VANCOUVER, BRITISH COLUMBIA, Nov 11 (MARKET WIRE) --
Premium Brands Holdings Corporation (the "Company") (TSX: PBH) announced
today acceptance by the Toronto Stock Exchange (the "TSX") of its Notice
of Intention to Make a Normal Course Issuer Bid through the facilities of
the TSX.
The Company is proposing to purchase, for cancellation, up to 880,878
common shares, which represents 5% of the issued and outstanding common
shares of the Company for a period commencing November 13, 2009 to
November 12, 2010. As at the close of business on November 9, 2009 the
total number of issued and outstanding common shares of the Company was
17,617,560. The maximum number of common shares that the Company may
purchase pursuant to the Issuer Bid in any single day (unless other
exemptions are available) is 8,827 common shares.
Premium Brands Income Fund (the "Fund"), the predecessor of Premium
Brands Holdings Corporation, purchased 25,600 units of the Fund under and
pursuant to a Normal Course Issuer Bid during the period October 10, 2008
to October 9, 2009.
The Company is proceeding with this Issuer Bid because its board of
directors believes that, from time to time, the market price of the
Company's common shares may not adequately reflect the current value of,
or prospects for, the Company's business. Accordingly, the Company's
board of directors believes that the Company's common shares may, at such
times, represent an attractive opportunity to realize additional
shareholder value, and that the purchase of common shares at such times
would be an appropriate use of the Company's available funds.
The Company may commence purchases of common shares on November 13, 2009,
at times and in quantities determined by it. All purchases will be made
on the open market through the facilities of the TSX in accordance with
its policies. The price to be paid for the common shares will be the
market price at the time of acquisition.
Premium Brands owns a broad range of leading branded specialty food
businesses with manufacturing and distribution facilities located in
British Columbia, Alberta, Saskatchewan, Manitoba and Washington. In
addition, it owns proprietary food distribution and wholesale networks
through which it sells both its own products and those of third parties
to approximately 25,000 customers.
Premium Brands' family of brands includes Grimm's, Harvest, McSweeney's,
Bread Garden, Hygaard, Hempler's, Quality Fast Foods, Gloria's Best of
Fresh, Harlan's, Centennial Foodservice, and B&C Foods.
Contacts:
Premium Brands Holdings Corporation
George Paleologou
CEO and President
(604) 656-3100
Premium Brands Holdings Corporation
Will Kalutycz
CFO
(604) 656-3100
www.premiumbrandsholdings.com
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