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BMTC Group Inc. announces the renewal of its programs to acquire Class A Subordinate Voting Shares and Class B Multiple Voting Shares
BMTC Group Inc. announces the renewal of its programs to acquire Class A Subordinate Voting Shares and Class B Multiple Voting Shares.
About this update from Bmtc Group Inc. Class A
[{"type":"text","content":"\n\n\n\nMONTREAL, Aug. 31 /CNW Telbec/ - BMTC Group Inc. ("BMTC") (TSX: GBT.A)\nannounces that it has received the required regulatory approvals to renew its\nprogram to acquire Class A Subordinate Voting Shares listed on the Toronto\nStock Exchange (the "TSX") for the period between September 6, 2007 and\nSeptember 5, 2008 at the latest. BMTC also announces that it will renew its\nprogram to acquire Class B Multiple Voting Shares, which are not listed on any\nstock exchange, for the period between September 6, 2007 and September 5, 2008\nat the latest. BMTC's previous programs will expire on September 5, 2007.\nPursuant to its renewed programs, BMTC intends to acquire, through the\nfacilities of the TSX and in accordance with the requirements of the TSX, up\nto 10% of the public float of its Class A Subordinate Voting Shares\nrepresenting 1,267,307 of such shares as of August 30, 2007, and to acquire up\nto 5% (less one share) of its Class B Multiple Voting Shares representing\n554,284 of such shares as of August 30, 2007.\n\n\nThe average daily trading volume of BMTC's Class A Subordinate Voting\nShares over the last six complete calendar months was 1,675 shares (the\n"ADTV"). Accordingly, under TSX rules and policies, BMTC is entitled on any\ntrading day to purchase up to 1,000 Class A Subordinate Voting Shares. Once a\nweek, in excess of the daily 1,000 Class A Subordinate Voting Shares\nrepurchase limit, BMTC may also purchase a block of Class A Subordinate Voting\nShares not owned by an insider (i) having a purchase price of $200,000 or\nmore, (ii) of at least 5,000 Class A Subordinate Voting Shares having a\npurchase price of at least $50,000, or (iii) of at least 20 board lots of\nClass A Subordinate Voting Shares which total 150% or more of the ADTV in\naccordance with TSX rules. BMTC has retained National Bank Financial Inc. as\nbroker to manage the program.\n\n\nAs of August 30, 2007, there were 20,216,467 Class A Subordinate Voting\nShares and 11,085,685 Class B Multiple Voting Shares issued and outstanding.\nAs of August 30, 2007, the public float of the Class A Subordinate Voting\nShares was 12,673,072 shares. Class A Subordinate Voting Shares and Class B\nMultiple Voting Shares may be acquired at the market price at the time of the\nacquisition. The Class A Subordinate Voting Shares a...