FirstService Corporation (TSX and NASDAQ: FSV) (“FirstService”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by FirstService of its intention to make a normal course issuer bid (the “NCIB”) with respect to its outstanding common shares.

The notice provides that FirstService may, during the 12 month period commencing August 26, 2020 and ending no later than August 25, 2021, purchase through the facilities of the TSX, alternative Canadian Trading Systems or The NASDAQ Stock Market (“NASDAQ”) up to 3,100,000 common shares in total, being 9.7% of the “public float” of common shares as of August 13, 2020. Purchases of common shares through NASDAQ will be made in the normal course and will not, during the 12 month period ending August 25, 2021 exceed, in the aggregate, 5% of the outstanding common shares as at the commencement of the NCIB. The price which FirstService will pay for any common shares will be the market price at the time of acquisition. During the period of this NCIB, FirstService may make purchases under the NCIB by means of open market transactions or otherwise as permitted by the TSX and/or NASDAQ. In the event that FirstService acquires common shares by other means as may be permitted by the TSX and/or NASDAQ, such as pre-arranged crosses, exempt offers and private agreements, the purchase price of the common shares may be different than the market price of same at the time of acquisition. 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 FirstService. The average daily trading volume from February 1 to July 31, 2020 was 66,605 common shares. Daily purchases under the NCIB will be limited to 16,651 common shares, other than block purchases. All shares purchased by FirstService under the NCIB will be cancelled.

As of August 13, 2020, there were 43,466,716 common shares of FirstService outstanding, and the public float was 31,758,291 common shares.

FirstService 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 FirstService. FirstService may also purchase its common shares in order to mitigate the dilutive effect of stock options issued under its stock option plan.

Pursuant to a previous notice of intention to conduct a NCIB, under which FirstService sought and received approval from the TSX to purchase up to 2,500,000 common shares for the period of August 26, 2019 to August 25, 2020, FirstService has not purchased for cancellation, as of August 13, 2020, any common shares. FirstService’s previous NCIB expires on August 25, 2020.

About FirstService Corporation

FirstService Corporation is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: FirstService Residential - North America’s largest manager of residential communities; and FirstService Brands - one of North America’s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.

FirstService generates US$2.4 billion in annual revenues and has approximately 24,000 employees across North America. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders. The Common Shares of FirstService trade on the NASDAQ and the Toronto Stock Exchange under the symbol “FSV”. More information is available at www.firstservice.com.

Source: FirstService Corporation