Business
AKITA Drilling Ltd. - Normal course issuer bid
AKITA Drilling Ltd. - Normal course issuer bid.
About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\n\n\nCALGARY, June 6 /CNW/ - The Corporation has filed a Notice of Intention\nto Make a Normal Course Issuer Bid (the \"Bid\") with the Toronto Stock Exchange\n(the \"Exchange\") pursuant to which the Corporation indicated that it intends,\nsubject to the receipt of regulatory approval, to make a normal course issuer\nbid for certain of its outstanding Class A Non-Voting Shares on the terms set\nforth in the Notice. At the time of filing the Notice, the board of directors\nof the Corporation was of the belief, and continues to be of the belief, that\nthe purchase of the Class A Shares from time to time at appropriate prices\nwill minimize any dilution resulting from the exercise of stock options to\npurchase Class A Shares and is an advantageous use of the Corporation's funds.\nOn May 30, 2006, 16,899,958 Class A Shares were outstanding. Under the\nrules of the Exchange, in the period commencing on June 9, 2006 and ending on\nJune 8, 2007 the Corporation may acquire up to 844,998 Class A Shares of the\nCorporation, being approximately 5% of the Class A Shares outstanding as at\nMay 30, 2006. If market conditions permit, the Corporation presently\nanticipates that it will acquire up to 506,999 Class A Shares, which number\nrepresents approximately 3% of the Class A Shares outstanding as at May 30,\n2006.\nAny shares purchased pursuant to the Notice will be cancelled. Shares\nwill be purchased at the market price of the shares at the time of purchase\nand will be purchased on behalf of the Corporation by a registered investment\ndealer through the facilities of the Exchange. The funding for any purchase of\nClass A Shares pursuant to the normal course issuer bid will be financed out\nof working capital of the Corporation.\nThe Corporation purchased 78,100 Class A Shares at an average trading\nprice of $20.49 during the 12 month period preceding the date hereof pursuant\nto a normal course issuer bid which commenced on June 6, 2005 and expired on\nJune 5, 2006. All of such purchases were made by means of open market\ntransactions through the facilities of the Exchange. Trustees under the\npension plans of affiliates of the Corporation purchased no Class A Shares\nduring the 12 month period preceding the date hereof.\nA copy of the Notice may be obtained by any shareholder without charge,\nby contacting the Secretary/Treasurer ...