TORONTO, Oct. 9 /CNW/ - Patheon Inc. (TSX: PTI) announced today that the
Toronto Stock Exchange ("TSX") has accepted Patheon's Notice of Intention to
purchase up to 4.6 million of its restricted voting shares, representing
approximately 5% of the 92,958,688 shares currently outstanding as of
October 3, 2007, by way of normal course purchases on the Toronto Stock
Exchange. In addition, Patheon's aggregate purchase of shares during any
trading day will not exceed 75,457 shares, being 25% of the average daily
trading volume of the shares based on their trading volume on the TSX for the
most recently completed six calendar months preceding the date of the Notice
of Intention, subject to Patheon's ability to make "block" purchases through
the facilities of the TSX in accordance with the TSX rules.
"Our Board and management believe that from time to time, the market
price of Patheon's shares could be such that their repurchase might be an
attractive and appropriate use of corporate funds," said Riccardo Trecroce,
Chief Executive Officer, Patheon Inc. "Depending on the price of the stock and
other factors, repurchasing Patheon's shares can provide long-term benefits
for investors who continue to hold shares, by increasing their proportionate
interest in the Company."
Purchases under the normal course issuer bid may commence on October 11,
2007 and will terminate on October 10, 2008, or on such earlier date as the
Company may complete its purchases pursuant to the Notice of Intention filed
with the TSX. Purchases will be made by the Company in accordance with the
requirements of the TSX, and the price the Company will pay for any such
restricted voting shares will be the market price at the time that the shares
are purchased. Purchased restricted voting shares will be cancelled.
Patheon (TSX:PTI; www.patheon.com) is a leading global provider of drug
development and manufacturing services to the international pharmaceutical
industry. Patheon operates a network of 14 facilities in the United States,
Canada and Europe, employing more than 5,100 people and serving a client base
of more than 250 pharmaceutical and biotechnology companies.
For further information:
For further information: Mr. Riccardo Trecroce, Chief Executive Officer,
Tel: (905) 812-6877, Fax: (905) 812-6613, Email: firstname.lastname@example.org; Mr.
John Bell, Chief Financial Officer, Tel: (905) 812-6812, Fax: (905) 812-6613,
Email: email@example.com; Ms. Shelley Jourard, Director, Corporate
Communications, Tel: (905) 812-6614, Fax: (905) 812-6613, Email: