TORONTO, Oct. 3, 2013 /CNW/ - 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 40,714,833 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 5,964 Common Shares. The
weighted average daily trading volume for the six-month period
ended September 30, 2013 was 23,857
Common Shares.
The Corporation did not repurchase any common
shares pursuant to the normal course issuer bid during the year
ended September 30, 2013. 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 7, 2013 and end no later than
October 6, 2014.
Exco Technologies Limited is a global
supplier of innovative technologies servicing the die-cast,
extrusion and automotive industries. Through our 11 strategic
locations, we employ 2,207 people and service a diverse and broad
customer base.
SOURCE Exco Technologies Limited