/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES/
VAUGHAN, ON, Dec. 22, 2015 /CNW/ - Cara Operations Limited ("Cara") (TSX: CAO) announced today that it intends to implement a normal course issuer bid ("NCIB") for its subordinate voting shares. Cara's NCIB will be made in accordance with the policies of the Toronto Stock Exchange (the "TSX") and commencement of purchases under the NCIB is subject to the approval of the TSX.
The NCIB would allow Cara to purchase up to 10% of the public float of its subordinate voting shares over a 12 month period (the "Shares"). Any Shares purchased by Cara pursuant to the NCIB will be cancelled. The actual number of Shares that may be purchased under the NCIB and the timing of any such purchases will be determined at the discretion of Cara. There can be no assurances that any such purchases will be completed.
Consideration for any potential Share repurchase will be made after considering the then current stock price, funds available and the priority of the use of funds.
Certain information in this news release relating to Cara is forward-looking within the meaning of Canadian securities laws, including, but not limited to, statements regarding Cara's intention to purchase its subordinate voting shares. When used in this context, words such as "will", "anticipate", "believe", "plan", "intend", "target" and "expect" or similar words suggest future outcomes. The purpose of forward-looking information is to provide investors with management's assessment of future plans and possible outcomes and may not be appropriate for other purposes.
Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements. Except as required by law, Cara disclaims any intention and assumes no obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.
Founded in 1883, Cara is Canada's oldest and largest full-service restaurant company. The Company franchises and/or operates some of the most recognized brands in the country including Swiss Chalet, Harvey's, Milestones, Montana's, Kelsey's, East Side Mario's, Casey's, New York Fries, Prime Pubs, Bier Markt and Landing restaurants. As at September 27, 2015, Cara had 828 restaurants across Canada, 88% of which are operated by franchisees. Cara's restaurants are located across Canada with 72% of Cara's locations based in Ontario. Cara's shares trade on the Toronto Stock Exchange under the ticker symbol CAO. More information about the Company is available at www.cara.com.
SOURCE Cara Operations Limited