Colabor Group announces the renewal of its normal course issuer bid
26 Outubro 2011 - 11:00AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE U.S./ BOUCHERVILLE, QC, Oct. 26, 2011 /CNW
Telbec/ - October 26, 2011 - Colabor Group Inc. ("Colabor")
announces today that the Toronto Stock Exchange (the "TSX") has
accepted Colabor's notice of intention to make a normal course
issuer bid (the "Notice") to purchase some of its outstanding
ordinary shares ("Shares") through the facilities of the TSX for a
period of twelve months ending on October 27, 2012. Up to
500,000 Shares, representing approximately 2.87% of the public
float of the Shares on October 14, 2011, may be purchased under the
bid. As of October 14, 2011, 22,796,590 Shares are issued and
outstanding, of which 17,389,115 are comprised in the public
float. Daily repurchases (other than through the block
purchase exception) will be limited to 18,487 Shares. The
purchases may commence on October 28, 2011 and may extend to
October 27, 2012 or on such earlier date as Colabor may complete
its purchases pursuant to the Notice or otherwise terminate the
bid. The number of Shares that Colabor intends to repurchase
and the time of such repurchases will be determined by Colabor, at
its discretion. In the opinion of Colabor's management, this normal
course issuer bid is justified by the fact that the Shares might be
undervalued on the market from time to time with regard to
Colabor's financial position and future prospects and that the
purchase thereof by Colabor is an appropriate use of its funds. All
the Shares acquired under the bid will be purchased through the
facilities of the TSX in accordance with its requirements.
All Shares acquired will automatically be cancelled. The
Shares will be purchased at their market price at the time of the
acquisition. Colabor has purchased a total of 351,800 Shares
at an average price of $9.06 during the previous twelve-month
period. Colabor is a wholesaler and distributor of food and
non-food products serving the retail market (grocery stores,
convenience stores, etc.) and food-service market (cafeterias,
restaurants, hotels, restaurant chains, etc.), in Quebec, Ontario
and the Atlantic provinces. Additional information can be found in
the information documents filed by the Colabor Group Inc. with
securities regulators, at www.sedar.com. CAUTION REGARDING
FORWARD-LOOKING STATEMENTS This press release contains
forward-looking statements relating to the securities of Colabor,
including the purpose, volume and manner of purchases of Shares by
Colabor under its normal course issuer bid. Such
forward-looking statements are subject to certain risks and
uncertainties, and actual results or events may differ
materially. Consequently, readers should not place any undue
reliance on such forward-looking statements. The
forward-looking statements relate to the date on which they were
made. Colabor disclaims any intention or obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise unless required by
applicable laws. COLABOR GROUP INC. CONTACT: Colabor Group Inc.
Colabor Group Inc.Mr. Gilles C. Lachance Mr. Michel Loignon,
CAPresident and Chief Executive Vice President and Chief
FinancialOfficer Officer(450) 449-0026, extension 265 (450)
449-0026, extension 235www.colabor.com
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