TERREBONNE, QC, Dec. 6, 2012 /CNW Telbec/ - ADF Group Inc ("ADF" or the "Corporation") (TSX: DRX) announces that it has obtained
the approval of its Board of Directors and the Toronto Stock Exchange
to renew its normal course issuer bid.
From December 11, 2012 to December 10, 2013, ADF Group will be
authorized to repurchase for cancellation up to 1,552,731 subordinate
voting shares. The share buybacks will be made from time to time when
deemed appropriate by the Corporation, considering current economic
conditions, its liquidities and the progress of its project to set up a
fabrication plant in the State in Montana, U.S.A. These 1,552,731
shares represent approximately 10% of the public float of subordinate
voting shares. At the close of business on November 30, 2012, the
number of subordinate voting shares outstanding totalled 18,111,205, of
which 85.7% or 15,527,313 shares were held by the public.
ADF's management and Board of Directors believe that the price of the
subordinate voting shares may sometimes not reflect the intrinsic value
of ADF and that, consequently, this repurchase of the subordinate
voting shares may be a judicious use of ADF's funds. The repurchase of
the subordinate voting shares will be carried out by ADF on the open
market through the Toronto Stock Exchange in compliance with its
requirements, which currently limit the repurchase to 2,470 shares per
day, or 25% of the number of subordinate voting shares traded daily, on
average, over the last six months, with the exception of block trades.
The price that ADF will pay for the subordinate voting shares that it
will acquire will be the market price of those shares at their
acquisition date. All the shares repurchased under the normal course
issuer bid will be cancelled. The purchases will be made at ADF's
Over the last twelve months ADF has repurchased 339,600 subordinate
voting shares at a weighted average price of $1.33 per share under a
previous normal course issuer bid carried out through the Toronto Stock
Exchange and which ended on October 5, 2012.
About ADF Group Inc.
ADF Group Inc. is a North American leader in the design and engineering
of connections, fabrication and installation of complex steel
structures, heavy steel built-ups, as well as miscellaneous and
architectural metals for the non-residential construction industry. ADF
is one of the few players in the industry capable of handling highly
technically complex mega projects on fast-track schedules in the
commercial, institutional, industrial and public sectors.
This press release contains forward-looking statements reflecting ADF
objectives and expectations. These statements are identified by the use
of verbs such as "expect" as well as by the use of future or
conditional tenses. By their very nature these types of statements
involve risks and uncertainty. Consequently, reality may differ from
SOURCE: ADF GROUP INC.
For further information:
Jean-François Boursier, CPA, CA, Chief Financial Officer
Telephone: (450) 965-1911 / 1 (800) 263-7560
Web Site: www.adfgroup.com