SNC-Lavalin renews its normal course issuer bid
31 May 2012 - 1:51PM
PR Newswire (Canada)
MONTREAL, May 31, 2012 /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, 2012. 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 17,
2012, may be purchased for cancellation. As of May 17, 2012,
the Corporation had 151,034,276 Common Shares issued and
outstanding, 127,916,992 of which made up the public float. As
a general practice when managing its capital, the Corporation
repurchases its Common Shares mainly to offset the dilutive effect
of stock issuance under its stock option programs. These purchases
are to be made through the facilities of the Toronto Stock Exchange
and/or alternative Canadian trading systems, 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 4, 2012 and will terminate no
later than June 3, 2013. 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 707,221 ("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 176,805 Common Shares, for the next 12-month
period of the Normal Course Issuer Bid. In excess of the daily
176,805 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, 2011 to May 17, 2012
inclusively, the Corporation purchased 444,200 of its outstanding
Common Shares, at a weighted average price of $45.31. SNC-Lavalin
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 over 40 other countries around the
world, and is currently working in some 100
countries. 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 its actual actions and/or results
could | |differ materially from those expressed or implied in
forward-looking | |statements, or could affect the extent to which
a particular | |projection materializes, as a result of risks and
uncertainties | |relating to: (a) cost overruns from fixed-price
contracts; (b) | |failure to meet scheduled dates or performance
standards on a | |particular project; (c) attracting and retaining
qualified personnel | |and any strike, partial work stoppage or
other labour actions by the | |Company's or its subcontractors'
unionized employees; (d) failure of | |the Company's joint venture
partners to perform their obligations; | |(e) failure by the
Company's subcontractors to deliver their portion | |of a
particular project according to contractual terms; (f) the |
|financial performance of the Company's infrastructure concession |
|investments during a particular concession period; (g) the Company
| |obtaining new contract awards; (h) revenue backlog and whether
such | |revenue backlog will ultimately result in earnings and when
revenues | |and earnings from such backlog will be recognized; (i)
foreign | |currency exchange and interest rates; (j) credit risk
and the delay | |in collection from the Company's clients; (k)
information management | |including its integrity, reliability and
security; (l) the inherent | |limitations of the Company's control
framework and the effectiveness | |of the measures implemented by
the Company to strengthen its internal| |controls over financial
reporting following the identification by the| |Company of material
weaknesses relating to the design and operational| |effectiveness
of its internal controls over financial reporting as of| |December
31, 2011 and March 31, 2012 respectively; (m) uncertain | |economic
and political conditions in the countries in which the | |Company
does business; (n) any lack of strong safety practices by the|
|Company or its subcontractors exposing the Company to lost time on
| |projects, penalties, lawsuits and impact on future contract
awards; | |(o) the Company's inability to comply with environmental
laws and | |regulations; (p) the Company's reputation as a result
of, among | |others, any quality or performance issues on its
projects, a poor | |health and safety record, non-compliance with
laws or regulations by | |the Company's employees, agents,
subcontractors, suppliers and/or | |partners, or creation of
pollution and contamination; (q) the | |inability to adequately
integrate an acquired business in a timely | |manner; (r)
non-compliance with laws and regulations by an employee, | |agent,
supplier, subcontractor and/or partner of the Company or any |
|further regulatory developments; (s) failure by the Company's |
|employees, agents, suppliers, subcontractors and/or partners to |
|comply with anti-bribery laws; (t) any litigation and/or legal |
|matters to which the Company is a party; (u) any negative
publicity | |associated with the Independent Review led by the
Company's Audit | |Committee of the facts and circumstances
surrounding certain payments| |that were documented to construction
projects to which they did not | |relate, and certain other
contracts, as well as any sanctions that | |could be brought
against the Company in connection with possible | |violations of
law or contracts should additional facts adverse to the| |Company
become known in connection with such Independent Review |
|including as to matters beyond its scope; (v) the proposed class |
|action lawsuit filed on March 1, 2012 against the Company with the
| |Quebec Superior Court and the proposed class action lawsuits
filed on| |May 9, 2012 against the Company with the Ontario
Superior Court; and | |(w) the investigations of the Royal Canadian
Mounted Police and the | |World Bank relating to the Company's
involvement in a past submission| |as the Owner's Engineer for the
Bangladesh government. | | | |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
2011 Financial Report under | |"Management's Discussion and
Analysis" and the section "Risks and | |Uncertainties" in the
Company's first quarter 2012 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. |
|_____________________________________________________________________|
SNC-LAVALIN CONTACT: Investors:Denis JasminVice-President, Investor
Relations 514-393-8000, ext. 7553
denis.jasmin@snclavalin.comMedia:Leslie QuintonVice-President,
Global Corporate Communications514-393-8000, ext.
7354leslie.quinton@snclavalin.comSNC-Lavalin press releases are
available on its websiteat www.snclavalin.com.
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