Exco Technologies Limited Announces Renewal of Issuer Bid
October 03 2012 - 4:50PM
PR Newswire (Canada)
TORONTO, Oct. 3, 2012 /CNW/ - Exco Technologies Limited announces
that it intends to undertake a normal course issuer bid to acquire
up to 1,500,000 of its outstanding Common Shares, being
approximately 3.7% of its outstanding shares. As at this time, Exco
had 40,623,011 Common Shares issued and outstanding. All purchases
will be made through the facilities of and in accordance with the
rules of the Toronto Stock Exchange and all shares purchased will
be cancelled. Except where reliance is had on the Exchange's block
purchase exemption, the maximum number of Shares purchasable under
the bid on any trading day will be limited to 5,208 Common
Shares. The weighted average daily trading volume for the
six-month period ended September 30, 2012 was 20,834 Common Shares.
The Corporation purchased and cancelled 777,180 shares at an
weighted average price of $3.53 pursuant to the normal course
issuer bid during the year ended September 30, 2012. The
Corporation has renewed the issuer bid for another year because it
believes that the market price of its common shares is, from time
to time, depressed and not reflective of the underlying value of
the shares as a result of uncertain general market conditions and
wholesale electronic trading practices. Management of Exco
believes such purchases are an appropriate and desirable use of
available funds. The normal course issuer bid will commence on
October 5, 2012 and end no later than October 4, 2013. Exco
Technologies Limited is a global supplier of innovative
technologies servicing the die-cast, extrusion and automotive
industries. Through our 10 strategic locations, we employ
2,196 people and service a diverse and broad customer base. Exco
Technologies Limited CONTACT: Source: Exco Technologies Limited
(TSX-XTC)Contact: Paul Riganelli, Vice-President, Finance and Chief
FinancialOfficerTelephone: (905) 477-3065 Ext 7228Website:
http://www.excocorp.com
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