Automatic Securities Disposition Plan Established by Tecsys' Executive Chairman
MONTREAL, Oct. 16, 2024 /PRNewswire/ -- Tecsys Inc. (TSX: TCS), (the "Corporation"), announces that the executive chairman of the board of directors of the Corporation, Dave Brereton, together with his spouse, Ms. Kathryn Ensign-Brereton, established an automatic securities disposition plan (the "ASDP") in accordance with applicable securities legislation and the Corporation's internal policies. The ASDP has been established by Mr. Brereton and Ms. Ensign-Brereton for personal and financial planning purposes and Mr. Brereton, directly and through his holding company, Dabre Inc., and Ms. Ensign-Brereton will continue to hold a significant equity interest in the Corporation following the disposition of the common shares of the Corporation (the "Common Shares") under the ASDP.
The ASDP permits trades to be made in accordance with pre-arranged instructions given that neither Mr. Brereton nor Ms. Ensign-Brereton was in possession of any material undisclosed information at the time the instructions were given. The ASDP will be effective on the second trading day following the date on which the Corporation has filed its interim financial statements for the quarter ending October 31, 2024.
Up to 96,000 Common Shares (the "Subject Shares"), representing approximately 0.7% of the issued and outstanding Common Shares, may be sold or donated by Mr. Brereton, as to 50%, and Ms. Ensign-Brereton, as to 50%, under the ASDP. The ASDP is designed to allow for an orderly disposition of the Subject Shares at prevailing market prices over the course of the 12-month period that sales and donations under the ASDP are expected to take place.
Mr. Brereton and Ms. Ensign-Brereton have provided pre-arranged instructions in writing to the broker administering the ASDP, including that the proportion of Subject Shares to be sold will be 60% and the proportion of Subject Shares to be donated will be 40%, and setting out minimum trade prices. The ASDP prohibits the broker from consulting with Mr. Brereton or Ms. Ensign-Brereton regarding any sales under the ASDP and prohibits Mr. Brereton or Ms. Ensign-Brereton from disclosing to the broker any information concerning the Corporation that might influence the execution of the ASDP. The ASDP has been authorized by the Corporation and contains meaningful restrictions on the ability of Mr. Brereton and Ms. Ensign-Brereton to amend, suspend or terminate the ASDP.
This announcement is made and will be available on SEDAR+ at www.sedarplus.ca pursuant to the recommended practices set forth in Staff Notice 55-317 - Automatic Securities Disposition Plans of the Canadian Securities Administrators. Information regarding the ASDP and transactions thereunder, as the case may be, may be accessed on SEDI at www.sedi.ca.
About Tecsys
Tecsys is a global provider of advanced supply chain solutions. With a commitment to innovation and customer success, the company equips organizations with the essential software, technology and expertise needed for operational excellence and competitive advantage. Its cloud solutions serve a diverse range of industries, including healthcare, distribution and converging commerce, across multiple complex, regulated and high-volume markets. Built on the Itopia® low-code application platform, Tecsys' offerings include enterprise resource planning, warehouse management, consolidated service management, distribution and transportation management, supply management at the point of use and order management solutions. Tecsys provides critical data insights and control across the supply chain, ensuring that organizations are agile, responsive and scalable.
Tecsys is publicly traded on the Toronto Stock Exchange under the ticker symbol TCS. For more about Tecsys and its solutions, please visit www.tecsys.com.
Copyright © Tecsys Inc. 2024. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners.
SOURCE Tecsys Inc.
