ADF Group Inc announces the renewal of a normal course issuer bid
on the corporation subordinate voting shares
TERREBONNE, QC,
Dec. 6, 2012 /CNW Telbec/ - ADF
Group Inc ("ADF" or the "Corporation") (TSX: DRX) announces
that it has obtained the approval of its Board of Directors and the
Toronto Stock Exchange to renew its normal course issuer bid.
From December 11,
2012 to December 10, 2013, ADF
Group will be authorized to repurchase for cancellation up to
1,552,731 subordinate voting shares. The share buybacks will be
made from time to time when deemed appropriate by the Corporation,
considering current economic conditions, its liquidities and the
progress of its project to set up a fabrication plant in the State
in Montana, U.S.A. These 1,552,731
shares represent approximately 10% of the public float of
subordinate voting shares. At the close of business on November 30, 2012, the number of subordinate
voting shares outstanding totalled 18,111,205, of which 85.7% or
15,527,313 shares were held by the public.
ADF's management and Board of Directors believe
that the price of the subordinate voting shares may sometimes not
reflect the intrinsic value of ADF and that, consequently, this
repurchase of the subordinate voting shares may 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 2,470 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 purchases
will be made at ADF's discretion.
Over the last twelve months ADF has repurchased
339,600 subordinate voting shares at a weighted average price of
$1.33 per share under a previous
normal course issuer bid carried out through the Toronto Stock
Exchange and which ended on October 5,
2012.
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.
SOURCE ADF GROUP INC.