TORONTO, Oct. 3, 2013 /CNW/ - Exco Technologies Limited (TSX: XTC) announces that it intends to undertake a normal course
issuer bid to acquire up to 1,500,000 of its outstanding Common Shares,
being approximately 3.7% of its outstanding shares. As at this time,
Exco had 40,714,833 Common Shares issued and outstanding. All purchases
will be made through the facilities of and in accordance with the rules
of the Toronto Stock Exchange and all shares purchased will be
cancelled. Except where reliance is had on the Exchange's block
purchase exemption, the maximum number of Shares purchasable under the
bid on any trading day will be limited to 5,964 Common Shares. The
weighted average daily trading volume for the six-month period ended
September 30, 2013 was 23,857 Common Shares.
The Corporation did not repurchase any common shares pursuant to the
normal course issuer bid during the year ended September 30, 2013. The
Corporation has renewed the issuer bid for another year because it
believes that the market price of its common shares is, from time to
time, depressed and not reflective of the underlying value of the
shares as a result of uncertain general market conditions and wholesale
electronic trading practices. Management of Exco believes such
purchases are an appropriate and desirable use of available funds.
The normal course issuer bid will commence on October 7, 2013 and end no
later than October 6, 2014.
Exco Technologies Limited is a global supplier of innovative
technologies servicing the die-cast, extrusion and automotive
industries. Through our 11 strategic locations, we employ 2,207 people
and service a diverse and broad customer base.
SOURCE: Exco Technologies Limited
For further information:
Exco Technologies Limited (TSX-XTC)
Contact: Paul Riganelli, Senior Vice President and Chief Operating Officer
Telephone: (905) 477-3065 Ext 7228