ROUGEMONT, QC, Jan. 8 /CNW Telbec/ - Lassonde Industries Inc. (LAS.A - TSX) announces that it intends to acquire for cancellation a certain number of Class "A" Subordinate Voting Shares of its share capital through the facilities of The Toronto Stock Exchange, in accordance with the requirements on normal course issuer bids of the Toronto Stock Exchange.
Lassonde intends to acquire Class "A" Subordinate Voting Shares, without exceeding 278,820 Class "A" Subordinate Voting Shares of its share capital (representing 10% of the public float being 2,788,205 shares as at January 1, 2010) during the period beginning on January 13, 2010 and ending on or before January 12, 2011. As at January 1, 2010, there were 2,843,000 issued and outstanding Class "A" Subordinate Voting Shares.
The average daily trading volume of Lassonde's class A subordinate voting shares over the last six completed calendar months was 3,674 (the "ADTV"). Accordingly, under the Toronto Stock Exchange Rules and policies, Lassonde is entitled on any trading day to purchase up to 1,000 class A subordinate voting shares. Once a week, in excess of the daily 1,000 repurchase limit, Lassonde may also purchase a block of shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of shares which total 150% or more of the ADTV, the whole in accordance with the Toronto Stock Exchange rules.
During the period from January 13, 2009 to January 1, 2010 Lassonde has acquired 47,200 class "A" Subordinate Voting Shares at the weighted average price of $39.88.
Lassonde is making the normal course issuer bid because it is of the view that it may be advantageous to engage in purchases of the Class "A" Subordinate Voting Shares, from time to time, when, in the opinion of management, they are trading at prices which reflect a discount from what management constitutes to be the appropriate value of the Class "A" Subordinate Voting Shares. . In addition, the issuer is of the opinion that its shareholders will benefit from the reduction of the number of class A subordinate voting shares issued and outstanding as a result of purchases under the normal course issuer bid.
No directors, officers or insiders of Lassonde intend to sell the Class "A" Subordinate Voting Shares under the proposed purchase.
Lassonde reserves the right to discontinue purchases at any time prior to January 12, 2011.
About Lassonde Industries Inc.
Lassonde Industries Inc. develops, manufactures and markets an innovative and distinctive line of fruit and vegetable juices and drinks as well as specialty food products such as fondue broth and fondue sauces, beans in sauce, soups, sauces and gravies, canned corn-on-the-cob, bruschetta toppings, tapenades, pestos and pasta sauces. Lassonde Industries Inc. imports selected wines from several countries of origin for packaging and marketing purposes. It also imports olive oil. Nearly 1,300 employees contribute to the Company's growth and to offering quality products to customers.
SOURCE Lassonde Industries Inc.
For further information: For further information: Guy Blanchette, CA, CMA, Vice-President and Chief Financial Officer, Lassonde Industries Inc., (514) 878-1057