TWC Enterprises Limited Announces Renewal of Normal Course Issuer Bid
(firmenpresse) - KING CITY, ONTARIO -- (Marketwired) -- 09/16/14 -- TWC Enterprises Limited (TSX: TWC) ("TWC") today announced that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by TWC of its intention to make a normal course issuer bid through the facilities of the TSX or alternative Canadian trading platforms.
The notice provides that TWC may, during the twelve-month period commencing September 20th, 2014 and ending September 19th, 2015 purchase up to 1,305,000 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares. The price that TWC will pay for any such Common Shares will be the market price at the time of acquisition. Management of TWC will determine the actual number of Common Shares that may be purchased and the timing of any such purchases.
Under the current normal course issuer bid due to expire September 19, 2014, 4,200 Common Shares were purchased for cancellation during the last twelve months at an average cost per share of $9.50. As of September 12, 2014 there were 26,105,362 Common Shares outstanding. TWC average daily trading volume for the prior six months is 3,760. Daily purchases will be limited to 1,000 common shares, other than block purchase exceptions.
TWC believes that its Common Shares have been trading in price ranges which do not adequately reflect their value in relation to the business of TWC and its future business prospects. As a result, depending upon future price movements and other factors, TWC believes that its outstanding Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in TWC. All Common Shares purchased by TWC under the normal course issuer bid will be cancelled.
Corporate Profile
TWC is engaged in golf club operations under the trade name "ClubLink One Membership More Golf®". TWC is Canada''s largest owner and operator of golf clubs with 55.5 18-hole equivalent championship and six 18-hole academy courses at 45 locations, in Ontario, Quebec and Florida.
TWC is also engaged in rail, tourism and port operations based in Skagway, Alaska, which operate under the trade name "White Pass & Yukon Route." The railway stretches approximately 177 kilometres (110 miles) from Skagway, Alaska, to Whitehorse, Yukon. Presently, approximately 110 kilometres (67.5 miles) of the railway is in active service from Skagway, Alaska, to Carcross, Yukon. In addition, White Pass operates three docks, primarily for cruise ships.
Contacts:
TWC Enterprises Limited
Robert Visentin
Chief Financial Officer
905-841-5360
905-841-1134 (FAX)
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Datum: 16.09.2014 - 10:38 Uhr
Sprache: Deutsch
News-ID 1303380
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