CALGARY, Nov. 25, 2011 /CNW/ - The Churchill Corporation (TSX: CUQ) (TSX: CUQ.DB) (the "Corporation") today announced that a normal course issuer bid
("NCIB") has been approved by the Toronto Stock Exchange (the "TSX").
The Corporation intends to purchase up to 1,217,671 of its common shares
by way of normal course purchases on the TSX, representing 5% of its
issued and outstanding common shares on November 24, 2011. Daily
repurchases will be limited to 9,519 common shares, other than block
purchase exceptions. As of November 24, 2011 there were 24,353,418
common shares issued and outstanding.
The bid may commence on November 30, 2011 and will continue until the
earlier of November 29, 2012 or the date by which the Corporation has
acquired the maximum number of common shares which may be purchased
under the bid. Purchases will be made through the facilities of the
TSX only, in accordance with the requirements of the TSX, and the price
at which the Corporation will purchase its common shares will be the
market price of the common shares at the time of acquisition. The
Corporation has appointed Raymond James Ltd. as its broker to conduct
normal course issuer bid transactions. Common shares purchased by the
Corporation will be returned to treasury for cancellation. During the
12 months preceding November 30, 2011, the Corporation did not
repurchase any common shares.
Management of the Corporation believes that from time to time the market
price of the common shares may not reflect their underlying value and
that, at such times, the purchase of common shares for cancellation
will increase the proportionate interest of, and be advantageous to,
all remaining shareholders.
About The Churchill Corporation
The Churchill Corporation provides building construction, commercial and
industrial electrical contracting, earthmoving, mining and industrial
insulation services to an array of public and private sector clients.
Churchill operates office locations throughout British Columbia,
Alberta, Saskatchewan, Manitoba, northwest Ontario and the Yukon.
Churchill common shares and debentures are listed on the Toronto Stock
Exchange under the symbol "CUQ" and "CUQ.DB" respectively. www.churchillcorporation.com
FORWARD LOOKING STATEMENTS
This press release may contain statements that, to the extent that they
are not recitations of historical fact, constitute "forward-looking
statements" within the meaning of applicable securities legislation,
including, but not limited to, future purchases of our Common Shares
under the Normal Course Issuer Bid. Forward-looking statements include,
without limitation, statements regarding the future financial position,
business strategy, budgets, litigation, projected costs, capital
expenditures, financial results, taxes, plans and objectives of the
Corporation. Many of these statements can be identified by looking for
words such as "believes," "expects," "may," "will," "intends,"
"anticipates," "estimates," "continues," or the negative thereof, or
other variations thereon. Although management of Churchill believes its
expectations regarding future performance of the Corporation are based
on reasonable assumptions and currently available competitive,
financial and economic data, market conditions and operating plans, it
can give no assurance its expectations will be achieved. The
Corporation cautions that, by their nature, forward-looking statements,
involve risks, and uncertainties and that its actual actions, and/or
results could differ materially from those expressed or implied in such
forward-looking statements, and that the aforementioned risks,
uncertainties and actions could affect the extent to which a particular
projection materializes. The Corporation assumes no obligation to
update the forward-looking statements should circumstances or the
Corporation's management's estimates or opinions change.
SOURCE The Churchill Corporation
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