Stock Symbol: (TSX: TWH)
TORONTO, Sept. 18 /CNW/ - Tri-White Corporation ("Tri-White") today
announced that the Toronto Stock Exchange (the "TSX") has accepted a notice
filed by Tri-White of its intention to make a normal course issuer bid through
the facilities of the TSX.
The notice provides that Tri-White may, during the twelve-month period
commencing September 20th, 2007 and ending September 19th, 2008 purchase up to
1,136,828 common shares ("Common Shares") in total, being approximately 5% of
the issued and outstanding Common Shares. The price that Tri-White will pay
for any such Common Shares will be the market price at the time of
acquisition. Management of Tri-White will determine the actual number of
Common Shares that may be purchased and the timing of any such purchases.
Under the current normal course issuer bid due to expire September 19,
2007, Tri-White has purchased to date 204,700 Common Shares for cancellation
at an average cost per share of $9.31. As of September 17, 2007 there were
22,736,567 Common Shares outstanding. Tri-White's average daily trading volume
for the prior six months is 4,047.
Tri-White believes that its Common Shares have been trading in price
ranges which do not adequately reflect their value in relation to the business
of Tri-White and its future business prospects. As a result, depending upon
future price movements and other factors, Tri-White believes that its
outstanding Common Shares may represent an attractive investment. Furthermore,
the purchases are expected to benefit all persons who continue to hold Common
Shares by increasing their proportionate interest in Tri-White. All Common
Shares purchased by Tri-White under the normal course issuer bid will be
Tri-White Corporation holds a diverse merchant-banking portfolio.
Tri-White is presently the largest shareholder with a 70% interest in ClubLink
Corporation, Canada's leading owner, operator and developer of high quality
member golf clubs, daily fee golf clubs and golf resorts with 40 properties in
Canada. As well, Tri-White is the largest shareholder of Renasant Financial
Partners Ltd. and, in addition, Tri-White owns a 100% interest in the historic
White Pass & Yukon Route Railway, with strategic holdings in the port
operations and supporting excursions, based in Skagway, Alaska.
For further information:
For further information: Don Turple, Chief Financial Officer, Tel: (905)
281-5948, Fax: (905) 281-5890, e-mail: email@example.com; Beverley G.
Flynn, Secretary, Tel: (905) 281-5923, Fax: (905) 281-5890, e-mail: