Business
ShawCor amends normal course issuer bid
ShawCor amends normal course issuer bid.
About this update from Mattr Corp
[{"type":"text","content":"\n\n\n\n\n(TSX: SCL.SV.A, SCL.MV.B)\n\nTORONTO, March 15 /CNW/ - ShawCor Ltd. (TSX: SCL.SV.A, SCL.MV.B)\nannounced today that it has received approval from the Toronto Stock Exchange\n(\"TSX\") to amend its normal course issuer bid which was originally entered\ninto on December 1, 2005.\nThe amendment allows for a change in the number of Class A Subordinate\nvoting shares and Class B Multiple voting shares which the Company may\npurchase.\nAs approved by the TSX, during the period of December 1, 2005, to\nNovember 30, 2006, ShawCor is now authorized to acquire up to 5,300,000 Class\nA Subordinate Voting Shares (representing approximately 10 % of the public\nfloat) and up to 100,000 of the Class B Multiple Voting Shares (again\nrepresenting approximately 10 % of the public float). All shares purchased\nunder the normal course issuer bid will be cancelled.\nThe Board of Directors of ShawCor continues to believe that the purchase\nof shares under the bid are in the best interests of the Corporation and its\nshareholders and that such purchases constitute a desirable use of Shaw's free\ncash that is expected to enhance the value of the remaining shares.\n\nShawCor Ltd. is a global energy services company specializing in products\nand services for the pipeline, pipe services and the petrochemical and\nindustrial sectors of the energy industry. The company operates through six\ndivisions with manufacturing and service facilities located around the world.\n\n\n\n\n","length":1523,"tagName":"div"}]