TFI International (TSX: TFII) received approval Tuesday morning to list its shares on the New York Stock Exchange (NYSE) as the Canadian transportation company revealed the pricing of its forthcoming U.S. initial public offering, which suggests a nearly $200 million target.
The NYSE’s approval came as TFI disclosed that it will price the offering of 6 million shares based on its close in Toronto last Friday, C$44.11, or about US$33.20, according to a Securities and Exchange Commission (SEC) filing. A fully subscribed offering at that price would bring TFI nearly US$200 million — though the company has SEC approval to raise US$376 million.
TFI revealed its U.S. offering after releasing its fourth-quarter financial results Monday. The company plans to use the proceeds of the IPO to pay down a credit facility, which could give it the means to pursue additional acquisition opportunities.
TFI will trade under the ticker TFII on the NYSE, its existing symbol in the Toronto Stock Exchange.
TFI has a market cap of about C$3.7 billion or roughly US$2.8 billion.
Noble1 suggests SMART truck drivers should UNITE & collectively cut out the middlemen from picking truck driver pockets ! IMHO
AHEM !
Good afternoon ladies & gentlemen ,
I would like to bring an article that was released today to your attention .
Precisely the section referring to “Defining dependence” in regards to “Independent Contractors” .
Without further ado ,
Quote
February 11 2020
Driver Inc. consequences ‘significant’, says transportation lawyer
Defining dependence
” The two Ontario Court of Appeal decisions also raise concerns about owner-operators who have their trucks working exclusively with one company, McAfee Wallace said.
“The practical reality of the trucking industry is they can’t just take their truck and do work with other carriers,” she added. But based on case law, the long-term relationships could see these owner-operators defined as “dependent contractors”.
Carriers should take the time to establish strong agreements that offer more than the legally required minimum termination notice, she said.
“Avoid the independent contractor taking you to court.”
End quote :
Another ,
Quote :
“Understanding Dependent Contractors, and How to Avoid Legal Action
What are Dependent Contractors?
Dependent Contractors are contractors that are economically reliant on one principal. To determine this, a court will consider whether the contractor:
Is working predominantly for one principal.
Is subject to the control of the principal as to how the services are provided.
Uses his or her own tools in the provision of the services.
Has undertaken any business risks, or expects a profit from the provision of the services.
What Does this Mean for Employers?
Unlike an independent contractor, a dependent contractor must be provided with reasonable notice of the termination of the contractor relationship. If notice of termination is not given, a dependent contractor can sue the principal, similar to how an employee can sue their employer.
Regardless of how the parties choose to label the relationship, the courts will “look behind” the label that the parties use to determine the true nature of the relationship
For example, there was a recent dependent contractor case, Khan v. All-Can Express Ltd. (2014 BCSC 1429) decided by the Supreme Court of British Columbia.
In this case, Khan, an owner-operator of his own truck, entered into a contract to service Ace, a courier company. Khan signed a contract which stated that he was an independent contractor. The contract also stated that he was responsible for the maintenance of his truck and related expenses. He also had to hire a replacement driver when he was not available and he did not receive any employee benefits or vacation time.
Despite the above, the court found that Khan, who had worked for Ace for five years, was a dependent contractor and awarded him four months of notice. In deciding that Khan was economically dependent on Ace, the court noted the following:
Owner/operators, like Khan, had long term relationships with the company.
Khan worked on a full time basis.
Ace did not want Khan to work for competitors.
Khan had to wear the Ace uniform and display the Ace logo on his truck.
Khan had to follow Ace’s policies”
You may also like to look up : Dependent Contractors – New Class of Workers Recognized in Ontario
And , ‘Dependent’ contractor further clarified
Dependant contractors may join an organized labour union . This brings me to the point of why I’m posting this information on this particular thread under this particular article .
Quote:
August 2014
BREAKING NEWS: Cloud hanging over Highland Transport’s future
“The Highland owner-ops, who are unionized Steelworkers members”
All that just to point that out , LOL !
IMHO !