CALGARY, Aug. 26 /CNW/ - Olympia Financial Group Inc. (the "Corporation") today announced that it has received approval of the TSX Venture Exchange (the "Exchange") to proceed with a normal course issuer bid ("NCIB") of its issued and outstanding common shares ("Common Shares"). As of August 25, 2009, there were 2,473,552 Common Shares issued and outstanding.
The Corporation currently only intends on purchasing Common Shares having a value up to $2,000,000. In any event, pursuant to the rules of the Exchange, the Corporation will not purchase more than 49,471 Common Shares (being 2% of the issued and outstanding shares) in any 30-day period and the Corporation will not purchase more than 123,677 Common Shares (being 5% of the issued and outstanding shares) in the 12 month period ending August 31, 2010.
The bid will commence on September 1, 2009 and will continue until the earlier of August 31, 2010 and the date by which the Corporation has acquired the maximum number of Common Shares which may be purchased under the bid. Purchases will be made through the facilities of the Exchange only, in accordance with the requirements of the Exchange, and the price at which the Corporation will purchase its Common Shares will be the market price of the Common Shares at the time of acquisition. The Corporation has appointed Canaccord Capital Corporation as its broker to conduct NCIB transactions. Common Shares purchased by the Corporation will be returned to treasury for cancellation. During the 12 months preceding the date hereof, the Corporation did not repurchase any Common Shares. Purchases in any given 30-day period are restricted to a maximum of 2% of the total number of outstanding Common Shares. There is no minimum number of Common Shares that must be purchased by the Corporation under the NCIB.
To the knowledge of the Corporation, no director, senior officer or other insider of the Corporation currently intends to sell any Common Shares under the NCIB. However, sales by such persons through the facilities of the Exchange may occur if the personal circumstance of any such person change or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose Common Shares are purchased would be the same as the benefits available to all other holders whose Common Shares are purchased.
Management of the Corporation believes that from time to time the market price of the Common Shares may not reflect their underlying value and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. Any purchases made by the Corporation will also afford increased liquidity to those shareholders of the Corporation who may wish to dispose of their Common Shares.
Additional information on Olympia Financial Group Inc. can be found on the Group's website at www.olympiatrust.com and on SEDAR at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.