WOODSTOCK, ON, April 20 /CNW/ - Contrans Group Inc. ("Contrans") (TSX Symbol CSS) announced today that it intends to make a normal course issuer bid to purchase, through the facilities of the Toronto Stock Exchange ("TSX"), certain of its outstanding Class A Subordinate Voting Shares ("Class A Shares"). As at April 19, 2010, there were 28,469,674 Class A Shares issued and outstanding.
The number of Class A Shares to be purchased during the period of the normal course issuer bid (the "Bid") from April 22, 2010 to April 21, 2011 will not exceed 2,349,446 or approximately 10% of the public float outstanding on April 19, 2010. Daily purchases will be limited to 7,861, other than block purchase exceptions. All purchases made pursuant to the NCIB will be made through the facilities of the TSX or other Canadian marketplaces. Class A Shares purchased pursuant to the Bid will be cancelled.
The Bid has been authorized by the Board of Directors to allow Contrans to purchase Class A Shares if in the opinion of its management the purchases can be made on terms which will enhance the value of its remaining shares.
SOURCE Contrans Group Inc.
For further information: For further information: Stan Dunford, Chairman and Chief Executive Officer, or Greg Rumble, President and Chief Operating Officer Phone: (519) 421-4600, E-mail: email@example.com, Web site: www.contrans.ca