The Churchill Corporation Initiates Normal Course Issuer Bid

CALGARY, Nov. 25, 2011 /CNW/ - The Churchill Corporation (TSX: CUQ) (TSX: CUQ.DB) (the "Corporation") today announced that a normal course issuer bid ("NCIB") has been approved by the Toronto Stock Exchange (the "TSX").

The Corporation intends to purchase up to 1,217,671 of its common shares by way of normal course purchases on the TSX, representing 5% of its issued and outstanding common shares on November 24, 2011.  Daily repurchases will be limited to 9,519 common shares, other than block purchase exceptions.  As of November 24, 2011 there were 24,353,418 common shares issued and outstanding.

The bid may commence on November 30, 2011 and will continue until the earlier of November 29, 2012 or the date by which the Corporation has acquired the maximum number of common shares which may be purchased under the bid.  Purchases will be made through the facilities of the TSX only, in accordance with the requirements of the TSX, and the price at which the Corporation will purchase its common shares will be the market price of the common shares at the time of acquisition.  The Corporation has appointed Raymond James Ltd. as its broker to conduct normal course issuer bid transactions.  Common shares purchased by the Corporation will be returned to treasury for cancellation.  During the 12 months preceding November 30, 2011, the Corporation did not repurchase any common shares.

Management of the Corporation believes that from time to time the market price of the common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.

About The Churchill Corporation

The Churchill Corporation provides building construction, commercial and industrial electrical contracting, earthmoving, mining and industrial insulation services to an array of public and private sector clients. Churchill operates office locations throughout British Columbia, Alberta, Saskatchewan, Manitoba, northwest Ontario and the Yukon. Churchill common shares and debentures are listed on the Toronto Stock Exchange under the symbol "CUQ" and "CUQ.DB" respectively. www.churchillcorporation.com

FORWARD LOOKING STATEMENTS

This press release may contain statements that, to the extent that they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of applicable securities legislation, including, but not limited to, future purchases of our Common Shares under the Normal Course Issuer Bid. Forward-looking statements include, without limitation, statements regarding the future financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of the Corporation. Many of these statements can be identified by looking for words such as "believes," "expects," "may," "will," "intends," "anticipates," "estimates," "continues," or the negative thereof, or other variations thereon. Although management of Churchill believes its expectations regarding future performance of the Corporation are based on reasonable assumptions and currently available competitive, financial and economic data, market conditions and operating plans, it can give no assurance its expectations will be achieved. The Corporation cautions that, by their nature, forward-looking statements, involve risks, and uncertainties and that its actual actions, and/or results could differ materially from those expressed or implied in such forward-looking statements, and that the aforementioned risks, uncertainties and actions could affect the extent to which a particular projection materializes. The Corporation assumes no obligation to update the forward-looking statements should circumstances or the Corporation's management's estimates or opinions change.

SOURCE The Churchill Corporation

For further information:

Andrew Apedoe
Vice President, Investor Relations & Secretary
The Churchill Corporation
(403) 685-7775
Email: inquiries@churchill-cuq.com
                Ken Wetherell, CFA
Director, Investor Relations
The Churchill Corporation
(403) 685-7776
Email: inquiries@churchill-cuq.com

 

Profil de l'entreprise

The Churchill Corporation

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.