CALGARY, Aug. 14 /CNW/ - Parkbridge Lifestyle Communities Inc.
("Parkbridge" or the "Corporation"), (TSX: PRK) today announced that a Notice
of Intention to make a Normal Course Issuer Bid (the "Bid"), approved by its
board of directors, has been filed with and accepted by the Toronto Stock
Exchange for Parkbridge to repurchase for cancellation up to 3,734,204 common
shares of Parkbridge or 10% of the public float, such public float
representing 60% of the issued and outstanding shares as at July 31, 2008.
61,775,476 shares of Parkbridge were issued and outstanding as of
July 31, 2008. The Bid will commence on the 18th day of August 2008 and will
terminate on the earlier of the 17th day of August 2009 and the date on which
the maximum number of Common Shares are purchased pursuant to the Bid.
Purchases of Common Shares under the Bid will be effected through the
facilities of the Toronto Stock Exchange at the market price at the time of
purchase. The Corporation will be limited to a maximum daily purchase of
3,947 Common Shares, subject to the ability to make one block purchase per
week and shall be made in accordance with the applicable regulatory
The Corporation's board of directors and management believes that the
purchase by the Corporation of its outstanding Common Shares pursuant to the
Bid constitutes an attractive and appropriate investment of corporate funds.
The primary purpose of the Bid is to provide extra liquidity to smaller
shareholders of Parkbridge and to take advantage of the market price of the
common shares which may, at certain times, be, in the opinion of the
Corporation's board of directors and management, undervalued.
Parkbridge is one of Canada's leading owners, operators and developers of
land lease residential communities and seasonal recreational resorts. The
portfolio is concentrated in the provinces of British Columbia, Alberta,
Ontario and Quebec.
Parkbridge now owns 74 properties containing over 16,200 Sites with a
capacity to add more than 4,700 additional Sites through expansion of current
Parkbridge is listed on the Toronto Stock Exchange and its head office is
in Calgary, Alberta.
This news release contains forward-looking statements concerning the
Corporation's business and operations. The Corporation cautions that, by their
nature, forward-looking statements involve risk and uncertainty and the
Corporation's results could differ materially from those expressed or implied
in such statements. Reference should be made to the most recent Interim
Consolidated Financial Statements and Management's Discussion and Analysis in
the interim report for the period ended June 30, 2008, the Annual Information
Form dated December 5, 2007 and the Management's Discussion and Analysis and
audited consolidated financial statements for the year ended
September 30, 2007. All reports may be viewed at www.sedar.com.
For further information:
For further information: Mr. Iain Stewart, President, Western Operations
and Co-CEO, Telephone: (403) 215-2109, Email: email@example.com; Mr.
Calvin Wilson, Vice President, Finance and Chief Financial Officer, Telephone:
(403) 215-2105, Email: firstname.lastname@example.org; Parkbridge Lifestyle Communities
Inc., Telephone: (403) 215-2100, Facsimile: (403) 215-2115, 700, 505 - 3rd
Street SW, Calgary, AB, T2P 3E6