Aberdeen Announces Intention to Make a Normal Course Issuer Bid
29 May 2013 - 1:19AM
Marketwired
Aberdeen International Inc. (TSX:AAB) ("Aberdeen" or the "Company")
announces its intention to make a Normal Course Issuer Bid
("NCIB"), subject to Toronto Stock Exchange ("Exchange") approval,
to buy back its common shares through the facilities of the
Exchange. Any purchases made pursuant to the NCIB will be made in
accordance with the rules of the TSX and in some instances may be
effected through alternative trading systems and will be made at
the market price of the common shares at the time of the
acquisition.
The maximum number of common shares that may be purchased for
cancellation pursuant to the NCIB is that number of common shares
that represents 10% of the common shares in the public float. Based
on the 70,739,102 common shares in the public float as at May 27,
2013, the maximum number of shares to be purchased and cancelled
would be 7,073,910. Aberdeen notes that the number of its shares in
the public float is less than the 85,994,602 total basic issued and
outstanding Aberdeen common shares as of May 27, 2013, because the
public float number does not include common shares held by Aberdeen
insiders. Daily purchases will be limited to 50,036 common shares
other than block purchase exceptions. This number represents 25% of
the average daily trading volume for the six month period from
November 1, 2012 to April 30, 2013. The actual number of common
shares that would be purchased, if any, and the timing of such
purchases will be determined by Aberdeen considering market
conditions, stock prices, its cash position, and other factors.
Aberdeen made a previous NCIB that terminated effective February
26, 2013, pursuant to which Aberdeen purchased 1,005,500 securities
at a weighted average price per security of $0.41.
The Board of Directors of Aberdeen believes that the underlying
value of the Company is not reflected in the current market price
of its common shares, and may not be so reflected at certain times
during the course of the NCIB, and has thus concluded that the
repurchase of common shares pursuant to the proposed NCIB presently
constitutes an appropriate use of financial resources and would be
in the best interest of Aberdeen shareholders.
Purchases under the NCIB are permitted to commence on May 30,
2013 and will terminate on May 29, 2014 or the date upon which the
maximum number of common shares have been purchased by Aberdeen
pursuant to the NCIB. There cannot be any assurance as to how many
common shares, if any, will ultimately be acquired by Aberdeen
under the NCIB. Aberdeen intends that any shares acquired pursuant
to the NCIB will be cancelled.
Aberdeen will make no purchases of common shares other than open
market purchases that may be made during the period that the NCIB
is outstanding.
About Aberdeen International Inc:
Aberdeen is a publicly traded global investment and merchant
banking company focused on small cap companies in the resource
sector. Aberdeen will seek to acquire significant equity
participation in pre-IPO and/or early stage public resource
companies with undeveloped or undervalued high-quality resources.
Aberdeen will focus on companies that: (i) are in need of
managerial, technical and financial resources to realize their full
potential; (ii) are undervalued in foreign capital markets; and/or
(iii) operate in jurisdictions with moderate local political risk.
Aberdeen will seek to provide value-added managerial and board
advisory services to companies. The Corporation's intention will be
to optimize the return on its investment over a 24 to 36 month
investment time frame.
Please visit the Company's web site at
www.aberdeeninternational.ca, write to
info@aberdeeninternational.ca or follow the Company on Twitter at
"Aberdeen AAB".
Cautionary Note
Except for statements of historical fact contained herein, the
information in this press release constitutes "forward-looking
information" within the meaning of Canadian securities law. Such
forward-looking information may be identified by words such as
"plans", "proposes", "estimates", "intends", "expects", "believes",
"may", "will" and include without limitation, statements regarding
the impact of the appointment on Aberdeen; past success as an
indicator of future success; net asset value of the Company; the
potential of investee companies and the appreciation of their share
price; the future intentions of the Company with regard to its
shareholdings; the Company's plan of business operations; and
anticipated returns. There can be no assurance that such statements
will prove to be accurate; actual results and future events could
differ materially from such statements. Factors that could cause
actual results to differ materially include, among others, metal
prices, competition, financing risks, acquisition risks, risks
inherent in the mining industry, and regulatory risks. Most of
these factors are outside the control of the Company. Investors are
cautioned not to put undue reliance on forward-looking information.
Except as otherwise required by applicable securities statutes or
regulation, the Company expressly disclaims any intent or
obligation to update publicly forward-looking information, whether
as a result of new information, future events or otherwise.
Please also note that the numbers provided in this press release
have been rounded and are therefore approximates.
Contacts: Aberdeen International Inc. Mike McAllister Manager,
Investor Relations +1 416-309-2134info@aberdeeninternational.ca
Aberdeen International Inc. Ryan Ptolemy Chief Financial Officer
416-861-5882info@aberdeeninternational.ca
www.aberdeeninternational.ca
Aberdeen (TSX:AAB)
Historical Stock Chart
From Nov 2024 to Dec 2024
Aberdeen (TSX:AAB)
Historical Stock Chart
From Dec 2023 to Dec 2024
