SNC-Lavalin Group Inc.: Normal Course Issuer Bid
MAY 18, 2000
MONTREAL, QUEBEC--The Board of Directors of SNC-Lavalin Group Inc.
has filed notice to renew for a twelve-month period its normal
course issuer bid which was set to expire no later than May 20,
2000. In the notice, the Corporation states its intention to
purchase for cancellation up to a maximum of 3,910,000 Common
Shares of the Corporation, representing approximately 10 % of the
public float of Common Shares. As of May 12, 2000, there were
46,474,006 Common Shares issued and outstanding and the public
float was 39,116,113 Common Shares.
The Corporation estimates that the Common Shares are undervalued
by the Market and thus believes that purchases of its Common
Shares pursuant to this normal course issuer bid are in the best
interest of the Corporation and its shareholders.
These purchases are to be made through the facilities of the
Toronto stock exchange in accordance with its policy on normal
course issuer bids. The price which the Corporation will pay for
any Common Shares will be the market price at the time of
acquisition plus brokerage fees. Purchases may commence on May
23, 2000 and will terminate no later than May 22, 2001.
During the period from May 20, 1999 to May 12, 2000, the
Corporation purchased 1,903,900 of its outstanding Common Shares,
at an average price of $11.27.
SNC-Lavalin Group is one of the leading engineering and
construction firms in the world, and a key player in the ownership
and management of infrastructure. The group and its companies
have offices across Canada and in 30 other countries, and are
currently working in some 100 countries. The company is listed on
the Toronto Stock Exchange (symbol: SNC). |
