WOODSTOCK, ON, March 13, 2013 /CNW/ - (TSX:CSS) Contrans Group Inc. ("Contrans") announced today that it intends to make a normal course issuer bid to purchase, through the facilities of the Toronto Stock Exchange ("TSX"), certain of its outstanding Class A Subordinate Voting Shares ("Class A Shares"). As at February 28, 2013, there were 32,331,135 Class A Shares issued and outstanding.
The number of Class A Shares to be purchased during the period of the normal course issuer bid (the "Bid") from March 15, 2013 to March 14, 2014 will not exceed 1,616,557 or approximately 5% of the issued and outstanding on February 28, 2013. Daily purchases will be limited to 7,319 other than block purchase exceptions. All purchases made pursuant to the NCIB will be made through the facilities of the TSX or other designated exchanges and published markets in Canada. Class A Shares purchased pursuant to the Bid will be cancelled.
The Bid has been authorized by the Board of Directors to allow Contrans to purchase Class A Shares if, in the opinion of its management, the purchases can be made on terms which will enhance the value of its remaining shares.
During its prior normal course issuer bid during the period November 14, 2011 to November 13, 2012, Contrans purchased 2,100,339 Class A Shares at a weighted average price of $8.42.SOURCE Contrans Group Inc.