Business
Melcor Developments Ltd., EDMONTON AB (TSX:MRD) Announces Notice of Intention to Make a Normal Course Issuer Bid
Melcor Developments Ltd., EDMONTON AB (TSX:MRD) Announces Notice of Intention to Make a Normal Course Issuer Bid.
About this update from Melcor Developments Ltd.
[{"type":"text","content":"\n\n\n\n\nEDMONTON, Sept. 14 /CNW/ - Melcor Developments Ltd. (\"Melcor\") announces\nthat a Notice of Intention to make a Normal Course Issuer Bid has been filed\nwith and accepted by the Toronto Stock Exchange to purchase up to 1,550,000 (a\nmaximum of 5%) of its issued and outstanding Common Shares (presently\n31,017,320 Common Shares as at September 14, 2006) in a twelve-month period.\nThe Issuer Bid will commence on the 18th day of September, 2006 and will\nterminate on the earlier of the 17th day of September, 2007 and the date on\nwhich the maximum number of Common Shares are purchased pursuant to the Issuer\nBid. Purchases of Common Shares under the Issuer Bid will be effected through\nthe facilities of the Toronto Stock Exchange. All Common Shares so purchased\nshall be immediately returned to the status of authorized but unissued\ncapital. The Corporation currently has a Normal Course Issuer Bid in place\nthrough the Toronto Stock Exchange, which expires September 15, 2006. The\nCorporation has not purchased any Common Shares during the course of that\nIssuer Bid.\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\n\n\n","length":2459,"tagName":"div"}]