MONTREAL – With the company’s share price near its lowest levels in years (it dropped down to $26 last month, but was over $43 a year ago), Astral Media today announced that the Toronto Stock Exchange approved the company’s request to increase the number of shares it may purchase under its normal course issuer bid program.
The company may now purchase up to 2,732,749 class A shares and up to 139,401 class B shares. This represents no more than 5% of the 54,654,999 issued and outstanding class A shares as at November 30, 2007 and no more than 5% of the 2,788,022 issued and outstanding class B shares as at November 30, 2007.
The shares will be purchased for cancellation through the facilities of the TSX in accordance with its applicable regulations. The company’s program began on December 13, 2007 and continues until December 12, 2008. Since commencing the program, the company has purchased 1,400,000 of its class A shares at an average price of $34.63 per share and none of its class B shares.
On a daily basis, the company will not be entitled to purchase more than 25% of the average daily trading volume calculated for the period of six months ended on November 30, 2007, on its class A shares being 33,210 class A shares and a maximum of 1,000 of its class B shares. The company believes that the purchase of the class A shares and class B shares is an economically worthwhile use by the company of its funds and is in the best interest of the company and its shareholders.
