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Huntingdon Capital Corp Announces Management Changes; Substantial Issuer Bid


Friday, 21 Jun 2013 04:00pm EDT 

Huntingdon Capital Corp announced that its Board of Directors has entered into a resignation agreement with President and Chief Executive Officer (CEO), Zachary George that will take effect on September 1, 2013. Following his resignation, Mr. George will continue to serve as Huntingdon's Chairman and will work closely with management on strategy and operations. Sandeep Manak will be promoted to President and CEO effective September 1, 2013. Huntingdon also announced that it will offer to repurchase for cancellation up to $10,000,000 in value of its outstanding common shares from shareholders. The Offer will proceed by way of a modified Dutch Auction and the range of Offer prices will be $12.50 to $13.00per share. The maximum purchase price under the Offer represents a premium of approximately 3.4% over the daily volume weighted average closing price of the shares on the TSX for the 30 trading days preceding the date of this announcement. The Offer will be for up to approximately 7.3% of the total number of issued and outstanding common shares (based on a Purchase Price equal to the minimum purchase price per common share of $12.50 and 10,974,972 common shares outstanding on June 21, 2013). 

Company Quote

13.24
0.0 +0.00%
19 Aug 2014