TORONTO, May 11 /CNW/ - Cymbria Corporation (TSX: CYB)("Cymbria" or "the Company") announced today that it has filed a notice with the Toronto Stock Exchange and received its approval to make a Normal Course Issuer Bid ("NCIB") permitting the Company to purchase for cancellation up to 10% of the public float of non-voting, non-redeemable class A shares ("Shares"), or 1,416,074 Shares. Cymbria has 14,283,298 Shares issued and outstanding as at May 10, 2010.
Cymbria may buy back Shares anytime during the 12-month period beginning on May 13, 2010 and ending on May 12, 2011. Any purchases under the NCIB will be made through the facilities of the Toronto Stock Exchange.
In accordance with the rules of the Toronto Stock Exchange, the maximum number of Shares that can be purchased by the Company during a 30 day period is 283,214 Shares, subject to certain exceptions of the TSX.
The Company is implementing the NCIB in advance of circumstances where, in the opinion of the Board of Directors, the value of the Company is greater than the present aggregate market price of the Shares and accordingly, the acquisition of Shares under the NCIB represents an appropriate use of funds. The Company did not make any purchases under the current NCIB in the past 12 months.
ABOUT CYMBRIA CORPORATION
Cymbria Corporation is a non-redeemable investment fund with an investment objective to provide shareholders with long-term capital appreciation through an actively managed portfolio comprised primarily of global equity securities and an investment in EdgePoint Wealth Management Inc. Cymbria began trading on the TSX on November 4, 2008 under the symbol CYB.
This news release may contain forward-looking statements that are based on current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Cymbria is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
SOURCE Cymbria Corporation
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