Welcome To The Aberdeen International HUB On AGORACOM
Edit this title from the Fast Facts Section
Message: Announces Intention to Make Normal Course Issuer Bid
| February 3, 2009 |
| Aberdeen International Announces Intention to Make Normal Course Issuer Bid |
| TORONTO, ONTARIO--(Marketwire - Feb. 3, 2009) - ABERDEEN INTERNATIONAL INC. ("Aberdeen" or the "Company")(TSX:AAB) is pleased to announce its intention to make a Normal Course Issuer Bid ("NCIB"), subject to TSX ("Exchange") approval, to buy back its common shares through the facilities of the Exchange. The maximum number of common shares that may be purchased for cancellation pursuant to the NCIB is that number of common shares that represents 10% of the common shares in the public float on the date that the Exchange approves the NCIB. Based on the 73,707,006 common shares in the public float as at February 2, 2009, the maximum number of shares would be 7,370,700. Aberdeen notes that the number of its shares in the public float is less than the 94,874,339 issued and outstanding Aberdeen common shares as of February 2, 2009, because the public float number does not include common shares held by Aberdeen insiders. The maximum number of common shares that may be re-purchased on a daily basis is 25% of Aberdeen's average daily trading volume for the last six calendar months, 33,951. The actual number of common shares that would be purchased, if any, and the timing of such purchases will be determined by Aberdeen considering market conditions, stock prices, its cash position, and other factors. The Board of Directors of Aberdeen believes that the underlying value of Aberdeen is not reflected in the current market price of its common shares, and may not be so reflected at certain times during the course of the NCIB, and has thus concluded that the repurchase of common shares pursuant to the proposed NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of Aberdeen shareholders. Purchases under the NCIB are expected to be permitted to commence on or about February 5, 2009 and will terminate on February 4, 2010 or the date upon which the maximum number of common shares have been purchased by Aberdeen pursuant to the NCIB. There can not be any assurance as to how many common shares, if any, will ultimately be acquired by Aberdeen under the NCIB. Aberdeen intends that any shares acquired pursuant to the NCIB will be cancelled. Any purchases made pursuant to the NCIB will be made in accordance with the rules of the TSX and will be made at the market price of the common shares at the time of the acquisition. Aberdeen will make no purchases of common shares other than open market purchases that may be made during the period that the NCIB is outstanding. Within the last 12 months, Aberdeen has acquired 8,056,334 securities under an existing NCIB with a weighted average price of $0.32 per security. About Aberdeen International Inc: |
Loading...
Loading...
New Message
Please
login
to post a reply