Stock Symbol: (TSX: CLK)
MISSISSAUGA, ON, Sept. 16 /CNW/ - ClubLink Enterprises Limited ("ClubLink Enterprises") (formerly Tri-White Corporation) today announced that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by ClubLink Enterprises of its intention to make a normal course issuer bid through the facilities of the TSX.
The notice provides that ClubLink Enterprises may, during the twelve-month period commencing September 20th, 2009 and ending September 19th, 2010 purchase up to 1,402,752 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares. The price that ClubLink Enterprises will pay for any such Common Shares will be the market price at the time of acquisition. Management of ClubLink Enterprises will determine the actual number of Common Shares that may be purchased and the timing of any such purchases.
ClubLink Enterprises purchased 44,508 Common Shares for cancellation during the last twelve months at an average cost per share of $5.27. As of September 11, 2009 there were 28,055,038 Common Shares outstanding. ClubLink Enterprises' average daily trading volume for the prior six months is 2,893.
ClubLink Enterprises believes that its Common Shares have been trading in price ranges which do not adequately reflect their value in relation to the business of ClubLink Enterprises and its future business prospects. As a result, depending upon future price movements and other factors, ClubLink Enterprises believes that its outstanding Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in ClubLink Enterprises. All Common Shares purchased by ClubLink Enterprises under the normal course issuer bid will be cancelled.
ClubLink Enterprises has a proven record of building and delivering value through its corporate investment operations. In addition to owning all of the shares in ClubLink Corporation, ClubLink Enterprises also owns a 100% interest in the historic White Pass & Yukon Route Railway, including strategic holdings in the port operations and supporting excursions, based in Skagway, Alaska.
SOURCE CLUBLINK ENTERPRISES LIMITED
For further information: For further information: Robert Visentin, Chief Financial Officer, Tel: (905) 841-5360, Fax: (905) 841-1134, e-mail: firstname.lastname@example.org; Beverley G. Flynn, Secretary, Tel: (905) 281-5923, Fax: (905) 281-5890, e-mail: email@example.com