The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

HORIZON NORTH LOGISTICS INC. ANNOUNCES RENEWAL OF SHARE REPURCHASE PROGRAM

Thursday, September 09, 2010

HORIZON NORTH LOGISTICS INC. ANNOUNCES RENEWAL OF SHARE REPURCHASE PROGRAM17:18 EDT Thursday, September 09, 2010CALGARY, Sept. 9 /CNW/ - TSX Symbol: HNL - Horizon North Logistics Inc. ("Horizon" or the "Company") announced today that it has received final acceptance from the Toronto Stock Exchange to renew its normal course issuer bid ("NCIB") to purchase existing common shares.Under the NCIB program Horizon will have the ability to repurchase up to a maximum of 6,985,634 common shares during the next 12 months which represents ten percent of its 69,856,335 outstanding public float of common shares as of August 31, 2010. The Company currently has 105,214,863 issued and outstanding common shares. Subject to the specified exceptions, the maximum daily purchases under the NCIB shall not exceed 15,956 common shares of the Company. The NCIB will begin on September 14, 2010 and will end when the Company has purchased the maximum allowable number of shares, unless it provides earlier notice of termination. If not previously terminated, the NCIB will end on September 13, 2011. All purchases pursuant to the NCIB will be made through the facilities of the Toronto Stock Exchange and all shares purchased under the NCIB will be cancelled.During the period from July 24, 2009 to July 23, 2010 inclusively, the Company purchased 5,185,500 of its outstanding common shares at a weighted average purchase price of $1.23, excluding transaction costs.The Company is of the view that having the capability to repurchase common shares increases the investment alternatives that can be undertaken for the benefit of all shareholders.For further information: Bob German, President and Chief Executive Officer or Scott Matson, Vice President Finance and Chief Financial Officer, 1600, 505 - 3rd Street S.W., Calgary, Alberta T2P 3E6; Telephone: (403) 517-4654, Fax: (403) 517-4678; website: www.horizonnorth.ca