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Guardian Capital Group Limited Announces Normal Course Issuer Bid
By: Marketwired .
Nov. 16, 2012 04:12 PM
TORONTO, ONTARIO -- (Marketwire) -- 11/16/12 -- Guardian Capital Group Limited ("Guardian") (TSX:GCG)(TSX:GCG.A) announced today that it intends to purchase by means of a Normal Course Issuer Bid, during the period from November 20, 2012 to November 19, 2013, up to 99,035 or 2% of its outstanding Common Shares, entitled to one vote per share, and up to 2,173,865 or 10% of its Public Float of non-voting Class A Shares ("Class A Shares"). These shares will be purchased at market prices, on the Toronto Stock Exchange and other Canadian marketplaces. There were 4,951,748 Common Shares and 28,224,519 Class A Shares outstanding at November 12, 2012. Guardian intends to purchase the shares for cancellation because it believes that, from time to time, the shares are undervalued at prevailing market prices, based on Guardian's earnings and prospects and accordingly, Guardian is of the opinion that the purchase of shares is an appropriate use of corporate funds to increase shareholder value.
In the last 12 months under its previous Normal Course Issuer Bid, in effect during the period from November 18, 2011 to November 17, 2012, Guardian purchased for cancellation no Common Shares and 667,700 Class A Shares, at an average price of $9.56 per Class A Share. All of these shares were purchased prior to October 31, 2012.
The average daily trading volume for Guardian's shares on the Toronto Stock Exchange during the period of May 1, 2012 to October 31, 2012, excluding purchases made by Guardian under its previous Normal Course Issuer Bid during the same period, was as follows: Common Shares - 3,487 shares; and Class A Shares - 23,969 shares. Except as otherwise permitted by the Toronto Stock Exchange, daily purchases under the bid will be limited to 1,000 Common Shares and 5,992 Class A Shares, other than block purchase exceptions.
Guardian has filed a Notice of Intention in this regard, with the Toronto Stock Exchange, which Notice has been accepted by the Exchange.
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