Business
BMTC Group Inc. announces the renewal of its normal course issuer bid to acquire Class A Subordinate Voting Shares
MONTREAL, March 11, 2013 /CNW Telbec/ - The Company announces that it has received the requ...
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\n\n\nMONTREAL, March 11, 2013 /CNW Telbec/ - The Company announces that it\n has received the required regulatory approvals to renew its normal\n course issuer bid to acquire Class A Subordinate Voting Shares listed\n on the Toronto Stock Exchange (the \"TSX\") for the period between March\n 13th, 2013 and March 12th, 2014, at the latest. The Company's previous normal course issuer bid\n ended on March 7th, 2013. Pursuant to its renewed normal course issuer bid, the Company\n intends to acquire, through the facilities of the TSX and through\n alternative trading systems (such as Alpha ATS) and in accordance with\n their requirements, up to 2,226,936 of Class A Subordinate Voting\n Shares, representing about 5% of the 44,538,720 Class A Subordinate\n Voting Shares issued and outstanding as at February 28th, 2013.\n\n\nWithin the last 12 months, the Company acquired for cancellation, under\n its previous normal course issuer bid, a total of 1,825,000 Class A\n Subordinate Voting Shares with respect to which the weighted average\n price paid was $16.12 per share.\n\n\nIn accordance with TSX requirements, the average daily trading volume of\n BMTC's Class A Subordinate Voting Shares over the last six complete\n calendar months was 5,178 shares (the \"ADTV\"). Accordingly, under TSX\n rules and policies, BMTC is entitled on any trading day to purchase up\n to 1,294 Class A Subordinate Voting Shares until March 12th, 2014. Once a week, in excess of the daily Class A Subordinate Voting\n Shares repurchase limit, BMTC may also purchase a block of Class A\n Subordinate Voting Shares not owned by an insider (i) having a purchase\n price of $200,000 or more, (ii) of at least 5,000 Class A Subordinate\n Voting Shares having a purchase price of at least $50,000, or (iii) of\n at least 20 board lots of Class A Subordinate Voting Shares which total\n 150% or more of the ADTV in accordance with TSX rules. BMTC has\n retained National Bank Financial Inc. as broker to manage the Normal\n Course Issuer Bid.\n\n\nWhen acquiring Class A Subordinate Voting Shares through alternative\n trading systems (such as Alpha ATS), none of the requirements listed in\n the previous paragraph are applicable.\n\n\nBMTC considers that the acquisition of Class A Subordinate Voting Shares\n that it may effect from time to time in the course of its no...