Business
AKITA Drilling Ltd. Normal Course Issuer Bid
CALGARY , May 28, 2013 /CNW/ - The Corporation has filed a Notice of Intention to Make a...
About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\nCALGARY, May 28, 2013 /CNW/ - The Corporation has filed a Notice of\n Intention to Make a Normal Course Issuer Bid (the \"Notice\") with the\n Toronto Stock Exchange (the \"Exchange\") pursuant to which the\n Corporation indicated that it intends, subject to the receipt of\n regulatory approval, to make a normal course issuer bid for certain of\n its outstanding Class A Non-Voting Shares on the terms set forth in the\n Notice.  At the time of filing the Notice, the board of directors of\n the Corporation was of the belief, and continues to be of the belief,\n that the purchase of the Class A Shares from time to time at\n appropriate prices will minimize any dilution resulting from the\n exercise of stock options to purchase Class A Shares and is an\n advantageous use of the Corporation's funds.\n\n\nOn May 15, 2013, 16,316,242 Class A Shares were outstanding.  Under the\n rules of the Exchange, in the period commencing on May 30,2013 and\n ending on May 29, 2014 the Corporation may acquire up to 815,812 Class\n A Shares of the Corporation, being approximately 5% of the Class A\n Shares outstanding as at May 15, 2013.  If market conditions permit,\n the Corporation presently anticipates that it will acquire up to\n 489,487 Class A Shares, which number represents approximately 3.0% of\n the Class A Shares outstanding as at May 15, 2013.  The Corporation\n does not intend to acquire more than 3.0% of the Class A Shares as a\n result of this bid.\n\n\nThe average daily trading volume for the Class A Shares for the six\n month period preceding the date hereof was 4,438.  Pursuant to the\n rules of the exchange, the Corporation may acquire up to 1,109 Class A\n Shares per day.\n\n\nAny shares purchased pursuant to the Notice will be cancelled.  Shares\n will be purchased at the market price of the shares at the time of\n purchase and will be purchased on behalf of the Corporation by a\n registered investment dealer through the facilities of the Exchange and\n in accordance with Exchange requirements. The funding for any purchase\n of Class A Shares pursuant to the normal course issuer bid will be\n financed out of working capital of the Corporation.\n\n\nThe average daily trading volume for the Class A Shares for the six\n month period preceding the date hereof was 4,438.    The Corpo...