BOUCHERVILLE, QC, Aug. 6 /CNW Telbec/ - Canam Group Inc. (TSX: CAM) today announced the renewal of its normal course issuer bid. The Toronto Stock Exchange (TSX) has accepted the Company's notice of intention to make a normal course issuer bid pursuant to which it may purchase, when deemed appropriate, through the facilities of and in accordance with the requirements of the TSX, up to 3,120,589 of its outstanding common shares, which represents 10% of the Company's public float. As at July 31, 2010, Canam Group had 45,366,366 issued and outstanding common shares, of which 31,205,897 were publicly held.
Pursuant to the notice of intention, common shares may be purchased during the 12-month period beginning on August 11, 2010 and ending August 10, 2011. In accordance with TSX rules, the Company is entitled to purchase on any trading day, through the facilities of the TSX, a daily limit of 12,544 common shares under the Company's common share buyback program. The common shares purchased by the Company will be cancelled. Canam Group's Board of Directors believes that the purchase of its common shares would be in the best interests of Canam Group and its shareholders.
During the last 12 months, Canam Group has not purchased any of its common shares under its normal course issuer bid.
About Canam Group Inc.
Canam Group is a leader in the design and fabrication of construction products and solutions and a leading provider of design-build and building information modeling (BIM) services. The company operates more than 25 manufacturing plants and engineering offices in Canada, the United States, Romania, India and China, and has partnerships with companies in Saudi Arabia, the United Arab Emirates and China.
SOURCE Canam Group Inc.
For further information: For further information: Jasmin Gosselin, Vice President, Communications, Tel.: 450-641-4000, Email: firstname.lastname@example.org; www.canamgroup.ws