(TSX: SCL.A, SCL.B)
TORONTO
,
Nov. 30
/CNW/ - ShawCor Ltd. ("ShawCor") (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, 2010
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, 2008
, ShawCor has purchased an aggregate of 5,573,600 Class A Subordinate Voting Shares (the "Class A Shares") at a weighted average price of
$25.38
. All such shares have been cancelled.
As approved by the TSX, during the period of
December 1, 2009
to
November 30, 2010
, ShawCor is now authorized to acquire, through the facilities of TSX, up to 3,000,000 of the currently issued and outstanding Class A Shares and up to 100,000 of the currently issued and outstanding Class B Multiple Voting Shares (the "Class B Shares"). These two amounts comprise approximately 6.11% and 9.27% of the public float outstanding as at
November 24, 2009
for Class A Shares and Class B Shares respectively. Daily purchases will be limited to 40,555 Class A Shares and 1,000 Class B Shares, other than block purchase exemptions. All Class A Shares and Class B 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 24, 2009
there were 57,456,932 Class A Shares and 13,060,034 Class B 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 seven divisions with over sixty manufacturing and service facilities located around the world.
For further information: For further information: Gary Love, Vice President, Finance and CFO, Telephone: (416) 744-5818, e-mail: [email protected], website: www.shawcor.com
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