EDMONTON, Oct. 9 /CNW/ - Further to the press release issued on
October 7, 2008, The Churchill Corporation (the "Corporation") today announced
that a normal course issuer bid ("NCIB") has been approved by the Toronto
Stock Exchange (the "TSX").
The Corporation intends to purchase up to 1,391,090 of its common shares
by way of normal course purchases on the TSX, representing 10% of the public
float on October 9, 2008. Daily repurchases will be limited to 10,575 common
shares, other than block purchase exceptions. As of October 9, 2008, there
were 17,981,991 common shares issued and outstanding.
The bid may commence on October 15, 2008 and will continue until the
earlier of October 14, 2009 or the date by which the Corporation has acquired
the maximum number of common shares which may be purchased under the bid.
Purchases will be made through the facilities of the TSX only, in accordance
with the requirements of the TSX, and the price at which the Corporation will
purchase its common shares will be the market price of the common shares at
the time of acquisition. The Corporation has appointed Blackmont Capital Inc.
as its broker to conduct normal course issuer bid transactions. Common shares
purchased by the Corporation will be returned to treasury for cancellation.
During the 12 months preceding October 15, 2008, the Corporation did not
repurchase any common shares.
Management of the Corporation believes that from time to time the market
price of the common shares may not reflect their underlying value and that, at
such times, the purchase of common shares for cancellation will increase the
proportionate interest of, and be advantageous to, all remaining shareholders.
Any purchases made by the Corporation will also afford increased liquidity to
those shareholders of the Corporation who may wish to dispose of their common
The Churchill Corporation provides building construction, industrial
construction and maintenance services throughout Western Canada. Churchill
common shares are listed on the Toronto Stock Exchange under the symbol "CUQ".
FORWARD LOOKING STATEMENTS
Certain statements in this Press Release may constitute "forward-looking
statements". Forward-looking statements include, without limitation,
statements regarding the future financial position, business strategy,
budgets, litigation, projected costs, capital expenditures, financial results,
taxes, plans and objectives of the Corporation. Many of these statements can
be identified by looking for words such as "believes," "expects," "may,"
"will," "intends," "anticipates," "estimates," "continues," or the negative
thereof, or other variations thereon. Although management of Churchill
believes its expectations regarding future performance of the Corporation are
based on reasonable assumptions and currently available competitive, financial
and economic data, market conditions and operating plans, it can give no
assurance its expectations will be achieved. The Corporation cautions that, by
their nature, forward-looking statements, involve risks, and uncertainties and
that its actual actions, and/or results could differ materially from those
expressed or implied in such forward-looking statements, and that the
aforementioned risks, uncertainties and actions could affect the extent to
which a particular projection materializes. The Corporation assumes no
obligation to update the forward-looking statements should circumstances or
the Corporation's management's estimates or opinions change.
For further information:
For further information: Andrew Apedoe, Vice President Investor
Relations & Secretary, The Churchill Corporation, (780) 454-3667, Email:
email@example.com, Website: www.churchillcorporation.com