Press release from Marketwire
Glacier to Commence Normal Course Issuer Bid
Tuesday, September 25, 2012
Glacier to Commence Normal Course Issuer Bid17:40 EDT Tuesday, September 25, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 25, 2012) - Glacier Media Inc. (the "Company" or "Glacier") (TSX:GVC) announced today that TSX has accepted a Notice of Intention to make a normal course issuer bid to purchase up to 2,500,000 common shares (2.79% of the outstanding common shares) from time to time during the next 12 months. Glacier is undertaking the bid because, in the opinion of its board of directors, the market price of its common shares, from time to time, may not fully reflect the underlying value of its operations and future growth prospects. The Company believes that in such circumstances, the outstanding common shares represent an appealing investment for Glacier since a portion of the Company's excess cash generated on an annual basis can be invested for an attractive risk adjusted return on capital through the bid. As of September 14, 2012, there were 89,511,335 common shares issued and outstanding. The purchases may begin September 28, 2012 and will end no later than September 27, 2013. The common shares will be purchased for cancellation through the facilities of the TSX and other Canadian marketplaces, at market price. Pursuant to TSX policies, daily purchases made by the Company will not exceed 19,754 common shares (25% of the average daily trading volume of 79,017 common shares on the TSX), subject to certain prescribed exceptions.In the past 12 months, the Company has not purchased any common shares pursuant to its existing normal course issuer bid that expires September 27, 2012. The Company has been focused on using free cash flow in 2012 to pay down debt subsequent to the Postmedia acquisition completed on November 30, 2011. Going forward, Glacier intends to use its free cash flow to maintain debt at manageable levels while evaluating acquisitions, share buy-backs and operating investment opportunities within the context of expected returns and related risk profiles, and pay dividends. The Company continues to see many attractive acquisition and growth opportunities that fit with its business strategies. Shares in Glacier can be traded on the Toronto Stock Exchange under the symbol GVC. About GlacierGlacier Media Inc. is an information communications company focused on expanding across North America through both internal growth and the strategic acquisition of information communications companies that provide essential information and related services through print, electronic and online media in the local newspaper, trade and business and professional information markets. Forward-Looking StatementsCertain statements in this press release are not historical and may constitute forward-looking statements reflecting financial performance. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Forward-looking statements are based on management's estimates, beliefs and opinions on the date the statements are made. Glacier assumes no obligation to update forward-looking statements if circumstances should change. Additional information on these and other potential factors that could affect Glacier's financial results are detailed in documents filed from time to time with the applicable Canadian securities regulatory authorities.FOR FURTHER INFORMATION PLEASE CONTACT: Mr. Orest SmysnuikGlacier Media Inc.604-872-8565www.glaciermedia.caThe Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.