Guardian Capital Group Limited Announces Normal Course Issuer Bid
17 November 2012 - 8:12AM
Marketwired
Guardian Capital Group Limited ("Guardian") (TSX:GCG)(TSX:GCG.A)
announced today that it intends to purchase by means of a Normal
Course Issuer Bid, during the period from November 20, 2012 to
November 19, 2013, up to 99,035 or 2% of its outstanding Common
Shares, entitled to one vote per share, and up to 2,173,865 or 10%
of its Public Float of non-voting Class A Shares ("Class A
Shares"). These shares will be purchased at market prices, on the
Toronto Stock Exchange and other Canadian marketplaces. There were
4,951,748 Common Shares and 28,224,519 Class A Shares outstanding
at November 12, 2012. Guardian intends to purchase the shares for
cancellation because it believes that, from time to time, the
shares are undervalued at prevailing market prices, based on
Guardian's earnings and prospects and accordingly, Guardian is of
the opinion that the purchase of shares is an appropriate use of
corporate funds to increase shareholder value.
In the last 12 months under its previous Normal Course Issuer
Bid, in effect during the period from November 18, 2011 to November
17, 2012, Guardian purchased for cancellation no Common Shares and
667,700 Class A Shares, at an average price of $9.56 per Class A
Share. All of these shares were purchased prior to October 31,
2012.
The average daily trading volume for Guardian's shares on the
Toronto Stock Exchange during the period of May 1, 2012 to October
31, 2012, excluding purchases made by Guardian under its previous
Normal Course Issuer Bid during the same period, was as follows:
Common Shares - 3,487 shares; and Class A Shares - 23,969 shares.
Except as otherwise permitted by the Toronto Stock Exchange, daily
purchases under the bid will be limited to 1,000 Common Shares and
5,992 Class A Shares, other than block purchase exceptions.
Guardian has filed a Notice of Intention in this regard, with
the Toronto Stock Exchange, which Notice has been accepted by the
Exchange.
Contacts: Guardian Capital Group Limited C. Verner Christensen
(416) 947-4093 Guardian Capital Group Limited George Mavroudis
(416) 364-8341
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