High Liner Foods Renews Normal Course Issuer Bid

LUNENBURG, NS, High Liner Foods Incorporated (the "Company" or "High Liner Foods") (TSX: HLF), a leading North American value-added frozen seafood company, today announced that it has filed a notice with the Toronto Stock Exchange ("TSX") and received approval to purchase under a normal course issuer bid ("NCIB"), through the facilities of the TSX and/or any alternative trading system in Canada, up to 1,633,046, representing 10%, of the public float of High Liner Foods' issued and outstanding Common Shares (the "Common Shares"). As of June 6, 2025, the issued and outstanding Common Shares totaled 29,073,864 of which 16,330,469 Common Shares represented the public float.

The price the Company will pay for any Common Shares acquired will be the market price at the time of acquisition. Purchases under the NCIB will be made by the Company and the Common Shares acquired shall be cancelled. Purchases may commence on June 13, 2025, and will terminate no later than June 12, 2026. The actual number of Common Shares purchased under the NCIB, the timing of purchases and the price at which the Common Shares are purchased will depend on management discretion based on factors such as market conditions. 

The average daily trading volume ("ADTV") of the Company's Common Shares on the TSX over the six months ending May 31, 2025, was 31,389 Shares. Under TSX rules, the Company is entitled to purchase up to the greater of: 25% of the ADTV of the respective class of shares; or 1,000 shares on any trading day; or a larger number of shares per calendar week, subject to the maximum number that may be acquired under the NCIB, if the transaction meets the block purchase exception under TSX rules. Accordingly, unless a block purchase meeting the block purchase exception under TSX rules is made, the Company is entitled to purchase up to 7,847 Common Shares on any trading day.

In connection with the NCIB, the Company has established an automatic securities purchase plan ("the Plan") for the Common Shares. The Plan was established to provide standard instructions regarding how the Common Shares are to be repurchased under the NCIB. Accordingly, the Company may repurchase its securities under the Plan on any trading day during the NCIB including during regulatory restrictions or self-imposed trading blackout periods. The Plan will commence on June 13, 2025, and terminate on June 12, 2026. 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 purposes of applicable Canadian securities legislation and has been reviewed by the TSX.