ATCO Ltd. Normal Course Issuer Bid
25 Febbraio 2010 - 12:12AM
Marketwired
The Toronto Stock Exchange (the "Exchange") has accepted ATCO
Ltd.'s (the "Corporation") Notice of Intention to Make a Normal
Course Issuer Bid (the "Notice") pursuant to which the Corporation
intends to make a normal course issuer bid ("NCIB") for certain of
its outstanding Class I Non-Voting Shares of the Corporation
("Class I Shares") on the terms set forth in the Notice. At the
time of filing the Notice, the Board of Directors of the
Corporation was of the belief, and continues to be of the belief,
that the purchase of Class I Shares from time to time at
appropriate prices will minimize any dilution resulting from the
exercise of stock options to purchase Class I Shares and is an
advantageous use of the Corporation's funds.
On February 23, 2010, 51,360,706 Class I Shares were issued and
outstanding. Under the terms of the Notice and the rules of the
Exchange, the Corporation may acquire up to 1,540,821 Class I
Shares of the Corporation (being 3% of the Class I Shares issued
and outstanding as at February 23, 2010, excluding any Class I
Shares held by or on behalf of the Corporation on such date),
during the period commencing on March 1, 2010 and ending on
February 28, 2011 or such earlier date on which the Corporation
completes its purchases of Class I Shares under the NCIB or
terminates the NCIB at its option. The aggregate number of Class I
Shares that the Corporation may purchase under the NCIB during any
trading day is subject to a maximum daily purchase limit of 17,695
Class I Shares (being the 25% average daily trading volume for the
six calendar months preceding the date of the acceptance of the
Notice) from March 1, 2010 to the termination of the NCIB.
Exceptions may be made to this daily purchase limit in accordance
with the "block purchase" of the Exchange policy.
Any Class I Shares purchased pursuant to the Notice will be
cancelled. Class I Shares will be purchased at the market price of
the Class I Shares at the time of purchase and will be purchased on
behalf of the Corporation by a registered investment dealer through
the facilities of the Exchange and any alternate trading system
through which trades of the Class I Shares may be effected under
applicable securities laws. Any purchase of Class I Shares pursuant
to the NCIB will be financed out of working capital of the
Corporation.
The Corporation did not make any purchases of Class I Shares
during the 12-month period preceding the date hereof.
A copy of the Notice may be obtained by any shareholder without
charge by contacting the Vice President, Administration &
Corporate Secretary of the Corporation at the head office of the
Corporation.
Alberta-based ATCO Ltd., with more than 7,500 employees and
assets of approximately $10.0 billion, delivers service excellence
and innovative business solutions worldwide with leading companies
engaged in Utilities (pipelines, natural gas and electricity
transmission and distribution), Energy (power generation, natural
gas gathering, processing, storage and liquid extraction),
Structures & Logistics (manufacturing, logistics and noise
abatement) and Technologies (business systems solutions). More
information can be found at www.atco.com.
Forward-Looking Information:
Certain statements contained in this news release may constitute
forward-looking information. Forward-looking information is often,
but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions. Forward-looking
information involves known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information. The Corporation believes that the expectations
reflected in the forward-looking information are reasonable, but no
assurance can be given that these expectations will prove to be
correct and such forward-looking information should not be unduly
relied upon. Any forward-looking information contained in this news
release represents the Corporation's expectations as of the date
hereof, and is subject to change after such date. The Corporation
disclaims any intention or obligation to update or revise any
forward-looking information whether as a result of new information,
future events or otherwise, except as required by applicable
securities.
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Contacts: ATCO Ltd. B.R. (Brian) Bale Senior Vice President
& Chief Financial Officer (403) 292-7502 www.atco.com
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