High Liner Foods Inc. (TSX:HLF) filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on January 29, 2013. Under the program, the company will repurchase up to 250,000 shares, representing 2.96% of the public float and 1.65% of its issued and outstanding shares. The price the company will pay for any shares will be the market price at the time of the acquisition.

The repurchases under the bid will be made by the company and the shares so acquired shall be cancelled. Under the TSX rules, the company is entitled to purchase up to the greater of 25% of the average daily trading volume of the respective class of shares or 1,000 shares on any trading day, or a larger amount of common shares per calendar week, subject to the maximum number that may be acquired under the bid, if the transaction meets the block purchase exception under the rules. Accordingly, unless a block purchase meeting the block purchase exception under the TSX rules is made, the company is entitled to purchase up to 2,110 shares on any trading day.

In connection with the bid, the company has established an automatic securities purchase plan for the common shares. The bid was established to provide standard instructions regarding how the company shares are to be repurchased under the bid. Accordingly, the company may repurchase its securities under the plan on any trading day during the issuer bid including during self-imposed trading blackout periods.

The plan will commence immediately and terminate with the issuer bid. The company may otherwise vary, suspend or terminate the plan only if it does not have material non-public information and the decision to vary, suspend or terminate the plan is not taken during a self-imposed trading blackout period. The plan constitutes an automatic plan for the purposes of applicable Canadian securities legislation and has been reviewed by the TSX.

The bid will commence from January 31, 2013 and will terminate no later than January 30, 2014. As of January 22, 2013, the company has 15,128,869 issued and outstanding common shares and 8,451,123 shares in the public float.