CALGARY, Aug. 26 /CNW/ - Olympia Financial Group Inc. (the "Corporation")
today announced that it has received approval of the TSX Venture Exchange (the
"Exchange") to proceed with a normal course issuer bid ("NCIB") of its issued
and outstanding common shares ("Common Shares"). As of August 25, 2009, there
were 2,473,552 Common Shares issued and outstanding.
The Corporation currently only intends on purchasing Common Shares having
a value up to $2,000,000. In any event, pursuant to the rules of the Exchange,
the Corporation will not purchase more than 49,471 Common Shares (being 2% of
the issued and outstanding shares) in any 30-day period and the Corporation
will not purchase more than 123,677 Common Shares (being 5% of the issued and
outstanding shares) in the 12 month period ending August 31, 2010.
The bid will commence on September 1, 2009 and will continue until the
earlier of August 31, 2010 and the date by which the Corporation has acquired
the maximum number of Common Shares which may be purchased under the bid.
Purchases will be made through the facilities of the Exchange only, in
accordance with the requirements of the Exchange, and the price at which the
Corporation will purchase its Common Shares will be the market price of the
Common Shares at the time of acquisition. The Corporation has appointed
Canaccord Capital Corporation as its broker to conduct NCIB transactions.
Common Shares purchased by the Corporation will be returned to treasury for
cancellation. During the 12 months preceding the date hereof, the Corporation
did not repurchase any Common Shares. Purchases in any given 30-day period are
restricted to a maximum of 2% of the total number of outstanding Common
Shares. There is no minimum number of Common Shares that must be purchased by
the Corporation under the NCIB.
To the knowledge of the Corporation, no director, senior officer or other
insider of the Corporation currently intends to sell any Common Shares under
the NCIB. However, sales by such persons through the facilities of the
Exchange may occur if the personal circumstance of any such person change or
any such person makes a decision unrelated to these normal course purchases.
The benefits to any such person whose Common Shares are purchased would be the
same as the benefits available to all other holders whose Common Shares are
Management of the Corporation believes that from time to time the market
price of the Common Shares may not reflect their underlying value 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.
Any purchases made by the Corporation will also afford increased liquidity to
those shareholders of the Corporation who may wish to dispose of their Common
Additional information on Olympia Financial Group Inc. can be found on
the Group's website at www.olympiatrust.com and on SEDAR at www.sedar.com.
Neither 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 accuracy of this release.
For further information:
For further information: Rick Skauge, President, at (403) 261-7501
e-mail firstname.lastname@example.org or visit the website www.olympiatrust.com.