MONTREAL, Aug. 3 /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, 2010 and ending no later than August 13, 2011, Sportscene will be authorized to redeem, from time to time and as it may see fit, a maximum of 17,122 Class A Shares representing approximately 0,4 % of the 4,168,393 issued and outstanding Class A Shares of the Corporation as at August 3, 2010. 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 associates, 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 bid.
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 redeemed 11,800 Class A Shares.
Mr. James Beattie 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.
SOURCE Sportscene Group Inc.
For further information: For further information: Jean Bédard, Chairman of the Board, President and Chief Executive Officer; Sylvie Paradis, Secretary of the Board, (450) 641-3011; Source: Sportscene Group Inc.