Business
FirstService announces normal course issuer bid for preferred shares
FirstService announces normal course issuer bid for preferred shares.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nTORONTO, Aug. 31 /CNW/ - FirstService Corporation (TSX: FSV and FSV.PR.U;\nNasdaq: FSRV) ("FirstService") announced today that the Toronto Stock Exchange\n(the "TSX") has accepted a notice filed by FirstService of its intention to\nmake a normal course issuer bid (the "NCIB") with respect to its outstanding\n7% cumulative preference shares, series 1 (the "Preferred Shares"). A similar\nnotice has also been filed with the Ontario Securities Commission.\n\n\nThe notices provide that FirstService may, during the period commencing\nSeptember 4, 2007 and ending June 6, 2008, purchase through the facilities of\nthe TSX, for cancellation, up to 524,750 Preferred Shares in total, being\napproximately 10% of the "public float". The price which FirstService will pay\nfor any such shares will be the market price at the time of acquisition. The\nactual number of Preferred Shares which may be purchased pursuant to the NCIB\nand the timing of any such purchases will be determined by senior management\nof FirstService.\n\n\nAs of August 22, 2007 there were 28,509,900 subordinate voting shares,\n1,325,694 multiple voting shares and 5,979,118 Preferred Shares of\nFirstService outstanding.\n\n\nFirstService believes that its Preferred Shares may from time to time\ntrade in a price range that does not adequately reflect the value of such\nshares. As a result, depending upon future price movements and other factors,\nFirstService believes that its outstanding Preferred Shares may represent an\nattractive investment to FirstService.\n\n\nDuring the twelve month period preceding this release, FirstService has\nnot purchased for cancellation any Preferred Shares. FirstService currently\nhas an approved normal course issuer bid with respect to its subordinate\nvoting shares as disclosed in its press release of May 29, 2007.\n\n\nABOUT FIRSTSERVICE\n\n\nFirstService is a leader in the rapidly growing property services sector,\nproviding services in the following areas: commercial real estate; residential\nproperty management; property improvement; and integrated security services.\nMarket-leading brands include Colliers International in commercial real\nestate; The Continental Group, The Wentworth Group and The Merit Companies in\nresidential property management; Consumer brands California Closet...