Press release from CNW Group
BMTC Group Inc. announces an amendment to its normal course issuer bid to acquire Class A Subordinate Voting Shares
Thursday, June 17, 2010
MONTREAL, June 17 /CNW Telbec/ - BMTC Group Inc. ("BMTC") (TSX: GBT.A) announces an amendment to its normal course issuer bid to acquire Class A Subordinate Voting Shares (the "Subordinate Voting Share") listed on the Toronto Stock Exchange (the "TSX"). The amendment will allow BMTC to purchase on the open market Subordinate Voting Shares not only through the facilities of the TSX but also, starting on June 22, 2010, through alternative trading systems (such as Alpha ATS).
Until February 28, 2011, BMTC may purchase under its normal course issuer bid, through the facilities of the TSX and through alternative trading systems, up to 1,600,176 Subordinate Voting Shares, representing about 5% of the 32,003,536 Subordinate Voting Shares issued and outstanding as at February 15, 2010, after taking into consideration the 2 for 1 stock split of the Subordinate Voting Shares that took place on April 6, 2010. Between March 1, 2010 and June 16, 2010, BMTC purchased through the facilities of the TSX an aggregate of 730,700 Subordinate Voting Shares under its normal course issued bid.
BMTC will comply with the rules governing purchase conditions applicable on the market where purchases of Subordinate Voting Shares are made. The price that BMTC will pay for any Class A Subordinate Voting Shares purchased under its normal course issuer bid will be the market price for the Class A Subordinate Voting Shares at the time of the acquisition. The Class A Subordinate Voting Shares acquired through the normal course issuer bid will be cancelled.
BMTC considers that the acquisition of Class A Subordinate Voting Shares that it may effect from time to time in the course of its normal course issuer bid is a sound use of its funds.
BMTC Group inc., which Class A Subordinate Voting Shares are listed on the Toronto Stock Exchange, is an important retailer of furniture, electronic goods and household appliances in appliances in the areas of Montreal, Quebec City, Repentigny, Ste-Therese, Laval, Kirkland, St-Georges, Trois-Rivières, Sherbrooke, Chicoutimi, Rivière-du-Loup, Rimouski, Levis, Beauport, Ste-Foy, Gatineau, Ste-Hyacinthe, St-Jean-sur-le-Richelieu, Granby, Vaudreuil, Mascouche and St-Jérôme through its subsidiary Brault & Martineau and Ameublements Tanguay.
For further information: Mr. Yves Des Groseillers, Chairman, President and Chief Executive Officer, BMTC Group Inc., (514) 648-5757