SHAWCOR LTD. (TSX: SCL.SV.A, SCL.MV.B)
TORONTO, Nov. 30 /CNW/ - ShawCor Ltd. (TSX: SCL.SV.A, SCL.MV.B) announced
today that it has received approval from the Toronto Stock Exchange ("TSX") to
renew its normal course issuer bid for a further one year period. ShawCor's
normal course issuer bid will now expire on November 30, 2006, in accordance
with the rules of the TSX.
Under ShawCor's previously approved issuer bid, during the 12 month
period commencing December 1, 2004, ShawCor purchased an aggregate of
1,133,600 Class A Shares at a weighted average price of $13.83. All such
shares have been cancelled.
As approved by the TSX, during the period of December 1, 2005, to
November 30, 2006, ShawCor is now authorized to acquire up to an additional
3,000,000 (approximately 4.9%) of the currently issued and outstanding Class A
Subordinate Voting Shares and up to 679,000 (approximately 5%) of the
currently issued and outstanding Class B Multiple Voting Shares. 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.
As at November 25, 2005 there were 60,488,344 Class A Subordinate Voting
Shares and 13,598,665 Class B Multiple Voting Shares issued and outstanding.
ShawCor Ltd. is a global energy services company specializing in products
and services for the pipeline, pipe services and the petrochemical and
industrial downstream sectors of the energy industry. The company operates
through six divisions with manufacturing and service facilities located around
the world.
%SEDAR: 00002746E
