Business
Melcor announces Notice of Intention to make a Normal Course Issuer Bid to August 3, 2009
EDMONTON, July 30 /CNW/ - (TSX: MRD) ("Melcor" or the "Corporation") announced that a Notice of I...
About this update from Melcor Developments Ltd.
[{"type":"text","content":"\n\n\n\nEDMONTON, July 30 /CNW/ - (TSX: MRD) ("Melcor" or the "Corporation")\nannounced that a Notice of Intention to make a Normal Course Issuer Bid has\nbeen filed with and accepted by the Toronto Stock Exchange to purchase up to\n1,560,000 (a maximum of 5%) of its issued and outstanding Common Shares\n(31,209,530 Common Shares as at July 29, 2008) in a twelve-month period. The\nIssuer Bid will commence on the 4th day of August, 2008 and will terminate on\nthe earlier of the 3rd day of August, 2009 and the date on which the maximum\nnumber of Common Shares are purchased pursuant to the Issuer Bid. Purchases of\nCommon Shares under the Issuer bid will be effected through the facilities of\nthe Toronto Stock Exchange at the market price at the time of purchase. The\nCommon Shares will be purchased for cancellation. The company will be limited\nto a daily trading volume of 3,994 Common Shares plus one block trade per\nweek.\n\n\nThe Corporation's board of directors and management believe that the\npurchase by the Corporation of its outstanding Common Shares pursuant to the\nNormal Course Issuer Bid constitutes a prudent investment of corporate funds\nand a sound business decision in relation to alternative investment\nopportunities presently available to the Corporation as, in their opinion, the\nshares are undervalued when considered against the assets and liabilities of\nthe Corporation and in light of its current and potential earnings. Presently\nCommon Shares of Melcor are listed for trading on the Toronto Stock Exchange.\n\n\n","length":1605,"tagName":"div"}]