EDMONTON, July 26 /CNW/ - The Churchill Corporation announces that it has
amended its normal course issuer bid. The number of shares that Churchill may
repurchase for cancellation has been increased by 329,748 from 520,000 to
849,748, or 10% of its January 5, 2000 public market float of 8,497,487
shares. The amended issuer bid will expire on the earlier of January 9, 2001,
and the date that Churchill acquires the maximum number of common shares
subject to the Bid.
Under the Bid, the Corporation will acquire, from time to time, its
common shares at the market price for cash through the facilities of The
Toronto Stock Exchange. Under the current Bid that commenced January 10,
2000, Churchill has purchased 495,300 common shares for cancellation at an
average price of $1.51 per share for an aggregate amount of $748,000. Since
initiating its Issuer Bid Program on January 21, 1999, Churchill has
repurchased 767,200 common shares at an average price of $1.42 per share for
an aggregate amount of $1,090,000.
The Churchill Board of Directors continues to be of the view that the
common shares of the Corporation are undervalued on the market and that
purchases of the shares at or near the current market price is therefore
advantageous to shareholders.
Management is not aware of any material changes in the business or
affairs of the Corporation that have not been publicly disclosed.
The Churchill Corporation provides commercial building, industrial
construction and related services throughout western Canada. Annual revenue
is in excess of $225 million. Churchill shares are listed on The Toronto Stock
Exchange under the trading symbol ``CUQ''.
-0- 07/26/2000
For further information: H. R. (Hank) Reid, P. Eng., MBA, President and Chief Executive Officer or: Bill McKenzie, MBA, CFA, Vice President Corporate Development, The Churchill Corporation, (780) 454-3667; To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw. |
