Newfoundland Capital files Normal Course Issuer Bid notice with the TSX

    DARTMOUTH, NS, Jan. 9 /CNW/ - Newfoundland Capital Corporation Limited
announced today that the Company has filed a notice with the Toronto Stock
Exchange to purchase through the facilities of the Toronto Stock Exchange for
cancellation up to 486,659 of the 9,733,189 issued and outstanding Class A
Subordinate Voting Shares and up to 62,877 of the 1,257,551 issued and
outstanding Class B Common Shares, representing, in each case, 5% of the
issued and outstanding shares of that class as of December 31, 2008. Purchases
may commence on February 9, 2009 and will terminate on February 8, 2010,
subject to Toronto Stock Exchange approval.
    The average daily trading volume (the ADTV) of the Class A Subordinate
Voting Shares was 1,388 on the TSX over the last six completed calendar
months, and the ADTV of the Class B Common Shares was 4 on the TSX over the
last six completed calendar months. Accordingly, under the policies of the
TSX, the Company is entitled to purchase, during any one trading day until
March 31, 2009, up to 694 Class A Subordinate Voting Shares (being 50% of the
ADTV of the Class A Subordinate Voting Shares) and thereafter, up to 347 Class
A Subordinate Voting Shares (being 25% of the ADTV of the Class A Subordinate
Voting Shares) and up to 1,000 Class B Common Shares on any trading day. The
Company is entitled to purchase a larger amount of Class A Subordinate Voting
Shares and Class B Common Shares per calendar week, subject to the maximum
number that may be acquired under the normal course issuer bid, if the
transaction meets the block purchase exception under the TSX rules.
    The Directors and Senior Management of the Company are of the opinion
that from time to time the purchase of its shares at the prevailing market
price would be a worthwhile investment and in the best interests of the
Company and its shareholders. To date, the Company acquired 100,000 of its
Class A Subordinate Voting Shares by means of open market transactions
pursuant to its Normal Course Issuer Bid ending February 7, 2009 at an average
price of $18.00 per share. To date, the Company did not acquire any of its
Class B Shares pursuant to the issuer bid ending February 7, 2009.

    About Newfoundland Capital Corporation Limited

    Newfoundland Capital Corporation Limited (TSX: NCC.A, NCC.B) is one of
Canada's leading radio broadcasters with 77 licences across Canada. The
Company reaches millions of listeners each week through a variety of formats
and is a recognized industry leader in radio programming, sales and
    %SEDAR: 00002995E

For further information:

For further information: REF: Scott G.M. Weatherby, Chief Financial
Officer and Corporate Secretary, Newfoundland Capital Corporation Limited, 745
Windmill Road, Dartmouth, Nova Scotia B3B 1C2, Tel: (902) 468-7557, Fax: (902)
468-7558, e-mail:, Web:

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