OKOTOKS, AB, June 11 /CNW/ - (TSX-MTL) Mullen Group Ltd. ("Mullen" or the
"Company") announced today that the Toronto Stock Exchange ("TSX") has
accepted Mullen's Notice of Intention to commence a Normal Course Issuer Bid
(the "Bid") to purchase, from time to time, as it considers advisable, up to
7,379,118 common shares (which is equal to 10% of the "public float" of
73,791,184 common shares) on the open market through the facilities of the
TSX. The number of common shares that can be purchased pursuant to the Bid is
subject to a daily maximum of 81,093 common shares (which is equal to 25% of
the average daily trading volume of the trust units of Mullen Group Income
Fund from December 1, 2008 through to May 7, 2009 plus the average daily
trading volume of the common shares of Mullen from May 8, 2009 through to May
29, 2009). The price that Mullen will pay for any common share under the Bid
will be the prevailing market price on the TSX at the time of such purchase.
Common shares acquired under the Bid will be subsequently cancelled. Mullen
currently has 80,605,298 common shares outstanding.
The Bid will commence on June 15, 2009 and will terminate on June 14,
2010 or such earlier time as the Bid is completed or terminated at the option
of Mullen. A copy of the Form 12 - Notice of Intention to make a Normal Course
Issuer Bid filed by the Company with the TSX can be obtained from the Company
upon request without charge.
The Company has commenced the normal course issuer bid because it
believes that, from time to time, the market price of its securities will not
properly reflect the underlying, intrinsic value of Mullen, 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.
The Mullen Group is recognized as the largest provider of specialized
transportation and related services to the oil and natural gas industry in
western Canada and as one of the leading suppliers of trucking and logistics
services in Canada - two sectors of the economy in which Mullen Group has
strong business relationships and industry leadership. Additional information
is available on our website at www.mullen-group.com.
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable securities laws.
The use of any of the words "expect", "anticipate", "continue", "objective",
"will", "should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or statements. More
particularly and without limitation, this press release contains forward
looking statements and information concerning the number of common shares to
be purchased pursuant to the Bid and the cancellation of common shares
purchased pursuant to the Bid.
The forward-looking statements and information are based on certain key
expectations and assumptions made by Mullen, including the timing of receipt
of regulatory approval. Although Mullen believes that the expectations and
assumptions on which such forward-looking statements and information are based
are reasonable, undue reliance should not be placed on the forward looking
statements and information because Mullen can give no assurance that they will
prove to be correct.
Since forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those currently
anticipated due to a number of factors and risks. These include, but are not
limited to, the risks associated with the current financial markets, the
service and energy industry in general; and the failure to obtain required
regulatory approvals. Accordingly, readers should not place undue reliance on
the forward-looking statements and information contained in this press release
concerning these times.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Additional information on these and other factors that could
affect the operations or financial results of Mullen are included in reports
of Mullen Group Income Fund and Mullen on file with applicable securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com) of Mullen Group Income Fund and Mullen. The forward-looking
statements and information contained in this press release are made as of the
date hereof and Mullen undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities law. Mullen relies on litigation protection for "forward-looking"
For further information:
For further information: Mr. Murray K. Mullen - Chairman and Chief
Executive Officer; Mr. Stephen H. Lockwood - President and Co-Chief Executive
Officer, 121A, 31 Southridge Drive, Okotoks, Alberta, Canada, T1S 2N3, Tel:
(403) 995-5200, Fax: (403) 995-5296