Normal course issuer bid
Avcorp Industries Inc AVP
Shares issued 13,873,623 Dec 18 close $3.20
Mon 21 Dec 98 News Release
Mr. Victor Giacomin reports
Avcorp Industries intends to commence a normal course issuer bid through
the Toronto Stock Exchange.
The company's normal course issuer bid is intended to acquire a maximum of
774,000 shares, being 10 per cent of its public float. The company has
allocated a sum of approximately $3,000,000 for the purpose of undertaking
the current issuer bid and will terminate this bid once this amount has
been spent. During 1998, Avcorp acquired 829,401 of its shares at an
average price of $3.53 per share pursuant to a normal course issuer bid
which ceased on Dec. 17, 1998.
The normal course issuer bid will commence on Dec. 19, 1998 and will
terminate on Dec. 22, 1999. Any purchase of Avcorp's shares pursuant to the
bid will be effected through the facilities, bylaws and rules of the
Toronto Stock Exchange. The price which Avcorp will pay for the shares
acquired by it will be the market price of the shares at the time of
acquisition and the shares acquired will be cancelled.
The board of directors of Avcorp believes that the purchase for the
cancellation of shares represents, at current pricing levels, appropriate
use of corporate funds, the results of which will prove beneficial for both
the shareholders and Avcorp. |
