Richmond, British Columbia-based food processor Premium Brands has revealed its intention to make a Normal Course Issuer Bid through the facilities of the Toronto Stock Exchange (TSE).
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The company is proposing to purchase, for cancellation, 300,000 Common Shares, which represents 2.91% of its issued and outstanding common shares for a period commencing 20 August 2002 to 19 August 2003. As at the close of business on 9 August 2002 the total number of issued and outstanding common shares was 10,311,294.
Premium Brands said that it is proceeding with this Issuer Bid to, firstly, provide liquidity in the market place and, secondly, because it believes that its common shares have been trading in price ranges which may not fully reflect their value. As a result, it believes that its outstanding common shares may represent an attractive investment.
The company previously had in place a Normal Course Issuer Bid which was filed with the TSE on 1 August 2001, and which expired on 3 August 2002. No common shares were purchased by the firm pursuant to such Normal Course Issuer Bid.
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