(TSX: SCL.SV.A, SCL.MV.B)
TORONTO, March 15 /CNW/ - ShawCor Ltd. (TSX: SCL.SV.A, SCL.MV.B)
announced today that it has received approval from the Toronto Stock Exchange
("TSX") to amend its normal course issuer bid which was originally entered
into on December 1, 2005.
The amendment allows for a change in the number of Class A Subordinate
voting shares and Class B Multiple voting shares which the Company may
purchase.
As approved by the TSX, during the period of December 1, 2005, to
November 30, 2006, ShawCor is now authorized to acquire up to 5,300,000 Class
A Subordinate Voting Shares (representing approximately 10 % of the public
float) and up to 100,000 of the Class B Multiple Voting Shares (again
representing approximately 10 % of the public float). All shares purchased
under the normal course issuer bid will be cancelled.
The Board of Directors of ShawCor continues to believe that the purchase
of shares under the bid are in the best interests of the Corporation and its
shareholders and that such purchases constitute a desirable use of Shaw's free
cash that is expected to enhance the value of the remaining shares.
ShawCor Ltd. is a global energy services company specializing in products
and services for the pipeline, pipe services and the petrochemical and
industrial sectors of the energy industry. The company operates through six
divisions with manufacturing and service facilities located around the world.
