Mr. Rod Baker reports
GREAT CANADIAN GAMING ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID
Great Canadian Gaming Corp. intends to
renew a normal course issuer bid for up to 4,511,644 of its common
shares, representing approximately 10 per cent of the company's common shares
in the public float. Purchases will be made subject to opportunities
within the market.
As at Jan. 17, 2013, there were 70,452,153 common shares of the
company outstanding. Purchases will be by way of open market purchases
through the facilities of the Toronto Stock Exchange, and other
Canadian marketplaces, and payment for the shares will be in
accordance with the TSX's bylaws and rules. No purchases will be made
other than by means of open market transactions during the term of the
normal course issuer bid and conducted at the market price at the time
of acquisition. All shares purchased by the company will be
subsequently cancelled. The company believes that this normal course
issuer bid will assist in managing its balance of debt and equity for
the purpose of increasing long-term shareholder value.
"With Great Canadian's secure and flexible financial position, this
share repurchase program is an important tool for improving shareholder
value," stated Rod Baker, Great Canadian's president and chief
executive officer. "The normal course issuer bid will be employed
opportunistically, while considering the company's future cash needs
for operating and development purposes."
The company received approval from the TSX to commence this bid on
Jan. 30, 2013. The bid will end on Jan. 29, 2014, or earlier if
the number of shares sought in the issuer bid have been obtained. The
company reserves the right to terminate the bid earlier if it feels it
is appropriate to do so. Pursuant to TSX policies, daily purchases made
by the company will not exceed 29,761 common shares, or 25 per cent of the prior
six-month average daily trading volume of 119,045 common shares on the
TSX, subject to certain prescribed exceptions.
In the event that insiders intend to sell securities of the company
during the course of the bid, the company will not purchase such
securities under the bid when advised of such sales.
Since Jan. 27, 2012, the company purchased and cancelled 3,657,210
common shares under the current normal course issuer bid, which will
expire on Jan. 26, 2013, at a volume-weighted average price of $8.15
per share, and 10 million common shares under a substantial issuer bid
at a purchase price of $10 per share.
We seek Safe Harbor.
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