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Guardian Capital Group Ltd Announces Normal Course Issuer Bid

Monday, 18 Nov 2013 03:23pm EST 

Guardian Capital Group Ltd announced that it intends to purchase by means of a Normal Course Issuer Bid, during the period from November 20, 2013 to November 19, 2014, up to 247,587 or 5% of its outstanding Common Shares, entitled to one vote per share, and up to 2,090,652 or 10% of its Public Float of Class A Non-Voting Shares (Class A Shares). These shares will be purchased at market prices, on the Toronto Stock Exchange and other Canadian marketplaces. There were 4,951,748 Common Shares and 27,616,777 Class A Shares outstanding at November 11, 2013. Guardian intends to purchase the shares for cancellation because it believes that, from time to time, the shares are undervalued at prevailing market prices, based on Guardian's earnings and prospects and accordingly, Guardian is of the opinion that the purchase of shares is an appropriate use of corporate funds to increase shareholder value. In the last 12 months under its previous Normal Course Issuer Bid, in effect during the period from November 20, 2012 to November 19, 2013, Guardian purchased for cancellation no Common Shares and 607,742 Class A Shares, at an average weighted price of $12.71 per Class A Share. All of these shares were purchased prior to October 31, 2013. 

Company Quote

0.24 +1.19%
12:15pm EDT