And my other favorite.
MDI Technologies to buy back up to 572,545 shares
2003-03-13 18:25 ET - News Release
Mr. Todd Spence reports
MDI TECHNOLOGIES ANNOUNCES ISSUER BID
MDI Technologies (MDD.U-V) has obtained the approval of the TSX Venture Exchange to undertake a normal course issuer bid to purchase up to 572,545 of its 11,450,888 issued and outstanding common shares, being 5 per cent of the company's issued and outstanding common shares. Purchases will be made on the open market through the facilities of the TSX-V. All purchases will be made on behalf of the company by Canaccord Capital. The price paid will be the prevailing market price of such common shares at the time of purchase. Any shares purchased pursuant to the bid will be cancelled and returned to treasury.
The bid will commence on March 18, 2003, and will terminate on March 18, 2004, or at such earlier time as the bid has been completed. The company reserves the right to terminate the bid earlier if it feels that it is appropriate to do so. Pursuant to a previous normal course issuer bid that terminated on Jan. 21, 2003, the company purchased 507,000 of its common shares for an average purchase price of 35 cents per share.
The company believes that the current market price of its securities does not give full effect to their underlying value and that, accordingly, the purchase of securities will increase the proportionate interest of, and be advantageous to, all remaining securityholders. The normal course purchases will also afford an increased degree of liquidity in the market. |
