WINNIPEG, Nov. 17, 2011 /CNW/ - Ag Growth International Inc. (TSX: AFN)
("Ag Growth") announced today that the Toronto Stock Exchange ("TSX") has accepted Ag Growth's Notice of Intention to make a Normal Course
Issuer Bid (the "Bid") to purchase for cancellation, as Ag Growth considers advisable from
time to time, up to a maximum of 994,508 of Ag Growth's issued and
outstanding common shares ("Common Shares"). Purchases of Common Shares will be made on the open market through
the facilities of the TSX. As at the date hereof there are 12,545,996
Common Shares outstanding. The maximum number of Common Shares to be
purchased pursuant to the Bid represents approximately 10% of the
"public float" of the Common Shares, calculated in accordance with the
rules of the TSX. The price which Ag Growth will pay for any Common
Shares purchased by it will be the prevailing market price of the
Common Shares on the TSX at the time of such purchase.
The Bid will commence on November 21, 2011 and will terminate on
November 20, 2012 or such earlier time as the Bid is completed or
terminated at the option of Ag Growth. The daily limit on purchases
under the Bid is 7,445 Common Shares, being 25% of Ag Growth's average
daily trading volume for the prior six months of 29,780 Common Shares.
Subject to the foregoing, the number of Common Shares that may be
purchased for cancellation and the timing of any such purchases will be
determined by Ag Growth.
Management of Ag Growth believes that from time to time the market price
of the Common Shares may not fully reflect their underlying value and
that the purchase of Common Shares at such times is in the best
interests of Ag Growth. Ag Growth may enter into a pre-defined plan
with its designated broker to allow for the repurchase of Common Shares
at times when Ag Growth would ordinarily not be active in the market
due to its own internal trading blackout periods, insider trading
rules, and otherwise. Other than sales of Common Shares by certain
directors and officers of Ag Growth (the proceeds of which will be used
in part to satisfy certain tax liabilities related to the vesting of
Common Shares under Ag Growth's equity compensation plans), no director
or senior officer of Ag Growth intends to sell securities of Ag Growth
during the course of the Bid.
Ag Growth is a leading manufacturer of portable and stationary grain
handling, storage and conditioning equipment, including augers, belt
conveyors, chain conveyors, grain storage bins, grain handling
accessories, grain aeration equipment and grain drying systems. Ag
Growth has ten manufacturing facilities in Canada, the U.S. and Finland
and its sales, marketing, and distribution system distributes product
in 48 states, nine provinces, and internationally.
SOURCE Ag Growth International Inc.
For further information:
Ag Growth International Inc.