OKOTOKS, AB, June 14, 2011 /CNW/ - (TSX:MTL) Mullen Group Ltd. ("Mullen" or the "Company") announced today that the Toronto Stock Exchange ("TSX") has accepted Mullen's Notice of Intention to commence a Normal Course
Issuer Bid (the "Bid") to purchase, from time to time, as it considers advisable, up to
7,689,971 common shares (which is equal to 10% of the "public float" of
76,899,714 common shares) on the open market through the facilities of
The Bid follows the expiration of Mullen's previous bid which will
expire on June 15, 2011. During the course of the previous bid, Mullen
did not repurchase any of its common shares.
The number of common shares that can be purchased pursuant to the Bid is
subject to a daily maximum of 43,645 common shares (which is equal to
25% of the average daily trading volume of the common shares of Mullen
from December 1, 2010 through to May 31, 2011). The price that Mullen will pay for any common share under the Bid will
be the prevailing market price on the TSX at the time of such purchase.
Common shares acquired under the Bid will be subsequently cancelled.
Mullen currently has 79,937,383 common shares outstanding.
The Bid will commence on June 16, 2011 and will terminate on June 15,
2012 or such earlier time as the Bid is completed or terminated at the
option of Mullen. A copy of the Form 12 - Notice of Intention to make a Normal Course Issuer Bid filed by the Company with the TSX can be obtained from the Company upon
request without charge.
The Company has commenced the Bid because it believes that, from time to
time, the market price of its securities may not properly reflect the
underlying, intrinsic value of Mullen, and that, at such times, the
purchase of common shares for cancellation will increase the
proportionate interest of, and be advantageous to, all remaining
Mullen is recognized as the largest provider of specialized
transportation and related services to the oil and natural gas industry
in western Canada and as one of the leading suppliers of trucking and
logistics services in Canada - two sectors of the economy in which
Mullen has strong business relationships and industry leadership.
Additional information is available on our website at www.mullen-group.com.
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. The use of any of the words "expect", "anticipate", "continue",
"objective", "will", "should", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking
information or statements. More particularly and without limitation,
this press release contains forward looking statements and information
concerning the number of common shares to be purchased pursuant to the
Bid and the cancellation of common shares purchased pursuant to the
The forward-looking statements and information are based on certain key
expectations and assumptions made by Mullen, including the timing of
receipt of regulatory approval. Although Mullen believes that the
expectations and assumptions on which such forward-looking statements
and information are based are reasonable, undue reliance should not be
placed on the forward looking statements and information because Mullen
can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to a number of factors and risks. These
include, but are not limited to, the risks associated with the current
financial markets, the service and energy industry in general; and the
failure to obtain required regulatory approvals. Accordingly, readers
should not place undue reliance on the forward-looking statements and
information contained in this press release concerning these times.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that
could affect the operations or financial results of Mullen are included
in reports of Mullen on file with applicable securities regulatory
authorities and may be accessed through the SEDAR website (www.sedar.com) of Mullen. The forward-looking statements and information contained in
this press release are made as of the date hereof and Mullen undertakes
no obligation to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities
law. Mullen relies on litigation protection for "forward-looking"
SOURCE Mullen Group Ltd.
For further information:
Mr. Murray K. Mullen - Chairman and Chief Executive Officer
Mr. Stephen H. Lockwood - President and Co-Chief Executive Officer
121A, 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Tel: (403) 995-5200
Fax: (403) 995-5296