Business
/R E P E A T -- AKITA Drilling Ltd. - Normal Course Issuer Bid/
CALGARY, July 30 /CNW/ - The Corporation has filed a Notice of Intention to Make a Normal Course ...
About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\n\nCALGARY, July 30 /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.\n\n\nOn July 30, 2008, 16,612,958 Class A Shares were outstanding. Under the\nrules of the Exchange, in the period commencing on August 5, 2008 and ending\non August 4, 2009 the Corporation may acquire up to 830,648 Class A Shares of\nthe Corporation, being approximately 5% of the Class A Shares outstanding as\nat July 30, 2008. If market conditions permit, the Corporation presently\nanticipates that it will acquire up to 498,389 Class A Shares, which number\nrepresents approximately 3.0% of the Class A Shares outstanding as at July 30,\n2008.\n\n\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.\n\n\nThe average daily trading volume for the Class A Shares for the six month\nperiod preceding the date hereof was 7,501. The Corporation purchased 5,300\nClass A Shares at an average trading price of $15.53 during the 12 month\nperiod preceding the date hereof pursuant to a normal course issuer bid which\ncommenced on June 15, 2007 and expired on June 14, 2008. All of such purchases\nwere made by means of open market transactions through the facilities of the\nExchange. Trustees under the pension plans of affiliates of the Corporation\npurchased no Class A Shares during the...