MONTREAL, Aug. 8 /CNW Telbec/ - Sportscene Group Inc. ("Sportscene" or
the "Corporation"; SPS.A/TSX Venture Exchange), operator of the chain of
resto-bars LA CAGE AUX SPORTS, announced that it has received the TSX Venture
Exchange's approval to proceed with a normal course issuer bid pursuant to
that stock exchange's approval.
During the period beginning August 14, 2008 and ending no later than
August 13, 2009, Sportscene will be authorized to redeem, from time to time
and as it may see fit, a maximum of 210,267 Class A Shares representing
approximately 5% of the 4,205,343 issued and outstanding Class A Shares of the
Corporation as at August 8, 2008. The redeemed Class A Shares will be
cancelled. Sportscene's management believes that this redemption of Class A
Shares that it may effect from time to time in the course of this issuer bid
may represents a judicious use of the Corporation's funds both for the
Corporation and its Shareholders. The Class A Shares will acquired through the
facilities of the TSX Venture Exchange.
No director, senior executive or any of their associate, nor any person
acting jointly or in concert with Sportscene, nor any person holding 10% or
more of any class of shares of Sportscene whatsoever will receive any benefit
other than that conferred to all shareholders during the normal course issuer
All redemptions of Class A Shares will be carried out on the open market,
at the discretion of Sportscene's management, through the facilities of the
TSX Venture Exchange. These redemptions and the payments therefor shall be
carried out by Sportscene in accordance with the requirements of the TSX
Venture Exchange. The price that Sportscene will pay for the Class A Shares it
acquires will be the market price thereof at the time of the acquisition.
In the twelve-month period preceding the date of this press release,
Sportscene did not redeem any Class A Share.
Ms. Natalie Coutu from CIBC World Markets, 161 Bay Street, 5th Floor,
Toronto, Ontario, M5J 2S8, will be acting as member and broker during the
normal course issuer bid.
Sportscene Group Inc. is a public corporation whose Class A Shares are
listed on the TSX Venture Exchange.
For further information:
For further information: Jean Bédard, Chairman of the Board, President
and Chief Executive Officer; Gilles Lacombe, Vice-President, Finance and
Administration, (450) 641-3011; Source: Sportscene Group Inc.