NEW YORK, Aug. 13 /CNW/ - Loring Ward International Ltd. (the "Company")
(TSX: LW) today announced that the Toronto Stock Exchange (the "TSX") has
accepted the Company's notice of intention to proceed with a Normal Course
Issuer Bid ("Buyback Program").
The Company intends to purchase for cancellation up to 560,338 common
shares of the Company (each a "Share") through the facilities of the TSX,
representing approximately 10% of the public float of the Shares as at
August 10, 2007. The purchases may commence on August 15, 2007 and will
terminate on August 14, 2008, or on such earlier date as the Company may
complete its purchases or provide notice of termination. Any such purchases
will be made by the Company at the prevailing market price at the time of
purchase. The average daily trading volume during the six months ended July
31, 2007 was 41,716 Shares. Accordingly, the Company is entitled on any
trading day to purchase up to 10,429 Shares. In addition, the Company may
consummate up to one block trade per week.
The Company believes that the current market price is below the fair
market value of the Shares. The Company has determined that the purchase of
Shares represents an effective use of the Company's available capital and is
in the best interests of the Company. There are currently 8,276,733 shares
issued and outstanding.
During the preceding 12-month period ending July 30, 2007 the Company
purchased for cancellation 750,000 Shares at a price of C$15.25 per Share
pursuant to a Substantial Issuer Bid that expired on July 11, 2007.
The broker appointed to execute the trades as part of this Buyback
Program is BMO Capital Markets.
About Loring Ward
Loring Ward International Ltd. provides in its core business a turnkey
asset management program to some of America's most knowledgeable and
successful investment advisors and their clients. These services include
investment strategies and products, back office operational processing,
education and training, and business development support. The Company's U.S.
corporate offices are headquartered in New York. For more information, please
The Company, in the ordinary course of its business, may explore
potential proposals or be the recipient of proposals with respect to strategic
opportunities and transactions, which may include strategic joint venture
relationships, significant debt or equity investments in or by the Company,
the acquisition or disposition of material assets or business lines, mergers,
new products or services, new distribution methods and other similar strategic
opportunities or transactions. The Company's policy is generally not to
publicly disclose the pursuit of a potential strategic opportunity or
transaction unless and until a definitive binding agreement is reached. The
public announcement of such matters could potentially materially affect the
price or value of the Company's securities. As a result, there can be no
assurance that investors who buy or sell the Company's securities are doing so
at a time when the Company is not pursuing a particular strategic opportunity
or transaction that, if publicly disclosed, could materially affect the price
or value of the Company's securities.
Information in this news release that is not current or historical
factual information may constitute forward-looking information within the
meaning of securities laws. Such forward-looking statements and information
include statements with respect to the Company's intention to purchase its
Shares and the Company's long-term and future growth prospects.
Forward-looking statements and forward-looking information are subject to
risks and uncertainties which can cause actual results to differ materially
from those currently anticipated due to a number of factors, which include,
but are not limited to, the Company's intention to purchase Shares being
subject to regulatory approval from the TSX, the extent to which the Company
repurchases Shares under the normal course issuer bid being impacted by market
factors, and other risk factors that are beyond the Company's control. For
more information on these risks and uncertainties you should refer to our
detailed Financial Statements and Management's Discussion and Analysis, as
well as a broader description of certain challenges and risks facing the
Company, all of which is available at www.sedar.com. Forward-looking
information contained in this news release is based on our current estimates,
expectations and projections, which we believe are reasonable as of the
current date. You should not place undue importance on forward-looking
information and should not rely upon this information as of any other date.
The Company disclaims any intention or obligation to update the information in
this press release or revise any other forward-looking statements, whether as
a result of new information, future events or otherwise, except as expressly
required by law.
For further information:
For further information: Robert Herrmann, Phone: (212) 907-8080, E-mail: