is the daily purchase limit for illumin's (ILLMF) share buyback program?

The daily purchase limit is 12,518 shares, which represents 25% of the average daily trading volume of 50,073 shares between June and November 2024.

When does illumin's (ILLMF) new NCIB program start and end?

The new NCIB program starts on December 23, 2024, and runs until December 22, 2025, unless completed or terminated earlier.

How many shares did illumin (ILLMF) repurchase under its previous NCIB program?

Under its previous NCIB program that expired on November 12, 2024, illumin repurchased and cancelled 3,755,746 shares at an average price of $1.59 per share.

What is the purpose of illumin's (ILLMF) automatic share purchase plan (ASPP)?

The ASPP allows illumin to purchase shares under the NCIB during internal trading blackout periods when the company would normally not be active in the market.