Business
TransForce Inc. Announces Normal Course Issuer Bid Intention
MONTREAL, March 16 /CNW Telbec/ - TransForce Inc. ("TransForce" or "the Company") (TSX: TFI - T),...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\n\nMONTREAL, March 16 /CNW Telbec/ - TransForce Inc. ("TransForce" or "the\nCompany") (TSX: TFI - T), the leader in the Canadian transportation and\nlogistics industry, today announced its intention to repurchase certain of its\nissued and outstanding common shares (the "Shares") pursuant to a normal\ncourse issuer bid (the "Bid"). The Bid has been approved by the Toronto Stock\nExchange ("TSX") and shall commence on March 18, 2009 and end on March 17,\n2010. TransForce's intention is to purchase for cancellation up to a maximum\nof 5,000,000 Shares, representing approximately 7.5% of the 67,135,714 Shares\nforming the unrestricted public-float of the Company as of March 10 2009, over\na twelve-month period at the prevailing market price of the Shares at the time\nof such purchases. There are a total of 86,790,097 Shares issued and\noutstanding as of March 10, 2009. The actual number of Shares that may be\npurchased and the timing of any such purchases will be determined by\nTransForce. All purchases will be made through the facilities of the TSX in\naccordance with the requirements of the TSX.\n\n\nThe average daily trading volume of the Shares over the most recently\ncompleted six (6) calendar months was 261,253 Shares. Accordingly, the Company\nis entitled to purchase, on any trading day, up to 65,313 Shares.\n\n\nIn the opinion of the board of directors of the Company, the Shares have\nbeen trading in a price range which does not adequately reflect the value of\nthe Shares based on TransForce's business and strong financial position and\nare driving an unusually high yield. As a result, TransForce believes that, at\nappropriate times, repurchases through the Bid can enhance shareholder value\nand represents an appropriate use of TransForce's financial resources.\n\n\nTo the knowledge of TransForce, no director or senior officer, including\nthe CEO, no person acting jointly or in concert with TransForce and no person\nholding 10% or more of any Shares of TransForce currently intends to sell\nShares during the course of the Bid. However, sales by such persons through\nthe facilities of the TSX may occur if any such person makes a decision\nunrelated to the Bid. The benefits to any such person whose Shares are\npurchased would be the same as the benefits available to all ot...