EDMONTON, Oct. 7 /CNW/ - The Churchill Corporation (the "Corporation")
today announced that its Board of Directors has approved the adoption of a
normal course issuer bid ("NCIB") under which the Corporation expects to
purchase up to 1,391,090 of its common shares, such amount representing 10% of
its public float by way of normal course purchases on the Toronto Stock
Exchange (the "TSX"). As of October 6, 2008, there were 17,981,991 common
shares issued and outstanding.
The normal course program is subject to obtaining requisite regulatory
approvals. Purchases will be made through the facilities of the TSX only, in
accordance with the requirements of the TSX. The price at which the
Corporation will purchase its common shares will be the market price of the
common shares at the time of acquisition. The Corporation has appointed
Blackmont Capital Inc. as its broker to conduct normal course issuer bid
transactions. Common shares purchased by the Corporation will be returned to
treasury for cancellation. During the 12 months preceding October 6, 2008, the
Corporation did not repurchase any common shares.
Management of the Corporation believes that from time to time the market
price of the common shares may not reflect their underlying value and that, at
such times, the purchase of common shares for cancellation will increase the
proportionate interest of, and be advantageous to, all remaining shareholders.
Any purchases made by the Corporation will also afford increased liquidity to
those shareholders of the Corporation who may wish to dispose of their common
The Churchill Corporation provides building construction, industrial
construction and maintenance services throughout Western Canada. Churchill
common shares are listed on the Toronto Stock Exchange under the symbol "CUQ".
FORWARD LOOKING STATEMENTS
Certain statements in this Press Release may constitute "forward-looking
statements". Forward-looking statements include, without limitation,
statements regarding the future financial position, business strategy,
budgets, litigation, projected costs, capital expenditures, financial results,
taxes, plans and objectives of the Corporation. Many of these statements can
be identified by looking for words such as "believes," "expects," "may,"
"will," "intends," "anticipates," "estimates," "continues," or the negative
thereof, or other variations thereon. Although management of Churchill
believes its expectations regarding future performance of the Corporation are
based on reasonable assumptions and currently available competitive, financial
and economic data, market conditions and operating plans, it can give no
assurance its expectations will be achieved. The Corporation cautions that, by
their nature, forward-looking statements, involve risks, and uncertainties and
that its actual actions, and/or results could differ materially from those
expressed or implied in such forward-looking statements, and that the
aforementioned risks, uncertainties and actions could affect the extent to
which a particular projection materializes. The Corporation assumes no
obligation to update the forward-looking statements should circumstances or
the Corporation's management's estimates or opinions change.
For further information:
For further information: Andrew Apedoe, Vice President Investor
Relations & Secretary, The Churchill Corporation, (780) 454-3667, Email:
firstname.lastname@example.org, Website: www.churchillcorporation.com