Okay here's two things I will pray for wrt the NCIB.
1) Really thin asks on the market depth
2) Really good "management discretion"
BTW I was curious to see who these guys are and who (house) we might see on the board as the buyer in the public markets. Here's the snippet taken form today's news:
"The Bid will begin on October 29, 2008 and will terminate on the earlier of October 28, 2009 or such date as the Corporation may complete its permitted purchases under the normal course issuer bid. The common shares will be acquired on the open market through the facilities of the TSX, at the discretion of management of the Corporation, and the purchase and payment for the common shares will be made in accordance with the requirements of the TSX and all other applicable laws. First Canada Capital Partners Inc. will conduct the normal course issuer bid on behalf of the Corporation. The price that the Corporation will pay for any common shares acquired will be the market price of the common shares at the time of acquisition. All common shares acquired by the Corporation under this Bid will be cancelled."
http://www.firstcanada.ca/client_ser...
First Canada Capital Partners Inc. is a correspondent broker. Securities transaction clearing and settlement services are provided to First Canada and their clients by Penson Financial Services Canada, the country’s largest independent provider of clearing services to the Canadian financial community. Penson Canada is a wholly owned subsidiary of Penson Worldwide, Inc. which has offices in Canada, the United States and Europe.
Penson Canada is governed by the various Provincial Securities Commissions in which they are a member across the country. They are also members of the IIROC (Investment Industry Regulatory Organization of Canada), The Canadian Investors Protection Fund, Toronto Stock Exchange and the Montreal Stock Exchange. They are also a clearing member of the Canadian Depository for Securities, the Depository Trust Company, the Canadian Derivatives Clearing Corporation and FundSERV Inc.
For more information on Penson Canada, visit their website at www.penson.ca.
