TORONTO, May 23, 2017 /CNW/ - Park Lawn Company Limited (the "Company") (CSE Symbol: PRL) announced today that it is making a normal course issuer bid through the facilities of the Canadian Securities Exchange. The Company is executing a normal course issuer bid at this time as its board of directors and management believe that the Company's value is not adequately reflected in its current price.
Under the normal course issuer bid, the Company will purchase up to 49,603 shares representing up to 10% of the public float of the currently issued and outstanding shares of the Company. The normal course issuer bid is expected to commence on or about May 24, 2017 and will not extend beyond May 23, 2018. The purchase and payment for the shares of the Company will be made in accordance with the requirements of the Canadian Securities Exchange. Any purchases will be made by the Company at the prevailing market prices of the shares at the time of purchase. All shares purchased will be cancelled. The actual number of shares purchased, timing of purchases and the price at which the shares are bought will depend upon future market conditions and potential alternative uses for the Company's cash resources.
The member the Company will be using is Clarus Securities Inc., 3640 – 130 King Street West, Toronto, Ontario M5X 1A9 (Telephone: (416) 242-2777).
About Park Lawn
In addition to its continued involvement in the development of the 57 Linelle Street site, Park Lawn Company Limited holds 127,092 shares of Park Lawn Corporation.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Park Lawn Company Limited
For further information: please contact Frank Mills, President, Park Lawn Company Limited, Tel: (647) 933-9079, Fax: (416) 512-6076