Herb,
You're very welcome ...
Here's some more information of interest.
Regards,
John Sladek
September 30, 1998: Exchanges Approve United Dominion's Share Repurchase Plan
United Dominion Industries Ltd. (NYSE, TSE, ME: UDI) today said that both the Toronto and Montreal exchanges have approved its share repurchase program announced earlier this week, and the company may proceed with the program beginning October 2.
The maximum number of shares that the company may purchase during the period -- October 2, 1998 through October 1, 1999 -- is 2,037,799.
In a notice filed with the exchanges, the company said that the reasons for the bid are: (1) it is beneficial for the company to have flexibility to purchase its shares, and (2) depending upon the market conditions, purchases of company shares at prevailing market prices may be a prudent investment and in the best interest of its shareholders.
The repurchases will be made through a normal course issuer bid in Canada on The Toronto Stock Exchange and The Montreal Exchange. The actual number of shares purchased, the time of the purchases, and the prices paid will depend on future market conditions.
The company currently has approximately 40.8 million common shares outstanding and plans to cancel shares repurchased under the program. Over the twelve months prior to October 2, 1998, the company purchased 3,303,910 of its shares at a weighted average price per share of Cdn. $37.49.
United Dominion is a $2 billion diversified manufacturer of proprietary engineered products in four business segments -- Flow Technology, Machinery, Specialty Engineered Products, and Test Instrumentation. It has 12,000 employees at 89 locations in 18 countries.
For further information: Media - Nancy Spurlock, 704-347-6838 or e-mail spurlockuniteddominion.com; Analysts - Thomas Snyder, 704-347-6529 or e-mail tsnyderuniteddominion.com, or Michael Morgan, 704-347-6529 or e-mail mmorganuniteddominion.com, all of United Dominion Industries, Ltd.
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