SYS-CON MEDIA Authors: Jason Bloomberg, Eric Brown, Bob Gourley, Sandi Mappic, RealWire News Distribution

News Feed Item

Contrans Announces Normal Course Issuer Bid

(TSX:CSS)

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.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.