RICHMOND, BC, Jan. 25, 2013 /CNW/ - Great Canadian Gaming Corporation [TSX:GC] ("Great Canadian" or "the Company") announced today its intention to
renew a normal course issuer bid for up to 4,511,644 of its common
shares, representing approximately 10% of the Company's common shares
in the public float. Purchases will be made subject to opportunities
within the market.
As at January 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 ("TSX"), and other
Canadian market places, and payment for the shares will be in
accordance with the TSX's by-laws 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
January 30, 2013. The bid will end on January 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% 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 January 27, 2012, the Company purchased and cancelled 3,657,210
common shares under the current normal course issuer bid that will
expire on January 26, 2013 at a volume weighted average price of $8.15
per share and 10,000,000 common shares under a substantial issuer bid
at a purchase price of $10.00 per share.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless the securities are registered in the United States or an
exemption from such registration is available.
ABOUT GREAT CANADIAN
Great Canadian Gaming Corporation is a multi-jurisdictional gaming,
entertainment and hospitality operator with 17 gaming facilities, which
include ten casinos, four horse racetrack casinos, three community
gaming centres, and a Four Diamond hotel resort, located in British
Columbia, Ontario, Nova Scotia and Washington State. As of September
30, 2012, the Company had approximately 4,100 employees in Canada and
600 in Washington State. Further information is available on the
Company's website, www.gcgaming.com.
DISCLAIMER
This press release contains certain "forward-looking information" or
statements within the meaning of applicable securities legislation.
Forward-looking information is based on the Company's current
expectations, estimates, projections and assumptions that were made by
the Company in light of its historical trends and other factors. All
information or statements, other than statements of historical fact,
are forward-looking information including statements that address
expectations, estimates or projections about the future, the terms and
expected benefits of the normal course issuer bid, and the Company's
strategy for growth and its objectives, expected future expenditures,
costs, operating and financial results, expected impact of future
commitments, the future ability of the Company to operate the Georgian
Downs and Flamboro Downs facilities and their profitability,
expectations and implications of changes in legislation and government
policies. Forward-looking information may be identified by words such
as "anticipate", "believe", "expect", or similar expressions. Such
forward-looking information is not a guarantee of future performance
and may involve a number of risks and uncertainties.
Although forward-looking information is based on information and
assumptions that the Company believes are current, reasonable and
complete, they are subject to unknown risks, uncertainties, and a
number of factors that could cause actual results to vary materially
from those expressed or implied by such forward-looking information.
Such factors may include, but are not limited to: terms of operational
service agreements with lottery corporations; changes to gaming laws
that may impact our operational service agreements; pending, proposed
or unanticipated regulatory or policy changes; the Company's ability to
obtain and renew required business licenses; unanticipated fines,
sanctions and suspensions imposed on the Company by its regulators;
impact of global liquidity and credit availability; adverse tourism
trends and further decreases in levels of travel, leisure and consumer
spending; competition from established competitors and new entrants in
the gaming business; dependence on key personnel; the Company's ability
to manage its capital projects and its expanding operations; the risk
that systems, procedures and controls may not be adequate to meet
regulatory requirements or to support current and expanding operations;
potential undisclosed liabilities and capital expenditures associated
with acquisitions; negative connotations linked to the gaming industry;
First Nations rights with respect to some land on which we conduct our
operations; future or current legal proceedings; construction
disruptions; financial covenants associated with credit facilities and
long-term debt; credit, liquidity and market risks associated with our
financial instruments; interest and exchange rate fluctuations;
non-realization of cost reductions and synergies; demand for new
products and services; fluctuations in operating results; and economic
uncertainty and financial market volatility. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. These factors and other risks and uncertainties are
discussed in the Company's continuous disclosure documents filed with
the Canadian securities regulatory authorities from time to time,
including in the "Risk Factors" section of the Company's Annual
Information Form for fiscal 2011, and as identified in the Company's
disclosure record on SEDAR at www.sedar.com.
Readers are cautioned not to place undue reliance on the forward-looking
information, as there can be no assurance that the plans, intentions,
or expectations upon which they are based will occur. The
forward-looking information contained herein is made as of the date
hereof and is subject to change after such date, and is expressly
qualified in its entirety by cautionary statements in this press
release. Forward-looking information is provided for the purpose of
providing information about management's current expectations and plans
and allowing investors and others to get a better understanding of the
Company's operating environment. The Company undertakes no obligation
to publicly revise forward-looking information to reflect subsequent
events or circumstances except as required by law.
ON BEHALF OF
GREAT CANADIAN GAMING CORPORATION
"Original signed by Rod N. Baker"
____________________________
Rod N. Baker
President and Chief Executive Officer
GREAT CANADIAN GAMING CORPORATION [TSX:GC]
Suite #350 - 13775 Commerce Parkway
Richmond, BC
V6V 2V4
Phone: (604) 303-1000
Website: www.gcgaming.com
SOURCE: Great Canadian Gaming Corporation
<p> <b>For investor enquiries:</b><br/> <a href="mailto:ir@gcgaming.com">ir@gcgaming.com</a><br/> or<br/> Ms. Tanya Ruskowski<br/> Executive Assistant to the President and Chief Executive Officer and the Chief Financial Officer<br/> (604) 303-1000 </p> <p> <b>For media enquiries:</b><br/> Mr. Howard Blank<br/> Vice-President, Communications, Entertainment & Responsible Gaming<br/> (604) 512-6066 </p>