Normal course issuer bid by Star Data Systems Inc. accepted by the Toronto Stock Exchange
TORONTO, March 9 /CNW/ - Star Data Systems Inc. (TSE: STY) announced
today that The Toronto Stock Exchange has approved its notice of intention to
make a normal course issuer bid for its common shares as appropriate
opportunities arise from time to time. Star Data's normal course issuer bid
will be made in accordance with the by-laws and policies of The Toronto Stock
Exchange. Star Data may begin to purchase common shares during the period
commencing on March 11, 1999 and ending March 10, 2000.
Pursuant to the notice, Star Data intends to purchase (for cancellation)
up to 844,257 common shares (representing 5% of the 16,885,142 shares
outstanding) over the next 12 months, if considered advisable. Purchases will
be made at market prices through the facilities of the Exchange. The Board of
Directors of Star Data believes that, on occasion, common shares may become
available at prices which make their purchase an attractive investment and an
appropriate use of Star Data's funds.
Star Data is the leading supplier of on line, real-time financial
information and transaction processing services to Canada's investment
community. Information services include stock market quotations across North
America, analytic support and corporate and financial news. Transaction
processing services include shareholder and portfolio management, and
real-time brokerage accounting systems.
Additionally, the Company provides customized system development services
for transaction processing clients, and computer processing outsourcing
services within, and outside, the financial services industry.
Star Data is based in Toronto, has offices in Vancouver, Calgary,
Winnipeg, London, Markham, Montreal, Halifax and London U.K., and employs more
than 350 people. Star Data is listed on The Toronto Stock Exchange under the
symbol STY. For more information on the Company's products and services, visit
www.stardata.com
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For further information: Phillip H. Doherty, Chairman of the Board,
(416) 362-0582; James Newell, Senior Vice-President, Finance & CFO, Star Data
Systems Inc., (905) 479-7827 |
