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TORONTO, Sept. 4, 2024 /CNW/ - Boat Rocker Media Inc. ("Boat Rocker" or the "Company") (TSX: BRMI), an independent, integrated global entertainment company, announced today that the Toronto Stock Exchange ("TSX") has approved the Company's intention to make a normal course issuer bid ("NCIB") for its subordinate voting shares as appropriate opportunities arise from time to time. The NCIB will commence starting September 6, 2024 and terminate September 5, 2025.
Under the NCIB, and subject to the market price of its subordinate voting shares and other considerations, over the next 12 months Boat Rocker may purchase up to 2,127,733 subordinate voting shares, representing approximately 10% of its public float as at August 19, 2024. There were 33,168,699 subordinate voting shares outstanding as at August 19, 2024. Daily purchases will be limited to 9,542 subordinate voting shares, other than pursuant to block purchase exemptions. Purchases may be made on the open market through the facilities of the TSX and/or other Canadian alternative trading systems at the market price at the time of acquisition, as well as by other means as may be permitted by TSX rules and/or applicable securities laws. Any tendered shares taken up and paid for by Boat Rocker will be cancelled. The Company plans to fund the NCIB purchases from its existing cash balance.
Boat Rocker previously maintained a normal course issuer bid for the twelve-month period commencing on September 1, 2023 and ending on August 31, 2024 (the "2023 NCIB"), under which Boat Rocker sought and received approval from the TSX to purchase up to 500,000 shares. Boat Rocker purchased 0 shares under the 2023 NCIB.
The Company is commencing this NCIB because management and the board believe that the market price of the Company's subordinate voting shares does not reflect the intrinsic value of the Company and the repurchase of the stock would be in the best interests of the Company and its shareholders and would represent an attractive and appropriate use of available funds. Decisions regarding the amount and timing of future purchases of subordinate voting shares will be based on market conditions, share price and other factors and will be at management's discretion.
About Boat Rocker
Boat Rocker (TSX: BRMI) is the home for creative visionaries. An independent, integrated global entertainment company, Boat Rocker's purpose is to tell stories and build iconic brands across all genres and mediums. With offices around the world, Boat Rocker's creative and commercial capabilities include Scripted, Unscripted, and Kids and Family television production, distribution, brand & franchise management, a world-class animation studio, and talent management through a minority stake in a new company launched by TPG. A selection of Boat Rocker's projects include: Invasion (Apple TV+), Palm Royale (Apple TV+), Orphan Black: Echoes (AMC), American Rust: Broken Justice (Prime Video), Beacon 23 (MGM+), Pretty Baby: Brooke Shields (Hulu), Downey's Dream Cars (Max), BS High (HBO), Orphan Black (BBC AMERICA, CTV Sci-Fi Channel), Dear…(Apple TV+), Billie Eilish: The World's a Little Blurry (Apple TV+), The Next Step (BBC, Corus, CBC), Daniel Spellbound (Netflix), and Dino Ranch (Disney+, Disney Junior, CBC). For more information, please visit www.boatrocker.com.