Business
TransForce announces intention to renew normal course issuer bid
MONTREAL , July 29, 2013 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American lea...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\nMONTREAL, July 29, 2013 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a\n North American leader in the transportation and logistics industry,\n today announced that it has filed an application with the Toronto Stock\n Exchange (\"TSX\") for renewal of its normal course issuer bid (\"NCIB\").\n The renewal of the NCIB is subject to the approval of the TSX. When the\n NCIB is renewed, TransForce will have the right to purchase for\n cancellation, from August 2, 2013 to August 1, 2014, a maximum of\n 6,000,000 common shares, representing 6.9% of the 86,976,830 shares\n forming TransForce's public float. As of July 24, 2013, TransForce had\n 91,979,723 common shares issued and outstanding.\n\n\nUnder its current NCIB, which expires on August 1, 2013, TransForce has\n repurchased, as of July 24, 2013, 4,357,800 common shares at an average\n purchase price of approximately $18.61 per share. All of the\n repurchased shares were cancelled by TransForce.\n\n\nAny shares purchased by TransForce under the renewed NCIB will be at the\n market price of the shares at the time of such purchases. The actual\n number of shares that may be purchased and the timing of any such\n purchases will be determined by TransForce. Any purchases made by\n TransForce pursuant to the renewed NCIB will be made in accordance with\n the rules and policies of the TSX.\n\n\nDuring the most recently-completed six months, the average daily trading\n volume for the common shares of TransForce on the TSX was 291,400.\n Consequently, under the policies of the TSX, TransForce will have the\n right to repurchase under the renewed NCIB, during any one trading day,\n a maximum of 72,850 shares, representing 25% of the average daily\n trading volume. In addition, TransForce will be allowed to make, once\n per calendar week, a block purchase (as such term is defined in the TSX\n Company Manual) of shares not directly or indirectly owned by insiders\n of TransForce, in accordance with the policies of the TSX.\n\n\nIn the opinion of TransForce's Board of Directors, TransForce's shares\n have been trading in a price range which does not adequately reflect\n their value, based on TransForce's business and strong financial\n position, and the share price is driving an unusually high yield. As a\n result, TransForce believes that, at appropriate times, repurchase...