Cineplex Announces Normal Course Issuer Bid
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/17/11 -- Cineplex Inc. (TSX: CGX) ("Cineplex"), Canada's largest and most successful motion picture theatre exhibition company, today announced that it has received regulatory approval from the Toronto Stock Exchange ("TSX") to carry out a normal course issuer bid. Cineplex has been authorized to purchase up to 5,600,000 of its common shares, or approximately 9.7% of its public float of 57,852,617 as at August 15, 2011, in the twelve-month period following the bid's effective date. The average daily trading volume for the six month period preceding August 1, 2011 is 110,677 common shares. In accordance with TSX rules, a maximum daily repurchase of 25% of this average may be made, representing 27,669 common shares.
As at August 15, 2011, Cineplex had 58,372,737 common shares issued and outstanding. During the past 12 months, no common shares were purchased by the Corporation.
Purchases under the bid, to be made through the facilities of the TSX only in accordance with the TSX's requirements, may commence on August 19, 2011 and will terminate on August 18, 2012, or on such earlier date as Cineplex may complete its purchase pursuant to the notice of intention to make a normal course issuer bid filed with the TSX. For any particular trade, the Corporation will not purchase common shares at a price higher than the price of the immediately preceding trade on the open market by independent parties. The common shares that the Corporation intends to acquire pursuant to the bid will be cancelled.
The Board of Directors of Cineplex has concluded that the market price of Cineplex's common shares, from time to time, may not reflect the inherent value of the Corporation and purchases of common shares pursuant to the bid may represent an appropriate and desirable use of funds.
About Cineplex Inc.
Cineplex Inc. ("Cineplex") is the largest motion picture exhibitor in Canada and owns leases or has a joint-venture interest in 130 theatres with 1,351 screens serving approximately 70 million guests annually. Headquartered in Toronto, Canada, Cineplex operates theatres from British Columbia to Quebec and is the exclusive provider of UltraAVX™ and the largest exhibitor of digital 3D and IMAX projection technologies in the country. Proudly Canadian and with a workforce of approximately 10,000 employees, the company operates the following top tier brands: Cineplex Odeon, Galaxy, Famous Players, Colossus, Coliseum, SilverCity, Cinema City and Scotiabank Theatres. Cineplex shares trade on the Toronto Stock Exchange (TSX) under the symbol "CGX". For more information, visit .
Contacts:
Cineplex Entertainment
Pat Marshall
Vice President, Communications and Investor Relations
416-323-6648
Cineplex Entertainment
Gord Nelson
Chief Financial Officer
416-323-6602
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Datum: 17.08.2011 - 09:45 Uhr
Sprache: Deutsch
News-ID 1031454
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