ROUGEMONT, QC, Jan. 7 /CNW Telbec/ - Lassonde Industries Inc. (LAS.A -
TSX) announces that it intends to acquire for cancellation a certain
number of Class "A" subordinate voting shares of its share capital
through the facilities of The Toronto Stock Exchange, in accordance
with the requirements on normal course issuer bids of the Toronto Stock
Lassonde intends to acquire Class "A" subordinate voting shares, without
exceeding 226,838 Class "A" subordinate voting shares of its share capital (representing
10% of the public float being 2,268,385 shares as at January 1, 2011) during the period beginning on January
13, 2011 and ending on or before January 12, 2012. As at January 1,
2011, there were 2,816,300 issued and outstanding Class "A" subordinate voting shares.
The average daily trading volume of Lassonde's class A subordinate
voting shares over the last six completed calendar months was 1,558 (the "ADTV"). Accordingly, under the Toronto Stock Exchange Rules and
policies, Lassonde is entitled on any trading day to purchase up to
1,000 class A subordinate voting shares. Once a week, in excess of the
daily 1,000 repurchase limit, Lassonde may also purchase a block of
shares not owned by an insider (i) having a purchase price of $200,000
or more, (ii) of at least 5,000 shares having a purchase price of at
least $50,000, or (iii) of at least 20 board lots of shares which total
150% or more of the ADTV, the whole in accordance with the Toronto
Stock Exchange rules.
During the period from January 13, 2010 to January 1, 2011 Lassonde has
acquired 26,700 class "A" subordinate voting shares at the weighted
average price of $53.58.
Lassonde is making the normal course issuer bid because it is of the
view that it may be advantageous to engage in purchases of the Class
"A" subordinate voting shares, from time to time, when, in the opinion
of management, they are trading at prices which reflect a discount from
what management constitutes to be the appropriate value of the Class
"A" subordinate voting shares. In addition, the issuer is of the
opinion that its shareholders will benefit from the reduction of the
number of class A subordinate voting shares issued and outstanding as a
result of purchases under the normal course issuer bid.
No directors, officers or insiders of Lassonde intend to sell their
Class "A" subordinate voting shares under the proposed purchase.
Lassonde reserves the right to discontinue purchases at any time prior
to January 12, 2012.
About Lassonde Industries Inc.
Lassonde Industries Inc. develops, manufactures and markets an
innovative and distinctive line of fruit and vegetable juices and
drinks as well as specialty food products such as fondue broth and
sauces, cheese and chocolate fondue, soups, gravies, canned
corn-on-the-cob, bruschetta toppings, tapenades, pestos and sauces for
pasta and pizza. Lassonde Industries Inc. imports selected wines from
several countries of origin for packaging and marketing purposes. It
also imports olive oil. Nearly 1,300 employees contribute to the
Company's growth and to offering quality products to customers.
SOURCE LASSONDE INDUSTRIES INC.
For further information:
Guy Blanchette, CA, CMA
Vice-President and Chief Financial Officer
Lassonde Industries Inc.