Goodfellow Inc. Announces the Reinstatement of its Program to Acquire Common Shares
16 Febbraio 2012 - 5:27PM
Marketwired
Goodfellow Inc. ("Goodfellow") (TSX:GDL) announces that it has
received the required regulatory approvals to reinstate its program
to acquire Common Shares listed on the Toronto Stock Exchange (the
"TSX") for the period between February 20, 2012 and February 19,
2013 at the latest. Goodfellow's Normal Course Issuers Bid
(''NCIB") had previously expired in 2009. Pursuant to its
reinstated program, Goodfellow intends to acquire, through the
facilities of the TSX and in accordance with the requirements of
the TSX, up to 335,390 Common Shares, representing 10% of such
shares held by non-insiders of Goodfellow as of February 10,
2012.
The average daily trading volume of Goodfellow's Common Shares
over the last six complete calendar months was 2,122 shares (the
"ADTV"). Accordingly, under TSX rules and policies, Goodfellow is
entitled on any trading day to purchase up to 1,000 Common Shares.
Once a week, Goodfellow may also purchase, in excess of the daily
1,000 Common Shares repurchase limit, a block of Common Shares not
owned by an insider (i) having a purchase price of $200,000 or
more, (ii) of at least 5,000 Common Shares having a purchase price
of at least $50,000, or (iii) of at least 20 board lots of Common
Shares which total 150% or more of the ADTV in accordance with TSX
rules. Goodfellow has retained ScotiaMcLeod Inc. as the broker to
manage the program.
In connection with the program, Goodfellow has established an
automatic securities purchase plan (the "Plan") for the 2012 NCIB.
The Plan was established to provide standard instructions regarding
how the Common Shares are to be repurchased under the NCIB.
Accordingly, Goodfellow may repurchase its securities under the
Plan on any trading day during the NCIB including during
self-imposed trading blackout periods. The Plan will commence
immediately and terminate with the NCIB. Goodfellow may otherwise
vary, suspend or terminate the Plan only if it does not have
material non-public information and the decision to vary, suspend
or terminate the Plan is not taken during a self-imposed trading
blackout period. The Plan constitutes an "automatic plan" for
purposes of applicable Canadian securities legislation and has been
reviewed by the Toronto Stock Exchange.
As of February 10, 2012, there were 8,571,754 Common Shares
issued and outstanding of which 3,353,905 shares constitutes the
public float. Common Shares may be acquired at the market price at
the time of the acquisition. The Common Shares acquired through the
program will be cancelled. Goodfellow Inc. considers that the
acquisition of such Common Shares that it may effect from time to
time in the course of the program is a sound use of its funds.
Goodfellow is Eastern Canada's largest independent
re-manufacturer and distributor of lumber products and one of the
largest distributors of hardwood flooring products in Canada.
Contacts: Goodfellow Inc. Mr. Richard Goodfellow President (450)
635-6511
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