TORONTO, Sept. 16, 2015 /CNW/ - The Intertain Group Limited ("Intertain" or the "Company") (TSX: IT) announced today the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer bid ("NCIB") to purchase for cancellation up to 3,617,740 common shares ("Common Shares"), representing approximately 5% of the 72,354,817 Common Shares issued and outstanding as of September 15, 2015. The Company may purchase the Common Shares at prevailing market prices and by means of open market transactions through the facilities of the TSX. In accordance with the applicable TSX rules, daily purchases under the NCIB will not exceed 116,902 Common Shares, representing 25% of the average daily trading volume of the Common Shares for the six month period ending on August 31, 2015, and the Company may make, once per calendar week, a block purchase of Common Shares not owned, directly or indirectly, by insiders of the Company that exceeds the daily repurchase restriction. The NCIB will commence on September 21, 2015 and will remain in effect until the earlier of September 20, 2016 or the date on which the Company has purchased the maximum number of Common Shares permitted under the NCIB.
The Company has entered into an automatic purchase plan (the "Plan") with a broker in order to facilitate repurchases of Common Shares under the NCIB, for up to a maximum of 3,617,740 Common Shares through the facilities of the TSX. Purchases under the Plan will be made by the Company's broker based on the parameters prescribed by the TSX, applicable Canadian securities laws and the terms of the parties' written agreement. The Plan is intended for the purchase of Common Shares only under the NCIB. Under the Plan, the Company's broker may purchase Common Shares under the NCIB when the Company would ordinarily not be permitted to, due to self-imposed blackout periods. The Plan commences on September 21, 2015 and expires on September 20, 2016, and has been pre-cleared by the TSX.
The Company is making the NCIB because it believes that, from time to time, the prevailing market price of its Common Shares may not reflect the underlying value of the Company, and that purchasing Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.
About The Intertain Group Limited
Intertain is an online gaming company that provides entertainment to a global consumer base. Intertain currently offers bingo and casino to its customers using the InterCasino www.intercasino.com, Costa www.costabingo.com, Vera&John www.verajohn.com, Jackpotjoy www.jackpotjoy.com, and Botemania.es brands. For more information about Intertain, please visit www.intertain.com.
Disclaimer in Regards to Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information is provided for the purposes of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such information may not be appropriate for other purposes. Forward-looking information may relate to the Company's future outlook and anticipated events, including the number of Common Shares that may be purchased under the NCIB and the advantages to remaining shareholders of a purchase of Common Shares pursuant to a NCIB, and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes and plans and objectives of or involving the Company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the Company or the online gaming industry are forward-looking information. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.
Forward-looking information necessarily involves known and unknown risks and uncertainties, which may be general or specific, and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to, the market price of the Common Shares being too high to ensure that purchases benefit the Company and its shareholders, and the risks discussed in the Company's materials filed with Canadian securities regulatory authorities from time to time on www.sedar.com. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information as there can be no assurance that actual results will be consistent with such forward-looking information.
Forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the following: that the Common Shares will from time to time trade below their intrinsic value; that the Company will complete purchases of Common Shares pursuant to the NCIB; that the Canadian economy will remain stable over the next 12 months; that inflation will remain relatively low; that interest rates will remain stable; that conditions within the online gaming industry, including competition for acquisitions and regulatory developments, will be consistent with the current climate; that the Canadian capital markets will continue to provide the Company with access to equity and/or debt at reasonable rates when required. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.
The forward-looking information in this press release is dated, and relates only to events or information, as of the date of this press release. Except as specifically required by law, the Company undertakes no obligation to update or revise publicly any forward-looking information, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SOURCE The Intertain Group Limited
For further information: Amanda Brewer, Vice President, Corporate Communications, The Intertain Group Limited, Tel: 416 720-8150, email@example.com