Stock Symbol: (TSX: TWH)
TORONTO, Sept. 18 /CNW/ - Tri-White Corporation ("Tri-White") today announced that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by Tri-White of its intention to make a normal course issuer bid through the facilities of the TSX.
The notice provides that Tri-White may, during the twelve-month period commencing September 20th, 2008 and ending September 19th, 2009 purchase up to 1,146,304 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares. The price that Tri-White will pay for any such Common Shares will be the market price at the time of acquisition. Management of Tri-White will determine the actual number of Common Shares that may be purchased and the timing of any such purchases.
Tri-White did not purchased Common Shares for cancellation during the last twelve months. As of September 12, 2008 there were 22,926,080 Common Shares outstanding.
Tri-White believes that its Common Shares have been trading in price ranges which do not adequately reflect their value in relation to the business of Tri-White and its future business prospects. As a result, depending upon future price movements and other factors, Tri-White believes that its outstanding Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in Tri-White. All Common Shares purchased by Tri-White under the normal course issuer bid will be cancelled.
Tri-White Corporation holds a diverse leisure industry portfolio of assets focusing on tourism and golf with additional interests in merchant banking activities. Tri-White is the largest shareholder, with a 70% interest, in ClubLink Corporation, Canada's leading owner and operator of high quality member golf clubs, daily fee golf clubs and golf resorts with 37 properties. Tri-White additionally owns a 100% interest in the historic White Pass & Yukon Route Railway, including strategic holdings in the port operations and supporting excursions, based in Skagway, Alaska.