Bikini Village arranges 13.74-million-share buyback
2008-04-28 12:18 ET - News Release
Shares issued 172,677,515
GBV Close 2008-04-25 C$ 0.075
Mr. Yves Simard reports
GROUPE BIKINI VILLAGE INC.: NORMAL COURSE ISSUER BID
Groupe Bikini Village Inc. intends to proceed with a normal course issuer bid. Under the bid, the corporation may purchase up to 13,740,779 common shares of the corporation, representing 10 per cent of the public float as at April 22, 2008. The bid will commence on April 30, 2008, and may continue to April 29, 2009. The shares will be purchased on behalf of the corporation by a registered broker through the facilities of the Toronto Stock Exchange. The price paid for the shares will be the market price at the time of acquisition, and the number of shares purchased and the timing of any such purchases will be determined by the corporation's management. All shares purchased by the corporation will be cancelled. The corporation currently has 172,677,515 shares outstanding. During the past 12 months, no shares were purchased by the corporation.
The average daily trading volume of the shares over the last six completed calendar months was 210,534. Accordingly, under the TSX rules and policies, the corporation may, on any trading day, purchase up to 52,633 shares. Once a week, in excess of the daily 52,633 repurchase limit, the corporation may also purchase a block of shares in accordance with TSX rules.
The directors of the corporation have concluded that purchases of up to 13,740,779 of the issued and outstanding shares are an appropriate and desirable use of the corporation's available funds and, therefore, would be in the best interests of the corporation. As a result of such purchases, the number of issued shares will be decreased and, consequently, the proportionate share interest of all remaining shareholders will be increased on a pro rata basis.
We seek Safe Harbor. |
