MONTREAL, April 11, 2012 /CNW Telbec/ - Transcontinental Inc. has been authorized to purchase for cancellation on the open market, between April 13, 2012 and April 12, 2013, up to 3,295,096 of its Class A Subordinate Voting Shares, representing 5% of the 65,901,932 issued and outstanding Class A Subordinate Voting Shares as of April 2, 2012, and up to 757,561 of its Class B Shares, representing 5% of the 15,151,235 issued and outstanding Class B Shares as of April 2, 2012. The average daily trading volume on the Toronto Stock Exchange of Class A Subordinate Voting Shares for the past six months was 95,903 and the average daily trading volume on the Toronto Stock Exchange of Class B Shares for the past six months was 366. In accordance with the Toronto Stock Exchage requirements, a maximum daily purchase of the greater of 25% of these averages or 1,000 shares may be made, which represent a toal of 23,975 Class A subordinate Voting Shares and a total of 1,000 Class B Shares. The purchases will be made in the normal course of business at market prices through the facilities of the Toronto Stock Exchange and/or alternative Canadian trading platforms in accordance with the requirements of the exchange.
The Corporation believes that the purchase of the Class A subordinate Voting Shares and Class B Shares may be an economically worthwhile use by the Corporation of its funds and is in the best interest of the Corporation and its shareholders.
In connection with the program, the Corporation has established an automatic securities purchase plan to provide standard instructions regarding how the Corporation's shares are to be repurchased under the program. Accordingly, the Corporation may repurchase its shares under the automatic plan on any trading day during the program including during self-imposed trading blackout periods. The automatic plan will commence and should terminate together with the program. It constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the Toronto Stock Exchange.
About TC Transcontinental
TC. Transcontinental creates marketing products and services that allow businesses to attract, reach and retain their target customers. The Corporation is the largest printer in Canada and the fourth-largest in North America. As the leading publisher of consumer magazines and French-language educational resources, and of community newspapers in Quebec and the Atlantic provinces, it is also one of Canada's top media groups. TC. Transcontinental is also the leading door-to-door distributor of advertising material in Canada through its celebrated Publisac network in Quebec and Targeo in the rest of Canada. Thanks to a wide digital network of more than 1,000 websites, the company reaches over 13.7 million unique visitors per month in Canada. The company also offers interactive marketing products and services that use new communication platforms supported by marketing strategy and planning services, database analytics, pre-media, e-flyers, email marketing, custom communications and mobile solutions.
Transcontinental Inc. (TSX : TCL.A, TCL.B, TCL.PR.D), known by the brands TC Transcontinental, TC Media and TC Transcontinental Printing, has about 11,000 employees in Canada and the United States, and reported revenues of C$2.0 billion in 2011. For more information about the corporation, please visit www.tc.tc
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