TSX: SCL.A, SCL.B
TORONTO, Nov. 29 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced
that it has received approval from the Toronto Stock Exchange ("TSX") to renew
its normal course issuer bid for a further one year period. ShawCor's normal
course issuer bid will now expire on November 30, 2008 in accordance with
rules of the TSX.
Under ShawCor's previously approved issuer bid entered into on
December 1, 2004 and last renewed on December 1, 2006, ShawCor has purchased
an aggregate of 4,566,400 Class A Shares at a weighted average price of
$25.28. All such shares are cancelled after they are purchased. No Class B
Shares were purchased for cancellation during this period.
As approved by the TSX, during the period of December 3, 2007 to November
30, 2008, ShawCor is now authorized to acquire up to 5,000,000 of the
currently issued and outstanding Class A Subordinate Voting Shares and up to
100,000 of the currently issued and outstanding Class B Multiple voting
Shares. These authorized acquisitions represent 9.85% of the public float of
Class A Shares and 9.14% of the public float of Class B Shares. As at November
23, 2007, the average trading volumes of Class A and Class B shares for the
most recently completed six calendar months are 137,782 and 87 respectively.
All shares purchased under the normal course issuer bid will be cancelled.
The Board of Directors of Shawcor has initiated this normal course issuer
bid because the Board believes that the ShawCor shares are an attractive
investment at appropriate market prices, are a prudent use of funds and will
provide additional liquidity to shareholders.
As at November 23, 2007 there were 58,651,750 Class A Subordinate Voting
Shares and 13,078,142 Class B Multiple Voting shares issued and outstanding.
ShawCor is an energy service company specializing in products and
services for the pipeline and pipe services and the petrochemical and
industrial segments of oil and gas industry. The Company operates through six
divisions with over sixty manufacturing and service facilities located around
For further information:
For further information: Gary Love, Vice President, Finance and CFO,
Telephone: (416) 744-5818, e-mail: email@example.com, website: