FirstService Announces Normal Course Issuer Bid
June 02 2010 - 4:00PM
FirstService Corporation (TSX:FSV) (TSX:FSV.PR.U) and
(TSX:FSV.DB.U) (Nasdaq:FSRV) ("FirstService") announced today that
the Toronto Stock Exchange (the "TSX") has accepted a notice filed
by FirstService of its intention to make a normal course issuer bid
(the "NCIB") with respect to its outstanding subordinate voting
shares (the "Subordinate Voting Shares") and 7% cumulative
preference shares, series 1 (the "Preferred Shares").
The notice provides that FirstService may, during the 12 month
period commencing June 7, 2010 and ending no later than June 6,
2011, purchase through the facilities of the TSX or The NASDAQ
Global Select Market ("Nasdaq") up to 2,570,000 Subordinate Voting
Shares and 411,000 Preferred Shares in total, being approximately
10% of the "public float" of each class of such shares,
respectively. Purchases of Subordinate Voting Shares through Nasdaq
will be made in the normal course and will not, during the 12 month
period ending June 6, 2011 exceed, in the aggregate, 5% of the
outstanding Subordinate Voting Shares as at the commencement of the
NCIB. The price which FirstService will pay for any such shares
will be the market price at the time of acquisition. During the
period of this NCIB, FirstService may make purchases under the NCIB
by means of open market transactions or otherwise as permitted by
the TSX and/or Nasdaq, including pre-arranged crosses, exempt
offers, private agreements under an issuer bid exemption order
issued by a securities regulatory authority and block purchases in
accordance with the TSX Company Manual. The actual number of
Subordinate Voting Shares and/or Preferred Shares which may be
purchased pursuant to the NCIB and the timing of any such purchases
will be determined by senior management of FirstService. Daily
purchases under the NCIB will be limited to 13,755 Subordinate
Voting Shares and 1,002 Preferred Shares, respectively, other than
block purchases. All shares purchased by FirstService under the
NCIB will be cancelled.
As of May 31, 2010, there were 28,909,380 Subordinate Voting
Shares, 1,325,694 multiple voting shares, 5,772,274 Preferred
Shares and US$77 million aggregate principal amount of 6.50%
convertible unsecured subordinated debentures of FirstService
outstanding.
FirstService believes that the Subordinate Voting Shares and the
Preferred Shares may from time to time trade in a price range that
does not adequately reflect the value of such shares in relation to
the business of FirstService and its future business prospects. As
a result, depending upon future price movements and other factors,
FirstService believes that the Subordinate Voting Shares and
Preferred Shares may represent an attractive investment to
FirstService. Furthermore, purchases of Subordinate Voting Shares
are expected to benefit all persons who continue to hold
Subordinate Voting Shares by increasing their equity interest in
FirstService.
During the preceding twelve month period ended May 19, 2010,
FirstService did not purchase for cancellation any Subordinate
Voting Shares or Preferred Shares.
ABOUT FIRSTSERVICE
FirstService is a global diversified leader in the rapidly
growing real estate services sector, providing services in
commercial real estate, residential property management and
property services. Industry-leading service platforms include
Colliers International, the third largest global player in
commercial real estate services; FirstService Residential
Management, the largest manager of residential communities in North
America; and TFC, North America's largest provider of property
services through franchise and contractor networks.
FirstService generates over US$1.8 billion in annualized
revenues and has more than 18,000 employees worldwide. More
information about FirstService is available at
www.firstservice.com.
FORWARD-LOOKING STATEMENTS
Certain statements included in this release contain words such
as "could", "expects", "expectations", "may", "anticipates",
"believes", "intends", "estimates" and "plans" (and similar
expressions) and constitute "forward-looking statements" within the
meaning of applicable securities law. These statements are based on
FirstService's current expectations, estimates, forecasts and
projections about the operating environment, economies and markets
in which FirstService and its subsidiaries operate. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which are difficult to predict and
may cause the actual results, performance or achievements of
FirstService, or outcomes or results, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, those factors which are described in FirstService's
Annual Information Form for the fiscal year ended December 31, 2009
and other filings with the U.S. Securities and Exchange Commission
and Canadian regulatory authorities. These statements, although
considered reasonable by FirstService at the date of this press
release, may prove to be inaccurate and consequently FirstService's
actual results could differ materially from its expectations as set
out or implied in this release. Unless otherwise required by
applicable securities laws, FirstService disclaims any intention or
obligation to update or revise any forward-looking statements.
CONTACT: FirstService Corporation
Jay S. Hennick, Founder & CEO
John B. Friedrichsen, Senior Vice President & CFO
(416) 960-9500
Nexus Energy Services (PK) (USOTC:IBGR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Nexus Energy Services (PK) (USOTC:IBGR)
Historical Stock Chart
From Jul 2023 to Jul 2024