TORONTO, Feb. 22 /CNW/ - Northern Financial Corp. ("Northern") (TSX: NFC)
intends to purchase a maximum of 652,933 of its common shares, being
approximately 10% of the public float. Northern currently has 9,850,289 common
shares issued and outstanding. Purchases may commence on February 26, 2008 and
will terminate no later than February 25, 2009.
Purchases of the common shares will be effected through the facilities of
The Toronto Stock Exchange. The purchase and payment for the common shares
purchased will be made by Northern in accordance with the requirements of the
Toronto Stock Exchange and the price which Northern will pay for any such
common shares will be the market price of such common shares at the time of
acquisition. Common shares purchased pursuant to the bid will be cancelled.
The average daily trading volume of Northern's common shares for the six
months ended January 31, 2008 was 6,400. Unless otherwise permitted by the
Toronto Stock Exchange, Northern will not purchase in any trading day more
than 1,600 common shares, being the greater of (i) 25% of the average daily
trading volume of the common shares or (ii) 1,000 common shares.
Northern will make no purchases of common shares other than open market
Northern believes that, at certain times, the market price of its common
shares may not adequately reflect the value of its business and its future
business prospects. As a result, Northern believes that its outstanding common
shares may, at such times, represent an attractive investment and an
appropriate and desirable use of its available funds.
No director or senior officer of Northern intends to sell common shares
of Northern during the period of this Notice. To the knowledge of Northern, no
associate of a director or senior officer of Northern, and no person acting
jointly or in concert with Northern and no person holding ten (10%) percent or
more of any class of equity securities of Northern intends to sell common
shares of Northern during the period of this Notice.
About Northern Financial Corporation
Northern Financial Corporation wholly owns Northern Securities Inc., a
full service investment dealer that provides financial advisory services to
retail and institutional clients and investment banking services to small
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this news release. This news release may contain
certain forward looking statements which involve known and unknown risks,
delays, and uncertainties not under Northern's control which may cause actual
results, performances or achievements of Northern to be materially different
from those implied by such forward looking statements.
For further information:
For further information: on this press release, please contact: Vic
Alboini, Chairman and Chief Executive Officer, (416) 644-8110