Business
Celestica announces Normal Course Issuer Bid
Celestica announces Normal Course Issuer Bid
About this update from Celestica Inc.
[{"type":"text","content":"\n\n\n\n Jul. 23, 2010 (Canada NewsWire Group) -- \n \n \n\n\n\n \n\n\n\n\n\n\n\n\nCompany intends to purchase up to approximately 18 million, or 9%, of its subordinate voting shares\n\nTORONTO, July 23 /CNW/ - Celestica Inc. (NYSE, TSX: CLS), a global leader in the delivery of end-to-end product lifecycle solutions, today announced it intends to launch a Normal Course Issuer Bid (the Bid), subject to the approval of the Toronto Stock Exchange.\nIf approved, the company expects to be authorized to repurchase, at its discretion during the next 12 months, up to approximately 18 million, or 9%, of the company's subordinate voting shares on the open market, subject to the normal terms and limitations of such bids. The actual number of subordinate voting shares, which may be purchased pursuant to the Bid and the timing of any such purchases, will be determined by the management of the company, subject to applicable law and the rules of the TSX. The actual number of subordinate voting shares which may be purchased will be reduced by the number of subordinate voting shares purchased for employee equity-based incentive programs.\nSubject to the approval of the TSX, the company expects the Bid to commence on or about the first week of August 2010 and terminate 12 months thereafter or sooner at the company's discretion. Purchases are expected to be made through the facilities of the New York Stock Exchange and the Toronto Stock Exchange, or such other permitted means, at prevailing market prices or as otherwise permitted. The share repurchase program will be funded using existing cash resources and any subordinate voting shares purchased by the Company under the Bid will be cancelled.\nAs of July 22, 2010, the company had 211.2 million issued and outstanding subordinate voting shares. The combined total average daily trading volume on the New York Stock Exchange and Toronto Stock Exchange for the six months preceding July 22, 2010 was 980,000 subordinate voting shares.\nThe company believes that the purchases are in the best interest of the company and constitute a desirable use of its funds.\n\nAbout Celestica\n\nCelestica is dedicated to delivering end-to-end product lifecycle solutions to drive our customers' success. Through our simplified global operations network and information technology platform, we are solid partners who deliver...