ADF Group Inc announces the renewal of a normal course issuer bid on the
corporation subordinate voting shares
TERREBONNE, QC, Dec. 6, 2012 /CNW Telbec/ - ADF Group Inc ("ADF" or the
"Corporation") (TSX: DRX) announces that it has obtained the approval of its
Board of Directors and the Toronto Stock Exchange to renew its normal course
From December 11, 2012 to December 10, 2013, ADF Group will be authorized to
repurchase for cancellation up to 1,552,731 subordinate voting shares. The
share buybacks will be made from time to time when deemed appropriate by the
Corporation, considering current economic conditions, its liquidities and the
progress of its project to set up a fabrication plant in the State in Montana,
U.S.A. These 1,552,731 shares represent approximately 10% of the public float
of subordinate voting shares. At the close of business on November 30, 2012,
the number of subordinate voting shares outstanding totalled 18,111,205, of
which 85.7% or 15,527,313 shares were held by the public.
ADF's management and Board of Directors believe that the price of the
subordinate voting shares may sometimes not reflect the intrinsic value of ADF
and that, consequently, this repurchase of the subordinate voting shares may
be a judicious use of ADF's funds. The repurchase of the subordinate voting
shares will be carried out by ADF on the open market through the Toronto Stock
Exchange in compliance with its requirements, which currently limit the
repurchase to 2,470 shares per day, or 25% of the number of subordinate voting
shares traded daily, on average, over the last six months, with the exception
of block trades.
The price that ADF will pay for the subordinate voting shares that it will
acquire will be the market price of those shares at their acquisition date.
All the shares repurchased under the normal course issuer bid will be
cancelled. The purchases will be made at ADF's discretion.
Over the last twelve months ADF has repurchased 339,600 subordinate voting
shares at a weighted average price of $1.33 per share under a previous normal
course issuer bid carried out through the Toronto Stock Exchange and which
ended on October 5, 2012.
About ADF Group Inc.
ADF Group Inc. is a North American leader in the design and engineering of
connections, fabrication and installation of complex steel structures, heavy
steel built-ups, as well as miscellaneous and architectural metals for the
non-residential construction industry. ADF is one of the few players in the
industry capable of handling highly technically complex mega projects on
fast-track schedules in the commercial, institutional, industrial and public
This press release contains forward-looking statements reflecting ADF
objectives and expectations. These statements are identified by the use of
verbs such as "expect" as well as by the use of future or conditional tenses.
By their very nature these types of statements involve risks and uncertainty.
Consequently, reality may differ from ADF's expectations.
Jean-François Boursier, CPA, CA, Chief Financial Officer Telephone: (450)
965-1911 / 1 (800) 263-7560 Web Site: www.adfgroup.com
SOURCE: ADF GROUP INC.
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CO: ADF GROUP INC.
NI: CST FIN 2523
-0- Dec/06/2012 12:00 GMT
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