ANTHONY CLARK INTERNATIONAL INSURANCE BROKERS LTD. (TSX Venture Exchange: ACL; Pink Sheets: ACKBF) (the "Corporation") announces that it has received the necessary regulatory approval from the TSX Venture Exchange (the "Exchange") to make a normal course issuer bid.
The Corporation intends to purchase up to 954,063 of its common shares by way of normal course purchases on the Exchange, representing 10% of the public float on May 12, 2011. The purchases may commence on May 19, 2011 and will terminate on May 18, 2012 or on such earlier date as the Corporation completes its purchases.
Purchases will be made by the Corporation in accordance with Exchange requirements and the price which the Corporation will pay for any such common shares will be the market price of such shares at the time of acquisition. All purchases will be effected through the facilities of the Exchange. All purchased common shares will be cancelled. Union Securities Ltd. has been retained by the Corporation to conduct the normal course issuer bid on behalf of the Corporation.
Under its previous normal course issuer bid from May 14
, 2010 to May 13
, 2011, the Corporation purchased 446,000 of its common shares representing approximately 4.67% of the Corporation's outstanding common shares as at May 11
, 2010, for an average price of $0.33 per common share. The Corporation believes that the market price of its common shares could be such that their purchase may be an attractive and appropriate use of corporate funds in light of potential benefits to remaining shareholders.
To the knowledge of the Corporation, no director, senior officer or other insider of the Corporation currently intends to sell any common shares under this bid. However, sales by such persons through the facilities of the Exchange may occur if the personal circumstances of any such person changes or any such person makes a decision unrelated to these normal course purchases. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.