TORONTO,
Oct. 3, 2012 /PRNewswire/ - Exco
Technologies Limited (TSX: XTC) 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.
SOURCE Exco Technologies Limited