ADF Group Inc announces the renewal of a normal course issuer bid on the Corporation subordinate voting shares
02 Octobre 2011 - 4:33PM
PR Newswire (Canada)
TERREBONNE, QC, Oct. 3, 2011 /CNW Telbec/ - ADF Group Inc ("ADF" or
the "Corporation") announces that it has obtained the approval of
its Board of Directors and the Toronto Stock Exchange to renew its
normal course issuer bid. Thus, from October 6, 2011 to October 5,
2012, ADF will be authorized to repurchase for cancellation, up to
1,773,241 subordinate voting shares. These shares will be
repurchased from time to time when deemed appropriate by the
Corporation, considering current economic conditions, its
liquidities and the advancement of its development project in
Western Canada. These 1,773,241 shares represent approximately 10%
of the subordinate voting shares held by the public. At the close
of business on September 20, 2011, the number of subordinate voting
shares outstanding totalled 18,448,805, of which 17,732,413 shares
or 96.1% thereof were held by the public. ADF's management and
Board of Directors believe that the price of the subordinate voting
shares sometimes does not reflect the intrinsic value of the
Corporation and that, consequently, this repurchase of the
subordinate voting shares would be a judicious use of ADF's funds.
The repurchase of the subordinate voting shares will be carried out
by ADF on the open market through the Toronto Stock Exchange in
compliance with its requirements, which currently limit the
repurchase to 4,845 shares per day, or 25% of the number of
subordinate voting shares traded daily, on average, over the last
six months, with the exception of block trades. The price that ADF
will pay for the subordinate voting shares that it will acquire
will be the market price of those shares at their acquisition date.
All the shares repurchased under the normal course issuer bid will
be cancelled. The repurchase of shares will be made at ADF's
discretion. ADF, over the last twelve months, has repurchased no
subordinate voting share. As a reminder, the Corporation had under
two previous normal course issuer bids which ended on April 16,
2010 and April 18, 2011, repurchased 1,850,000 and 1,940,000
subordinate voting shares respectively, for cancellation. These
repurchases were carried out through the Toronto Stock Exchange at
a weighted average price of $2.45 and $1.93 per share. To the
knowledge of ADF, no director or executive officer of the
Corporation has the intent to sell shares for the duration of the
offer. About ADF Group Inc. ADF Group Inc. is a North American
leader in the design and engineering of connections, fabrication
and installation of complex steel structures, heavy steel
built-ups, as well as miscellaneous and architectural metals for
the non-residential construction industry. ADF is one of the few
players in the industry capable of handling highly technically
complex mega projects on fast-track schedules in the commercial,
institutional, industrial and public sectors. Forward-Looking
Information This press release contains forward-looking statements
reflecting ADF objectives and expectations. These statements are
identified by the use of verbs such as "expect" as well as by the
use of future or conditional tenses. By their very nature these
types of statements involve risks and uncertainty. Consequently,
reality may differ from ADF's expectations. ADF GROUP INC. CONTACT:
Source: ADF Group Inc.Contact: Jean-François Boursier, CA, Chief
Financial OfficerTelephone: (450) 965-1911 / 1 (800) 263-7560Web
Site: www.adfgroup.com
Copyright
ADF (TSX:DRX)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
ADF (TSX:DRX)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024