Business
TransForce announces normal course issuer bid
MONTREAL , Sept. 16, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American le...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\nMONTREAL, Sept. 16, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a\n North American leader in the transportation and logistics industry,\n today announced that the Toronto Stock Exchange (\"TSX\") has approved\n TransForce's normal course issuer bid (\"NCIB\"). Under the NCIB,\n TransForce has the right to purchase for cancellation, from September\n 19, 2014 to September 18, 2015, a maximum of 6,000,000 common shares,\n representing 7.4% of the 81,133,728 shares forming TransForce's public\n float. As of August 31, 2014, TransForce had 98,667,033 common shares\n issued and outstanding.\n\n\nUnder its previous NCIB, which expired on August 1, 2014, TransForce\n repurchased 1,301,500 common shares at an average purchase price of\n $22.9469 per share. All of the repurchased shares were cancelled by\n TransForce.\n\n\nAny shares purchased by TransForce under the NCIB will be at the market\n price of the shares at the time of such purchases. The actual number of\n shares that may be purchased and the timing of any such purchases will\n be determined by TransForce. Any purchases made by TransForce pursuant\n to the NCIB will be made in accordance with the rules and policies of\n 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 236,695\n shares. Consequently, under the policies of the TSX, TransForce will\n have the right to repurchase under its NCIB, during any one trading\n day, a maximum of 59,173 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\nThe Board of Directors of TransForce believes that, at appropriate\n times, repurchasing its shares through the NCIB represents a good use\n of TransForce's financial resources, as such action can protect and\n enhance shareholder value when opportunities or volatility arise.\n\n\nTo the knowledge of TransForce, no director or senior officer, including\n the CEO, and no person acting jointly or in concert with TransForce\n currently intends to sell shares during the NCIB. However, sales by\n such persons ...