The average daily trading volume of Cascades' Common Shares was 220,092 on the TSX over the last six completed calendar months (the ADTV) preceding the commencement of the NCIB. Accordingly, Cascades is entitled to purchase up to 25% of the ADTV on any trading day being 55,023 Common Shares.
During the period from March 17, 2016 to August 25, 2016, Cascades purchased and cancelled 902,738 Common Shares at a weighted average price of $8.65 per Common Share.
Cascades considers that the shares to be acquired may, from time to time, be undervalued in the market and represent an excellent opportunity to enhance shareholder value.
Founded in 1964, Cascades produces, converts and markets packaging and tissue products that are composed mainly of recycled fibres. The Company employs 11,000 employees, who work in close to 90 production units located in North America and Europe. With its management philosophy, half a century of experience in recycling, and continuous efforts in research and development as driving forces, Cascades continues to deliver the innovative products that customers have come to rely on. Cascades' shares trade on the Toronto Stock Exchange, under the ticker symbol CAS.
Web site: www.cascades.com
Green by Nature Blog: blog.cascades.com
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SOURCE Cascades Inc.