High Liner Foods Completes and Launches Normal Course Issuer Bid

LUNENBURG, NS, June 3, 2022 /CNW/ – High Liner Food Incorporated (there “Company“) (TSX: HLF) announced today that it has terminated early the normal course issuer bid that it launched on June 23, 2021 (there “Program completed“). The Company’s terminated program authorized the repurchase for cancellation of up to 150,000 outstanding common shares (“Shares“). During the period ending May 30, 2022the Company purchased for cancellation all of the 150,000 Shares it had requested and obtained approval to purchase under the terminated Program through the facilities of the Toronto Stock Exchange (“TSX“) and other Canadian commercial systems in Canada for an approximate total cost of CDN $1,986,000 and at a weighted average price paid per share of approximately CDN $13.24.

The Company also announced today that the TSX has approved the launch of a new normal course issuer bid (the “New programUnder the new program, the Company is authorized to purchase up to 350,000 shares, including the 150,000 shares purchased under the terminated program, for net new purchases of up to 200,000 shares , representing together 1.05% of the issued and outstanding shares at June 10, 2021. Purchases will be made through the facilities of the TSX and/or any other online trading system. Canada. From May 30, 2022 the issued and outstanding shares of the Company were 33,312,714. The price which the Company will pay for any Share acquired will be the market price at the time of acquisition. Purchases under the New Program will be made by the Company and Shares so acquired will be cancelled, thereby reducing any dilution resulting from Shares issued under equity compensation plans. Purchases can start on June 7, 2022 and will end no later than June 6, 2023. The actual number of Shares purchased under the New Program, the timing of purchases and the price at which Shares are purchased will be at management’s discretion based on factors such as market conditions.

The company’s defined benefit pension plan (“Retirement plan“) may, from time to time, acquire shares of the company. The shares purchased by the pension plan count towards the maximum number of shares that the company can acquire under the new program. If shares are acquired by the pension plan, such shares will remain outstanding and held by the pension plan.

The average daily trading volume (“ADTV“) shares of the Company on the TSX during the six months ending April 30, 2022 was 33,178 Shares. Under TSX rules, the Company has the right to purchase up to the greater of: 25% of the ADTV of the respective share class; or 1,000 shares each trading day; or a greater number of shares per calendar week, subject to the maximum number that may be acquired under the new program if the transaction meets the bulk purchase exception under TSX rules. Accordingly, unless a Bulk Purchase meeting the Bulk Purchase Exception under TSX Rules is made, the Company is entitled to purchase up to 6,998 Shares, being the daily under the terminated program, until the end of the day on June 22, 2022. Of June 23, 2022 until the expiration of the New Programme, the Company has the right to purchase up to 8,294 Shares on each trading day.

As part of the New Programme, the Company has set up an automatic share purchase program (“the To plan“) for the Shares. The Plan has been established to provide standard instructions as to how Shares are to be redeemed under the New Programme. Accordingly, the Company may redeem its securities under the Plan at any trading day during the New Program, including during regulatory restrictions or self-imposed trading blackout periods.The plan will begin immediately and end when the New Program ends on June 6, 2023. The Company may otherwise modify, suspend or terminate the Plan only if it is not in possession of material non-public information and the decision to modify, suspend or terminate the Plan is not made during a self-dealing blackout period. imposed. The Plan constitutes an “automatic plan” for purposes of applicable Canadian securities laws and has been reviewed by the TSX.

The board of directors and senior management of the Company are of the opinion that, from time to time, the purchase of its Shares at the prevailing market price is in the best interest of the Company and its shareholders. By effecting such redemptions, the number of Shares outstanding will be reduced and the proportional participation of the remaining shareholders of the Company in the share capital of the Company will be increased on a pro rata basis.

About High Liner Incorporated Foods

High Liner Foods Incorporated is a leading North American processor and marketer of value-added frozen seafood products. High Liner Foods brand products are sold everywhere United States and Canada under the High lining, fisher boy, Mirabeland Sea food labels and are available at most grocery stores and clubs. The Company also sells branded products to restaurants and institutions under the High lining, MirabelIcelandic seafoodand REITs and is a leading supplier of value-added private label seafood products to grocery retailers and foodservice distributors across North America. High Liner Foods is a publicly traded Canadian company, trading under the symbol HLF on the Toronto Stock Exchange.

This press release contains forward-looking statements that reflect management’s expectations regarding the Company’s plans to purchase shares for cancellation under the normal course issuer bid. These statements are based on management’s reasonable assumptions and beliefs in light of information currently available to it and reflect expectations as of June 3, 2022. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from these statements, including, without limitation, regulatory approval, market and economic conditions, availability of vendors, changes in laws and regulations, efficiency and operating costs. saving initiatives. Readers are urged to carefully consider the risks, uncertainties and assumptions when evaluating forward-looking information and are cautioned not to place undue reliance on such forward-looking information. The Company does not undertake to update these forward-looking statements other than as required by applicable securities laws.

For more information about the company, please visit our website at www.highlinerfoods.com or email [email protected].

SOURCE Foods High Liner Incorporated

For further information: Paul Jewer, Executive Vice President and Chief Financial Officer, High Liner Foods Incorporated, Tel. : (902) 421-7110, [email protected]