TORONTO, Jan. 12 /CNW/ - McVicar Industries Inc. ("McVicar" or the "Company") (TSXV: MCV) announces that it intends to conduct, subject to regulatory
approval, a normal course issuer bid (the "Bid") pursuant to which
McVicar may purchase up to a maximum of 1,800,000 common shares in the
capital of McVicar (the "Shares"), representing approximately 4.8% of
its 37,427,320 issued and outstanding common shares as at January 4,
McVicar has undertaken the Bid because it is of the view that the recent
market prices of the Shares do not properly reflect the underlying
fundamentals and values of its assets and business undertaking.
The Company intends to commence the Bid on or about January 14, 2011
(being three days following acceptance of the Bid by the TSX Venture
Exchange on January 10, 2011) and terminate the Bid on or about January
13, 2012. Pursuant to TSX Venture Exchange (the "Exchange") policies, purchases of Shares under the Bid or otherwise during any
30 day period will not exceed 2% of the issued and outstanding Shares
at the time such purchases are made. Purchases pursuant to the Bid
will be made from time to time through the facilities of the Exchange.
Shares purchased will be paid for with cash available from McVicar's
working capital, which at September 30, 2010, was approximately $21.6
million. All Shares purchased pursuant to the Bid will be cancelled and
returned to treasury.
The Bid will be conducted through Mackie Research Capital Corporation.,
Suite #4500, 199 Bay Street, Commerce Court West, Toronto, Ontario,
Canada, M5L 1G2, telephone 416-860-7600 or toll-free 888-860-7606.
Headquartered in Toronto, Canada, McVicar Industries Inc. is focused on
the specialty chemical business through interests in companies
operating in the People's Republic of China. McVicar's operating
companies are specialty chemical companies serving the personal care,
pharmaceutical and industrial markets.
This press release contains forward-looking statements which reflect the
Corporation's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties. Actual
results could differ materially from those projected herein. Although
we believe that our expectations are based on reasonable assumptions,
we can give no assurance that our expectations will materialize.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or the accuracy of this
SOURCE McVicar Industries Inc.
For further information:
McVicar Investor Contact: Ms. eXavier Peterson or Mr. Winfield Ding, Chief Financial Officer, Tel: (416) 366-7420; firstname.lastname@example.org or email@example.com