FirstService announces normal course issuer bid

FirstService Corporation announced that the Toronto Stock Exchange has accepted a notice filed by FirstService of its intention to make a normal course issuer bid with respect to its outstanding common shares. The notice provides that FirstService may, during the 12 month period commencing August 26, 2023 and ending no later than August 25, 2024, purchase through the facilities of the TSX, alternative Canadian Trading Systems and/or The NASDAQ Stock Market up to 1,600,000 common shares in total, being 4.1% of the “public float” of common shares as of August 11, 2023. 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. 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, 2023 was 69,529 common shares. Daily purchases under the NCIB will be limited to 17,382 common shares, other than block purchases. All shares purchased by FirstService under the NCIB will be cancelled. As of August 11, 2023, there were 44,615,127 common shares of FirstService outstanding, and the public float was 39,397,104 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 1,600,000 common shares for the period of August 26, 2022 to August 25, 2023, FirstService has not purchased for cancellation, as of August 11, 2023, any common shares. FirstService’s previous NCIB expires on August 25, 2023.