WOODSTOCK, ON, March 13, 2014 /CNW/ - 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 March 10, 2014, there were 32,524,635 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 17, 2014 to March 16, 2015 will not exceed 1,711,197 Class A Shares, being approximately 10% of the public float outstanding as of March 10, 2014. Daily purchases will be limited to 8,658 Class A Shares, other than block purchase exceptions. All purchases made pursuant to the NCIB will be made through the facilities of the TSX or alternative Canadian trading platforms. 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.SOURCE Contrans Group Inc.