Business
Genesis Land Development Corp. announces normal course issuer bid
CALGARY, Sept. 19 /CNW/ - Genesis Land Development Corp. ("Genesis" or the "Corporation") announc...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\n\nCALGARY, Sept. 19 /CNW/ - Genesis Land Development Corp. ("Genesis" or\nthe "Corporation") announces that it intends to purchase for cancellation up\nto 2,301,784 of its common shares by way of a normal course issuer bid through\nthe facilities of the Toronto Stock Exchange. The common shares represent\napproximately 5% of the 46,035,690 issued and outstanding common shares of the\nCorporation as at September 17, 2008. The average daily trading volume on the\nToronto Stock Exchange for the six months prior to the date hereto for the\nCorporation's common shares is 29,110 common shares, resulting in a daily\npurchase limit for the Corporation of 7,277 common shares.\n\n\nThe purchases may commence on September 23, 2008 and will terminate on\nSeptember 22, 2009, or on such earlier date as the Corporation may complete\nits purchases pursuant to a notice of intention to be filed with The Toronto\nStock Exchange or provide notice of termination. Any such purchases will be\nmade by the Corporation at the prevailing market price at the time of such\npurchases in accordance with the requirements of the Toronto Stock Exchange.\n\n\nThe Corporation believes that the current trading price of its common\nshares does not reflect the value of such shares in relation to the\nCorporation's business prospects. Accordingly the Corporation believes that\nthe commencement of this normal course issuer bid represents an opportunity to\ncreate value for shareholders, is in the best interests of the Corporation and\nits shareholders and is an appropriate use of the Corporation's funds.\n\n\nTo the knowledge of the Corporation, no director, senior officer or other\ninsider of the Corporation intends at present to sell any common shares under\nthis bid. However, sales by such persons through the facilities of the Toronto\nStock Exchange or elsewhere may occur if the circumstances or decisions of any\nsuch person change. The benefits to any such person whose common shares are\npurchased would be the same as the benefits available to all other holders\nwhose common shares are purchased.\n\n\nThe Corporation's previous normal course issuer bid was implemented on\nSeptember 28, 2006 and ended on September 27, 2007. Genesis acquired a total\nof 200,000 of its common shares pursuant to its previous bid at an average\ncost of $5.75 p...