WOODSTOCK, ON, Nov. 14, 2011 /CNW/ - Contrans Group Inc. ("Contrans")
announced today that it intends to make a normal course issuer bid to
purchase, through the facilities of the Toronto Stock Exchange ("TSX"),
certain of its outstanding Class A Subordinate Voting Shares ("Class A
Shares"). As at October 31, 2011, there were 34,326,474 Class A Shares
issued and outstanding.
The number of Class A Shares to be purchased during the period of the
normal course issuer bid (the "Bid") from November 14, 2011 to November
13, 2012 will not exceed 2,100,339 or approximately 10% of the public
float outstanding on October 31, 2011. Daily purchases will be limited
to 6,479, other than block purchase exceptions. All purchases made
pursuant to the NCIB will be made through the facilities of the TSX or
other Canadian market places. Class A Shares purchased pursuant to the
Bid will be cancelled. Contrans did not purchase any Class A Shares
under its previous normal course issuer bid that commenced on April 22,
2010 and expired on April 21, 2011.
Contrans will enter into a pre-defined plan with its designated broker
to allow for the repurchase of Class A Shares at times when Contrans
ordinarily would not be active in the market due to its own internal
trading blackout periods, insider trading rules or otherwise.
The Bid has been authorized by the Board of Directors to allow Contrans
to purchase Class A Shares if in the opinion of its management the
purchases can be made on terms which will enhance the value of its
SOURCE Contrans Group Inc.
For further information:
Stan G. Dunford, Chairman and Chief Executive Officer, or
Gregory W. Rumble, President and Chief Operating Officer
Phone: 519-421-4600 E-mail: email@example.com Web site: www.contrans.ca