Mr. Chaya Cooperberg reports
PROGRESSIVE WASTE SOLUTIONS LTD. RENEWS NORMAL COURSE ISSUER BID
Progressive Waste Solutions Ltd. has received approval from the Toronto Stock Exchange to renew, for a 12-month period, its normal course issuer bid, effective Aug. 21, 2012.
As of Aug. 13, 2012, approximately 5.78 million common shares have been purchased under the normal course issuer bid at a total cost of $121.3-million. The average weighted price per share for trades executed in Canada was $20.8645 in the Canadian currency, and the average weighted price per share for trades executed in the United States was $21.3326 in the U.S. currency. As of Aug. 13, 2012, the company had 115,157,321 common shares issued and outstanding.
In December, 2011, the company's board of directors authorized a share repurchase program of up to $300-million through Dec. 31, 2014, to be implemented in accordance with TSX regulations, which require normal course issuer bids to be renewed on an annual basis. A continuing stock repurchase program is a key element of the company's long-term plan to deliver a balanced return to shareholders.
Under the renewed normal course issuer bid, a maximum of 7.5 million common shares (representing approximately 6.6 per cent of the total public float on Aug. 13, 2012) may be repurchased by the company in open-market transactions on the TSX, the New York Stock Exchange and/or alternative trading systems by Aug. 20, 2013.
In accordance with TSX rules, any daily repurchases would be limited to a maximum of 57,806 shares, which represents 25 per cent of the average daily trading volume on the TSX of 231,223 common shares for the six months ended July 31, 2012, excluding purchases by the company. The TSX rules also allow the company to purchase, once a week, a block of common shares not owned by any insiders, which may exceed such daily limit. Any shares that are repurchased pursuant to the normal course issuer bid will be cancelled.
Decisions regarding any future repurchases will be based on market conditions, share price and other factors, including opportunities to invest in growth capital. There can be no assurance as to the precise number of shares that will be repurchased. The company may discontinue purchases under the normal course issuer bid at any time, subject to compliance with applicable regulatory requirements.
From time to time, the company may enter into a predefined plan with its broker to allow for the repurchase of shares at times when the company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the company's broker will be adopted in accordance with applicable Canadian and U.S. securities laws.
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