ATCO Ltd. Normal Course Issuer Bid
23 Febbraio 2012 - 11:03PM
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 ("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 16, 2012, 50,892,556 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 1,526,777 Class I
Shares of the Corporation (being 3% of the Class I Shares issued
and outstanding as at February 16, 2012, excluding any Class I
Shares held by or on behalf of the Corporation on such date),
during the period commencing on March 1, 2012 and ending on
February 28, 2013 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 13,641 Class I Shares (being 25% of
the average daily trading volume for the six calendar months
preceding the date of the acceptance of the Notice) from March 1,
2012 to the termination of the NCIB. Exceptions may be made to this
daily purchase limit in accordance with the "block purchase"
exemptions 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 systems
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 purchased 324,200 Class I Shares at an average
trading price of $60.65 during the most recent 12- month period
preceding the date hereof pursuant to a normal course issuer bid
which commenced on March 1, 2011 and expires on February 29, 2012.
All of such purchases were made by means of open market
transactions through the facilities of the Exchange.
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 8,800 employees and
approximately $12 billion in assets, delivers service excellence
and innovative business solutions worldwide with leading companies
engaged in structures & logistics (manufacturing, logistics and
noise abatement), utilities (pipelines, natural gas and electricity
transmission and distribution), energy (power generation, natural
gas gathering, processing, storage and liquids extraction) 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 legislation.
Contacts: ATCO Ltd. B.R. (Brian) Bale Senior Vice President
& Chief Financial Officer (403) 292-7502 www.atco.com
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