TORONTO, May 8 /CNW/ - MIDDLEFIELD BANCORP LIMITED ("MBN") announced
today its intention to make a normal course issuer bid for its common shares
through the facilities of the Toronto Stock Exchange (the "TSX"). This normal
course issuer bid is intended to commence on May 12, 2009 and will terminate
on May 11, 2010. The price that MBN will pay for any securities purchased will
be the prevailing market price of such securities on the TSX at the time of
At May 1, 2009 there were 8,991,048 common shares issued and outstanding.
MBN may, during the 12 month period commencing May 12, 2009, purchase on the
TSX up to 449,552 common shares, being 5% of the common shares outstanding.
MBN may not however purchase more than 1,000 common shares on any given day,
other than block purchases in accordance with the rules of the TSX. MBN will
cancel all common shares purchased pursuant to the bid. MBN has purchased and
subsequently cancelled 59,400 common shares since May 12, 2008 at an average
price of $1.16 per common share under its previously approved normal course
MBN believes that the current and recent market price of its common
shares does not reflect its underlying value. As a result, depending on future
movements and other factors, MBN believes that its common shares may represent
an attractive investment for MBN and a desirable use of its available funds.
Any normal course purchases made by MBN will also afford an increased degree
of liquidity to those shareholders of MBN who wish to dispose of their common
MBN is a Canadian merchant bank managed by Middlefield Group. The
Company's principal objective is to create long term shareholder value through
a twofold strategy of strategic investing in businesses with strong management
and exceptional prospects for longer term earnings growth and special
situation investing where there is excellent potential for significant capital
appreciation. Our aim is to produce a steady stream of growing earnings from
strategic investments supplemented by earnings from special situation
MBN trades on the Toronto Stock Exchange under the symbol "MBN".
For further information:
For further information: visit our website at www.middlefield.com or
contact: W. Garth Jestley, President, (416) 847-5346