CALGARY, Dec. 21 /CNW/ - Parkbridge Lifestyle Communities Inc. ("Parkbridge" or the "Corporation"), (TSX: PRK) today announced that a Notice of Intention to renew its Normal Course Issuer Bid (the "Bid"), approved by its board of directors, has been filed with and accepted by the Toronto Stock Exchange for Parkbridge to repurchase for cancellation up to 3,919,499 Common Shares ("shares") of Parkbridge or 10% of the public float, such public float representing 59% of the issued and outstanding shares as at December 15, 2009. 66,768,629 shares of Parkbridge were issued and outstanding as of December 15, 2009. The Bid will commence on the 22nd day of December, 2009 and will terminate on the earlier of the 21st day of December 2010 and the date on which the maximum number of shares are purchased pursuant to the Bid. Purchases of shares under the Bid will be effected through the facilities of the Toronto Stock Exchange at the market price at the time of purchase. The Corporation will be limited to a maximum daily purchase of 6,854 shares, subject to the ability to make one block purchase per week and shall be made in accordance with the applicable regulatory requirements. Since commencement of the original Bid on August 15, 2008, through to its expiration on August 14, 2009, Parkbridge purchased 12,647 shares at a weighted average price of $5.17.
The Corporation's board of directors and management believes that the purchase by the Corporation of its outstanding Common Shares pursuant to the Bid constitutes an attractive and appropriate investment of corporate funds. The primary purpose of the Bid is to provide extra liquidity to smaller shareholders of Parkbridge and to take advantage of the market price of the shares which may, at certain times, in the opinion of the Corporation's board of directors and management, be undervalued.
Parkbridge is one of Canada's leading owners, operators and developers of land lease residential communities and seasonal recreational resorts. The portfolio is concentrated in the provinces of British Columbia, Alberta, Ontario and Quebec.
Parkbridge now owns 77 properties containing approximately 16,700 sites with a capacity to add more than 4,200 additional sites through expansion of current property holdings.
Parkbridge is listed on the Toronto Stock Exchange and its head office is in Calgary, Alberta.
This news release contains forward-looking statements concerning the Corporation's business and operations. The Corporation cautions that, by their nature, forward-looking statements involve risk and uncertainty and the Corporation's results could differ materially from those expressed or implied in such statements. Reference should be made to the Corporation's most recent Management's Discussion and Analysis and audited consolidated financial statements for the year ended September 30, 2009, and the Annual Information Form dated November 19, 2009. All reports may be viewed at www.sedar.com.
SOURCE PARKBRIDGE LIFESTYLE COMMUNITIES INC.
For further information: For further information: Mr. Iain Stewart, President, Western Operations and Co-CEO, Telephone: (403) 215-2109, Email: email@example.com; Mr. Calvin Wilson, Vice President, Finance and CFO, Telephone: (403) 215-2105, Email: firstname.lastname@example.org; Parkbridge Lifestyle Communities Inc., Telephone: (403) 215-2100, Facsimile: (403) 215-2115, 700, 505 - 3rd Street SW, Calgary, AB, T2P 3E6