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Danier Leather proposes 'Normal course issuer bid'
05 May '08
2 min read
Danier Leather Inc announced that the Toronto Stock Exchange has accepted a notice filed by the Corporation of its intention to make a normal course issuer bid.
The Corporation currently has 5,052,100 subordinate voting shares issued and outstanding. The notice provides that the Corporation may, during the 12-month period commencing May 6, 2008 and ending May 5, 2009, or such earlier date as the Corporation may complete its purchases under the bid, repurchase on the facilities of the TSX up to 292,638 subordinate voting shares, being approximately 10% of the Corporation's public float of 2,926,384 subordinate voting shares as of the date of the notice.
Daily purchases of shares will not exceed 1,000 shares, subject to the Corporation's ability to make "block" purchases under the rules of the TSX.
The price which the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of subordinate voting shares which may be purchased and the timing of any such purchases will be determined by the Corporation, in accordance with the rules of the TSX.
Under its previous normal course issuer bid undertaken with the approval of and pursuant to the rules of the TSX, the Corporation purchased an aggregate of 292,500 subordinate voting shares through the facilities of the TSX at a weighted average price per subordinate voting share of Cdn.$9.39 during the 12-month period between April 23, 2007 and April22, 2008.
The Corporation currently has 5,052,100 subordinate voting shares issued and outstanding. The notice provides that the Corporation may, during the 12-month period commencing May 6, 2008 and ending May 5, 2009, or such earlier date as the Corporation may complete its purchases under the bid, repurchase on the facilities of the TSX up to 292,638 subordinate voting shares, being approximately 10% of the Corporation's public float of 2,926,384 subordinate voting shares as of the date of the notice.
Daily purchases of shares will not exceed 1,000 shares, subject to the Corporation's ability to make "block" purchases under the rules of the TSX.
The price which the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of subordinate voting shares which may be purchased and the timing of any such purchases will be determined by the Corporation, in accordance with the rules of the TSX.
Under its previous normal course issuer bid undertaken with the approval of and pursuant to the rules of the TSX, the Corporation purchased an aggregate of 292,500 subordinate voting shares through the facilities of the TSX at a weighted average price per subordinate voting share of Cdn.$9.39 during the 12-month period between April 23, 2007 and April22, 2008.
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