TORONTO, June 5, 2013 /CNW/ - Retained executive search firm The Caldwell Partners International Inc. (TSX: CWL) announced today that the Toronto Stock Exchange (TSX) has accepted the company's Notice of Intention to purchase through a normal course issuer bid (NCIB) up to 853,275 of its common shares, representing approximately 5% of the 17,065,505 shares outstanding as at May 28, 2013 (the "Notice").
The NCIB commences on June 7, 2013 and will end on the earlier of June 6, 2014, 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 NCIB. 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. Any shares purchased by the Company under the NCIB will be effected through the facilities of the TSX at the prevailing market price at the time of the purchase. All shares purchased under the NCIB will be cancelled.
The Company's purchase of shares during any trading day will not exceed 4,500 shares, representing approximately 25% 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.
Under its previous normal course issuer bid that expired on May 31, 2013, the Company had not repurchased any of its common shares.
The Company believes that the market price of its common shares could be such that their purchase may be an attractive and appropriate use of corporate funds in light of potential benefits to remaining 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 filed 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 more than 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 and partners across North America, 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.
SOURCE: The Caldwell Partners International Inc.
For further information:
Chief Financial Officer
The Caldwell Partners International
+1 617 934 1843