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04:51:50 EST Mon 22 Dec 2014
Enter Symbol
or Name
USA
CA



Great Canadian Gaming Corp
Symbol C : GC
Shares Issued 70,452,153
Close 2013-01-24 C$ 9.00
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Great Canadian Gaming to buy back 4.51 million shares

2013-01-25 20:39 ET - News Release

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.

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