Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,607.98 91.71 0.63%
TOPIX 1,178.17 4.80 0.41%
HANG SENG 22,760.24 64.23 0.28%

BMTC Group Inc. announces the renewal of its normal course issuer bid to acquire Class A Subordinate Voting Shares


BMTC Group Inc. announces the renewal of its normal course issuer bid to acquire Class A Subordinate Voting Shares

MONTREAL, March 11, 2013 /CNW Telbec/ - The Company announces that it has received the required regulatory approvals to renew its normal course issuer bid to acquire Class A Subordinate Voting Shares listed on the Toronto Stock Exchange (the "TSX") for the period between March 13(th), 2013 and March 12(th), 2014, at the latest. The Company's previous normal course issuer bid ended on March 7(th), 2013. Pursuant to its renewed normal course issuer bid, the Company intends to acquire, through the facilities of the TSX and through alternative trading systems (such as Alpha ATS) and in accordance with their requirements, up to 2,226,936 of Class A Subordinate Voting Shares, representing about 5% of the 44,538,720 Class A Subordinate Voting Shares issued and outstanding as at February 28(th), 2013.

Within the last 12 months, the Company acquired for cancellation, under its previous normal course issuer bid, a total of 1,825,000 Class A Subordinate Voting Shares with respect to which the weighted average price paid was $16.12 per share.

In accordance with TSX requirements, the average daily trading volume of BMTC's Class A Subordinate Voting Shares over the last six complete calendar months was 5,178 shares (the "ADTV"). Accordingly, under TSX rules and policies, BMTC is entitled on any trading day to purchase up to 1,294 Class A Subordinate Voting Shares until March 12(th), 2014. Once a week, in excess of the daily Class A Subordinate Voting Shares repurchase limit, BMTC may also purchase a block of Class A Subordinate Voting Shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 Class A Subordinate Voting Shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of Class A Subordinate Voting Shares which total 150% or more of the ADTV in accordance with TSX rules. BMTC has retained National Bank Financial Inc. as broker to manage the Normal Course Issuer Bid.

When acquiring Class A Subordinate Voting Shares through alternative trading systems (such as Alpha ATS), none of the requirements listed in the previous paragraph are applicable.

BMTC considers that the acquisition of Class A Subordinate Voting Shares that it may effect from time to time in the course of its normal course issuer bid is a sound use of its funds.

BMTC Group inc., which Class A Subordinate Voting Shares are listed on the Toronto Stock Exchange, is an important retailer of furniture, electronic goods and household appliances in appliances in the areas of Montreal, Quebec City, Repentigny, Ste-Therese, Laval, Longueuil, Kirkland, St-Georges, Trois-Rivières, Sherbrooke, Chicoutimi, Rivière-du-Loup, Rimouski, Levis, Beauport, Ste-Foy, Gatineau, St-Hyacinthe, St-Jean-sur-le-Richelieu, Granby, Vaudreuil, Mascouche and St-Jérôme through its subsidiary ATBM Group inc. and Ameublements Tanguay inc.

Mr. Yves Des Groseillers Chairman, President and Chief Executive Officer BMTC Group inc.

(514) 648-5757

SOURCE: BMTC GROUP INC.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/March2013/11/c3853.html

CO: BMTC GROUP INC. ST: Quebec NI: RET HOU NEWSTK FIN

-0- Mar/11/2013 14:33 GMT

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement