Intertape Polymer Group to increase annualized dividend to US$0.48/share, effective with company's next regular quarterly dividend on Sept. 30; company will also make normal course issuer bid to repurchase for cancellation up to 2 million common shares
MONTREAL, QUEBEC, Canada, and SARASOTA, Florida
July 8, 2014
– Intertape Polymer Group Inc. (TSX:ITP) ("Intertape" or the "Company") is pleased to announce that its Board of Directors has amended the Company's dividend policy by increasing the annualized dividend by 50% from US$0.32 to US$0.48 per share. The increase will be effective with Intertape's next regular quarterly dividend, expected to be paid on or about September 30, 2014, which, if declared, will be in an amount of US$0.12 per share. The Board of Directors' decision to increase the dividend was based on Intertape's strong financial position and positive outlook.
Intertape also announces that it will make a normal course issuer bid. Under the normal course issuer bid, Intertape will be entitled to repurchase for cancellation up to 2,000,000 common shares, representing 3.28% of Intertape's issued and outstanding shares, over a twelve-month period starting on July 10, 2014 and ending on July 9, 2015. The purchases by Intertape will be effected through the facilities of the Toronto Stock Exchange and will be made at the market price of the shares at the time of the purchase. There are 61,012,076 Intertape common shares currently issued and outstanding.
During the most recently completed six months, the average daily trading volume for the common shares of Intertape on the Toronto Stock Exchange was 203,153 shares. Consequently, under the policies of the Toronto Stock Exchange, Intertape will have the right to repurchase during any one trading day a maximum of 50,788 common shares, representing 25% of the average daily trading volume. In addition, Intertape may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of common shares not directly or indirectly owned by insiders of Intertape, in accordance with the policies of the Toronto Stock Exchange.
Intertape intends to acquire the common shares because it believes that the repurchase of common shares at certain market prices is beneficial to Intertape and its shareholders.
Any purchases made pursuant to the normal course issuer bid will be made in accordance with the requirements of the Toronto Stock Exchange. Intertape will make no purchases of common shares other than open market purchases during the period of the normal course issuer bid.
Intertape's normal course issuer bid has been approved by the Toronto Stock Exchange.
About Intertape Polymer Group Inc.
Intertape Polymer Group Inc. is a recognized leader in the development, manufacture and sale of a variety of paper and film based pressure sensitive and water activated tapes, polyethylene and specialized polyolefin films, woven coated fabrics and complementary packaging systems for industrial and retail use. Headquartered in Montreal, Quebec and Sarasota, Florida, the Company employs approximately 1,800 employees with operations in 16 locations, including 10 manufacturing facilities in North America and one in Europe.