Arbor Announces Normal Course Issuer Bid
TSX ABO.A and ABO.B
TORONTO, Nov. 1 /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 121,274 of its Class A voting common shares (the "Class A Shares") and 404,627 Class B non-voting common shares (the "Class B Shares"), representing approximately 5% of the issued and outstanding Class A Shares and Class B Shares, respectively. As of November 1, 2010, Arbor has 2,425,497 Class A Shares issued and outstanding and 8,092,546 Class B Shares issued and outstanding, with a public float of 398,899 Class A Shares and 2,334,577 Class B Shares.
Arbor will cancel any Class A Shares and Class B Shares purchased pursuant to the normal course issuer bid. The purchases may commence on November 3, 2010 and will terminate on November 2, 2011 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 Class A Shares and Class B Shares will be the market price of such shares on the TSX at the time of acquisition. The Corporation will make no purchases of Class A Shares and Class B Shares other than open market purchases. Daily repurchases by Arbor will be limited to 1,000 Class A Shares and 1,000 Class B Shares, other than block purchase exceptions, based on an average daily trading volume for the last six calendar months of 113 Class A Shares and 617 Class B Shares. In the preceding 12 month period, Arbor repurchased and cancelled 100,000 Class A Shares at $23.25 per share and 95,700 Class B Shares at $23.50 per share for a total consideration of $4.6 million under the normal course issuer bid that was announced on September 3, 2009.
The Corporation believes that from time to time, the Class A Shares and Class B 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 Class A Shares and Class B Shares are a good investment at its current and recent prices.
%SEDAR: 00007478EFor further information:
Brian D. Snowdon, President and CEO; Laurel L. Ancheta, Vice President and CFO, Phone: 416 763 4531