Business
FirstService announces normal course issuer bid
FirstService announces normal course issuer bid.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nTORONTO, May 29 /CNW/ - FirstService Corporation (TSX: FSV; Nasdaq: FSRV)\n("FirstService") announced today that the Toronto Stock Exchange (the "TSX")\nhas accepted a notice filed by FirstService of its intention to make a normal\ncourse issuer bid (the "NCIB"). A similar notice has also been filed with the\nOntario Securities Commission.\n\n\nThe notices provide that FirstService may, during the 12 month period\ncommencing June 7, 2007 and ending June 6, 2008, purchase through the\nfacilities of the TSX or Nasdaq National Market ("Nasdaq"), for cancellation,\nup to 2,600,000 subordinate voting shares in total, being approximately 10% of\nthe "public float". Purchases of subordinate voting shares through Nasdaq will\nbe made in the normal course and will not, during the 12 month period ending\nJune 6, 2008 exceed, in the aggregate, 5% of the issued and outstanding\nsubordinate voting shares of FirstService as at the commencement of the\nperiod. The price which FirstService will pay for any such shares will be the\nmarket price at the time of acquisition. The actual number of subordinate\nvoting shares which may be purchased pursuant to the NCIB and the timing of\nany such purchases will be determined by senior management of FirstService.\n\n\nAs of May 28, 2007 there were 28,527,544 subordinate voting shares and\n1,325,694 multiple voting shares of FirstService outstanding.\n\n\nFirstService believes that its subordinate voting shares may from time to\ntime trade in a price range that does not adequately reflect the value of such\nshares in relation to the business of FirstService and its future business\nprospects. As a result, depending upon future price movements and other\nfactors, FirstService believes that its outstanding subordinate voting shares\nmay represent an attractive investment to FirstService. Furthermore, the\npurchases are expected to benefit all persons who continue to hold subordinate\nvoting shares by increasing their equity interest in FirstService.\n\n\nDuring the preceding twelve month period ended May 28, 2007, FirstService\npurchased for cancellation an aggregate of 819,100 subordinate voting shares\nat an average price of US$24.44 per share through the facilities of the TSX\nand Nasdaq.\n\n\nABOUT FIRSTSERVICE\n\n\nFirstService is a leader in t...