Logistec Corporation Renews Its Normal Course Issuer Bid



    
    STOCK SYMBOL: LGT.A
                  LGT.B
    

    MONTREAL, Oct. 17 /CNW Telbec/ - LOGISTEC CORPORATION ("Logistec")
announced today that it is renewing its normal course issuer bid. Logistec
believes that the purchase of its shares makes appropriate and desirable use
of its available cash. Therefore, Logistec believes that the offer is in the
best interests of Logistec and its shareholders.
    The Toronto Stock Exchange (the "Exchange") has accepted a notice filed
by Logistec of its intention to make a normal course issuer bid. According to
the notice, Logistec intends to purchase, for cancellation, in accordance with
the Rules and Policies of the Exchange i) up to 190,083 Class A Common Shares
("Class A Shares"), representing 5% of the outstanding Class A Shares and ii)
up to 143,694 Class B Subordinate Voting Shares ("Class B Shares"),
representing 5% of the outstanding Class B Shares.
    The average daily trading volume of Logistec's Class A Shares and Class B
Shares over the last six completed calendar months was 43 and 596,
respectively (the "ADTV"). Accordingly, under the Exchange Rules and policies,
Logistec is entitled on any trading day to purchase up to 1,000 Class A Shares
and Class B Shares. Once a week, in excess of the daily 1,000 repurchase
limit, Logistec may also purchase a block of shares of any category 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 in
accordance with Exchange rules. Logistec has retained Salman Partners Inc. as
broker to manage the program.
    Logistec has purchased some of its shares within the past twelve (12)
months pursuant to a normal course issuer bid which began on October 22, 2007
and will terminate no later than October 21, 2008. The purchases were executed
through the facilities of the Exchange. 600 Class A Shares and 8,900 Class B
Shares were purchased at a weighted average price of $ 19.33 and $ 20.27,
respectively.
    The normal course issuer bid will begin on October 22, 2008 and will
terminate no later than October 21, 2009. All purchases will be made through
the facilities of the Exchange at the discretion of Logistec's management, as
and when it will deem the market price of the Class A Shares or of the Class B
Shares to be favourable to the reduction of its outstanding share capital. The
purchase of and payment for the shares will be made by Logistec in accordance
with the Rules and Policies of the Exchange and the price Logistec will pay
for any shares will be the market price of such shares at the time of
acquisition. As of the close of business on October 12, 2008, there were
3,801,674 Class A Shares and 2,873,887 Class B Shares outstanding.




For further information:

For further information: Jean-Claude Dugas, Vice-President, Finance,
(514) 844-9381


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890