TORONTO, May 30, 2012 /CNW/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) announced today that the Toronto Stock Exchange (the "TSX") has accepted the company's Notice of Intention to purchase through a normal course issuer bid up to 845,000 of its common shares, representing approximately 5% percent of the 16,985,505 common shares outstanding as at May 18, 2012 (the "Notice").
The purchases to be made from time to time on the open market through the TSX may commence on June 1, 2012 and will end on the earlier of May 31, 2013, the date that the Company completes the purchase of the total number of shares permitted under the Notice, or the date of a notice by the Company that it is terminating the bid. The Company may purchase its shares, from time to time, if it believes that the market price of the shares is attractive and that the purchase would be an appropriate use of corporate funds and in the best interests of the Company. The Company will pay the prevailing TSX prices for the shares at the time of any purchases. Purchased shares will be cancelled.
The Company's purchase of shares during any trading day will not exceed 1,709 shares, representing approximately 25% percent of the average daily trading volume of the shares based on the number of shares traded during the most recently completed six calendar months preceding the filing of the Notice, and subject to the Company's ability to make block purchases in accordance with the TSX's facilities and rules.
"We believe that our Company's shares are not trading at a price that reflects the value of the Company," said John N. Wallace, chief executive officer. "Our board therefore determined that repurchasing shares would be an attractive investment opportunity for a portion of our cash and is consistent with our goal of creating additional value for our shareholders."
The Company has appointed CIBC World Markets as trustee for the purposes of arranging for the acquisition of the shares.
A copy of the Company's Notice file with the TSX may be obtained, by any shareholder without charge, by contacting the Company's corporate secretary.
About Caldwell Partners
Caldwell Partners is one of North America's premier providers of executive search and has been for over 40 years. As one of the region's most trusted advisors in executive search, the firm has a sterling reputation built on successful searches for boards, chief and senior executives, and selected functional experts.
With offices in Vancouver, San Francisco, Los Angeles, Dallas, Calgary, Atlanta, Toronto, Stamford, New York City, and a strategic presence in London and Hong Kong, the firm takes pride in delivering an unmatched level of service and expertise to its clients.
Forward-looking statements in this document are based on current expectations that are subject to significant risks and uncertainties. We use words such as "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "believe", "intend", "plan", "forecast", "outlook", "project", "estimate" and similar expressions suggesting future outcomes or events to identify forward-looking statements. Actual results might differ materially due to various factors such as the competitive nature of the executive search industry, the ability of the company to execute its growth strategies, the performance of the Canadian domestic and international economies, and the company's ability to retain key personnel. We have made certain assumptions about the forward-looking statements and information, including the ability to acquire shares in the market through the bid and in compliance with regulatory requirements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
For further information:
Karen Richards, CA
Chief Financial Officer
The Caldwell Partners International