MONTREAL, Aug. 31 /CNW Telbec/ - BMTC Group Inc. ("BMTC") (TSX: GBT.A) announces that it has received the required regulatory approvals to renew its program to acquire Class A Subordinate Voting Shares listed on the Toronto Stock Exchange (the "TSX") for the period between September 6, 2007 and September 5, 2008 at the latest. BMTC also announces that it will renew its program to acquire Class B Multiple Voting Shares, which are not listed on any stock exchange, for the period between September 6, 2007 and September 5, 2008 at the latest. BMTC's previous programs will expire on September 5, 2007. Pursuant to its renewed programs, BMTC intends to acquire, through the facilities of the TSX and in accordance with the requirements of the TSX, up to 10% of the public float of its Class A Subordinate Voting Shares representing 1,267,307 of such shares as of August 30, 2007, and to acquire up to 5% (less one share) of its Class B Multiple Voting Shares representing 554,284 of such shares as of August 30, 2007.
The average daily trading volume of BMTC's Class A Subordinate Voting Shares over the last six complete calendar months was 1,675 shares (the "ADTV"). Accordingly, under TSX rules and policies, BMTC is entitled on any trading day to purchase up to 1,000 Class A Subordinate Voting Shares. Once a week, in excess of the daily 1,000 Class A Subordinate Voting Shares repurchase limit, BMTC may also purchase a block of Class A Subordinate Voting Shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 Class A Subordinate Voting Shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of Class A Subordinate Voting Shares which total 150% or more of the ADTV in accordance with TSX rules. BMTC has retained National Bank Financial Inc. as broker to manage the program.
As of August 30, 2007, there were 20,216,467 Class A Subordinate Voting Shares and 11,085,685 Class B Multiple Voting Shares issued and outstanding. As of August 30, 2007, the public float of the Class A Subordinate Voting Shares was 12,673,072 shares. Class A Subordinate Voting Shares and Class B Multiple Voting Shares may be acquired at the market price at the time of the acquisition. The Class A Subordinate Voting Shares and the Class B Multiple Voting Shares acquired through these programs will be cancelled. BMTC Group Inc. considers that the acquisition of such Class A Subordinate Voting Shares and Class B Multiple Voting Shares that it may effect from time to time in the course of these programs is a sound use of its funds.
BMTC acquired for cancellation between September 6, 2006 and August 31, 2007, a total of 1,689,554 Class A Subordinate Voting Shares with respect to which the weighted average price paid was $19.48 per share, and 622,226 Class B Multiple Voting Shares with respect to which the weighted average price paid was $21.33 per share.
BMTC Group Inc., which Class A Subordinate Voting Shares are listed on the Toronto Stock Exchange, is an important retailer of furniture, electronic goods and household appliances in the Montreal, Quebec City, Laval, Ste-Hyacinthe, St-Jean-sur-le-Richelieu, Granby, Repentigny, Ste-Foy, Sherbrooke, Trois-Rivieres, Rimouski, St-Georges, Riviere-du-Loup, Chicoutimi, and Gatineau regions through its affiliates Brault & Martineau Inc. and Ameublements Tanguay.