BMTC postpones annual report
MONTREAL – BMTC Group, the parent to Quebec’s largest full-line furniture and appliance retailers will delay the publication of its annual report for its last fiscal year until 14 June 2020 because of logistical hurdles from the ongoing COVID-19 pandemic.
In a statement, the company said it request to delay the distribution of annual management report and the consolidated financial statements that accompany it for the fiscal year that ended on 31 January 2020 was approved by the Ontario Securities Commission (OSC) and other regulatory bodies.
For the fiscal year ending 31 January 2019, BTMC published its financial results on 25 April 2019, followed by its annual report a week later. The publicly held retailer will provide an update on its results via press release no later that 31 May 2020 before publishing the annual report two weeks later.
Until the company has filed its annual report with the various securities commissions across the country, its senior management will be deemed insiders when it comes to the buying and selling of company trading common shares.
BMTC announced the temporary closure of its 32-store retail network – which includes Ameublements Tanguay banner in the Quebec City area and the Brault & Martineau and EconoMax banners in the Montreal area – on 18 March because of the closure orders from the Quebec government as part of its effort to combat the COVID-19 pandemic. The closure resulted in the temporary layoff of approximately 75% of its work force, the vast majority from its retail stores.
Earlier this month, BMTC received approved from the Toronto Stoc Exchange to renew its normal course issuer bid for the 12-month period ending 14 April 2021. It will be allowed to purchase for cancellation as many as 5% of its 34 million or so outstanding common shares. Over the past year, BMTC said it purchased and cancelled some 438,000 common shares at an average price of $11.27 per share for a total of about $4.9 million.
Related Story: Virus shuts down BMTC
Related Story: BMTC 3Q sales fall