Business
ShawCor renews normal course issuer bid
ShawCor renews normal course issuer bid.
About this update from Mattr Corp
[{"type":"text","content":"\n\n\n\n\nSHAWCOR LTD. (TSX: SCL.SV.A, SCL.MV.B)\n\nTORONTO, Nov. 30 /CNW/ - ShawCor Ltd. (TSX: SCL.SV.A, SCL.MV.B) announced\ntoday that it has received approval from the Toronto Stock Exchange (\"TSX\") to\nrenew its normal course issuer bid for a further one year period. ShawCor's\nnormal course issuer bid will now expire on November 30, 2006, in accordance\nwith the rules of the TSX.\nUnder ShawCor's previously approved issuer bid, during the 12 month\nperiod commencing December 1, 2004, ShawCor purchased an aggregate of\n1,133,600 Class A Shares at a weighted average price of $13.83. All such\nshares have been cancelled.\nAs approved by the TSX, during the period of December 1, 2005, to\nNovember 30, 2006, ShawCor is now authorized to acquire up to an additional\n3,000,000 (approximately 4.9%) of the currently issued and outstanding Class A\nSubordinate Voting Shares and up to 679,000 (approximately 5%) of the\ncurrently issued and outstanding Class B Multiple Voting Shares. All shares\npurchased under 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.\nAs at November 25, 2005 there were 60,488,344 Class A Subordinate Voting\nShares and 13,598,665 Class B Multiple Voting Shares issued and outstanding.\n\nShawCor Ltd. is a global energy services company specializing in products\nand services for the pipeline, pipe services and the petrochemical and\nindustrial downstream sectors of the energy industry. The company operates\nthrough six divisions with manufacturing and service facilities located around\nthe world.\n\n%SEDAR: 00002746E\n\n\n","length":1903,"tagName":"div"}]