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
In accordance with TSX requirements, the average daily trading volume of
BMTC's ClassA 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 ClassA 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
SOURCE: BMTC GROUP INC.
To view this news release in HTML formatting, please use the following URL:
CO: BMTC GROUP INC.
NI: RET HOU NEWSTK FIN
Press spacebar to pause and continue. Press esc to stop.