SNC-LAVALIN RENEWS ITS NORMAL COURSE ISSUER BID (2011)
01 June 2011 - 12:00AM
PR Newswire (Canada)
MONTREAL, May 31, 2011 /CNW/ -- MONTREAL, May 31, 2011 /CNW Telbec/
- The Board of Directors of SNC-Lavalin Group Inc. (the
"Corporation") has filed a notice to renew, for a 12-month period,
its normal course issuer bid, which will expire on June 1,
2011. In the notice, the Corporation states that a maximum of
3,000,000 Common Shares, representing less than 2% of the issued
and outstanding Common Shares as of May 18, 2011, may be purchased
for cancellation. As of May 18, 2011, the Corporation had
150,825,073 Common Shares issued and outstanding, 123,694,857 of
which made up the public float. The Board of the Corporation
believes that the purchase of its shares makes appropriate and
desirable use of its available cash. As a general practice,
the Corporation repurchases its Common Shares mainly to offset the
dilutive effect of stock issuance under its stock option
programs. Therefore, the Corporation believes that the offer
is in the best interest of SNC-Lavalin Group Inc. and its
shareholders. These purchases are to be made through the facilities
of the Toronto Stock Exchange and/or alternative Canadian trading
platforms, in accordance with the Toronto Stock Exchange's policy
on normal course issuer bids. The price the Corporation will
pay for any Common Shares will be the market price at the time of
acquisition, plus brokerage fees. Purchases may commence on
June 2, 2011 and will terminate no later than June 1, 2012.
Certain directors and senior officers of the Corporation may sell
securities of the Corporation during the course of the normal
course issuer bid. During the period that the Normal Course Issuer
Bid is outstanding, the Corporation does not intend to make
purchases of its Common Shares other than by means of open market
transactions or such other means as may be permitted by the Toronto
Stock Exchange and securities regulatory authorities as applicable,
including block purchases of Common Shares. The average daily
trading volume of the Corporation's Common Shares through the
facilities of the Toronto Stock Exchange over the last six
completed calendar months was 265,349 ("ADTV"). Accordingly, under
the Toronto Stock Exchange Rules and policies, the Corporation is
entitled on any trading day to purchase up to 25% of the ADTV,
which totals 66,337 Common Shares, for the next 12-month period of
the Normal Course Issuer Bid. In excess of the daily 66,337
repurchase limit, the Corporation may also purchase, once a week, a
block of Common Shares not owned by any insiders, which may exceed
such daily limit, in accordance with the Toronto Stock Exchange
Rules. During the period from June 2, 2010 to May 18, 2011
inclusively, the Corporation purchased 1,107,500 of its outstanding
Common Shares, at a weighted average price of $56.18. SNC-Lavalin
(TSX: SNC) is one of the leading engineering and construction
groups in the world and a major player in the ownership of
infrastructure, and in the provision of operations and maintenance
services. SNC-Lavalin has offices across Canada and in 35
other countries around the world, and is currently working in some
100 countries. In business since 1911, the Company celebrates its
100(th) anniversary in 2011. www.snclavalin.com.
_____________________________________________________________________
|Reference in this press release, and hereafter, to the "Company"
or | |to "SNC-Lavalin" means, as the context may require,
SNC-Lavalin Group| |Inc. and all or some of its subsidiaries or
joint ventures, or | |SNC-Lavalin Group Inc. or one or more of its
subsidiaries or joint | |ventures. Statements made in this press
release that describe the | |Company's or management's budgets,
estimates, expectations, | |forecasts, objectives, predictions or
projections of the future may | |be "forward-looking statements",
which can be identified by the use | |of the conditional or
forward-looking terminology such as | |"anticipates", "believes",
"estimates", "expects", "may", "plans", | |"projects", "should",
"will", or the negative thereof or other | |variations thereon. The
Company cautions that, by their nature, | |forward-looking
statements involve risks and uncertainties, and that | |its actual
actions and/or results could differ materially from those |
|expressed or implied in such forward-looking statements, or could
| |affect the extent to which a particular projection materializes.
For | |more information on risks and uncertainties, and assumptions
that | |would cause the Company's actual results to differ from
current | |expectations, please refer to the section "Risks and
Uncertainties" | |and the section "How We Analyze and Report our
Results", | |respectively, in the Company's 2010 Financial Report
under | |"Management's Discussion and Analysis". The
forward-looking | |statements herein reflect the Company's
expectations as at the date | |of this press release and are
subject to change after this date. The | |Company does not
undertake any obligation to update publicly or to | |revise any
such forward-looking statements, unless required by | |applicable
legislation or regulation. |
|_____________________________________________________________________|
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http://www.cnw.ca/en/releases/archive/May2011/31/c9064.html table
border="0" valign="top" tr td bInvestors/b: /td td
/td td bMedia/b: /td /tr tr td colspan="3" /td /tr tr td
Denis Jasminbr/ Vice-President, Investor Relations br/
514-393-8000, ext. 7553 br/ a
href="mailto:denis.jasmin@snclavalin.com"udenis.jasmin@snclavalin.com/u/a
/td td /td td Leslie Quintonbr/ Vice-President, Global
Corporate Communicationsbr/ 514-393-8000, ext. 7354br/ a
href="mailto:leslie.quinton@snclavalin.com"leslie.quinton@snclavalin.com/a
/td /tr tr td colspan="3" /td /tr tr td colspan="3"
SNC-Lavalin press releases are available on its website at a
href="http://www.snc-lavalin.com/"www.snclavalin.com/a. /td
/tr /table p /p
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