ROUGEMONT, QC, Jan. 10, 2012 /CNW Telbec/ - Lassonde Industries Inc. (TSX: LAS.A) announces that it intends to acquire for cancellation, if considered advisable, 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 Exchange.
Lassonde intends to acquire Class "A" subordinate voting shares, without exceeding 264,801 Class "A" subordinate voting shares of its share capital (representing 10% of the public float being 2,648,010 shares as at January 1, 2012) during the period beginning on January 13, 2012 and ending on or before January 12, 2013. As at January 1, 2012, there were 3,235,300 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 1,257 (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, or (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, 2011 to January 1, 2012 Lassonde has acquired 1,000 Class "A" subordinate voting shares at the weighted average price of $58.00.
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 considers to be the appropriate value of the Class "A" subordinate voting shares. In addition, Lassonde 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, 2013.
About Lassonde Industries Inc.
Lassonde Industries is a North American leader in the development, manufacture and sale of innovative and distinctive lines of fruit and vegetable juices and drinks marketed under recognized brands such as Everfresh, Fairlee, Flavür, Fruité, Graves, Oasis and Rougemont.
Subsidiaries include Clement Pappas and Company, Inc., the second-largest producer of store brand ready-to-drink fruit juices and drinks in the United States, and a major producer of cranberry juices, drinks and sauces. Headquartered in New Jersey, Clement Pappas operates five production facilities and a cranberry receiving station that enable it to provide its U.S. customers with coast-to-coast service.
Lassonde also markets specialty food products such as fondue broths and sauces, cheese and chocolate fondues, soups, gravies, and sauces for pasta and pizza under recognized trademarks such as Antico and Canton. The Company imports and markets selected wines from various countries of origin, and manufactures apple ciders and wine-based beverages.
Lassonde strives to maintain high standards of quality and to promote active and healthy living. Some 2,000 employees contribute to the Company's growth. To learn more, visit www.lassonde.com.
SEDAR registration number: 00002099
For further information:
Guy Blanchette, CA, FCMA
Vice-President and Chief Financial Officer
Lassonde Industries Inc.
450-469-4926, extension 10782
Lassonde Industries Inc.
450-469-4926, extension 10265