TSX ABO.A and ABO.B
TORONTO, Sept. 3 /CNW/ - Arbor Memorial Services Inc. ("Arbor" or the
"Corporation") announced today that it has filed with the Toronto Stock
Exchange ("TSX"), and the TSX has accepted, a notice of intention to make a
normal course issuer bid. Under its normal course issuer bid, Arbor may
purchase up to 126,274 of its Class A voting common shares and 409,412 Class B
non-voting common shares, representing approximately 5% of the issued and
outstanding Class A and Class B common shares, respectively. As of September
2, 2009, Arbor has 2,525,497 Class A common shares issued and outstanding and
8,188,246 Class B common shares issued and outstanding, with a public float of
513,499 Class A common shares and 2,497,962 Class B common shares.
Arbor will cancel any common shares purchased pursuant to the normal
course issuer bid. The purchases may commence on September 8, 2009 and will
terminate on September 7, 2010 or on such earlier date as Arbor may complete
its purchases pursuant to the notice of intention to make a normal course
issuer bid filed with the TSX. Purchases will be made on the open market by
Arbor through the facilities of the TSX in accordance with TSX requirements.
The prices that Arbor will pay for any purchased common shares will be the
market price of such shares on the TSX at the time of acquisition. The
Corporation will make no purchases of common shares other than open market
purchases. Daily repurchases by Arbor will be limited to 1,000 Class A common
shares and 1,000 Class B common shares, other than block purchase exceptions,
based on an average daily trading volume for the last six calendar months of
1,333 Class A common shares 1,256 Class B common shares. The Corporation has
not purchased any of its common shares during the preceding 12 months pursuant
to a normal course issuer bid.
The Corporation believes that from time to time the common shares of the
Corporation have been trading at prices that do not reflect the underlying
value of the Corporation. As a result, Arbor believes that its common shares
are a good investment at its current and recent prices.
For further information: Brian D. Snowdon, President and CEO; Laurel L.
Ancheta, Vice President and CFO, Phone: (416) 763-4531