Common Share Buy Back Program of Uni-Select Inc...
posted on Dec 11, 2008 08:09AM
Edit this title from the Fast Facts Section
BOUCHERVILLE, QUEBEC--(Marketwire - Dec. 11, 2008) - Uni-Select Inc. (TSX:UNS) announces today that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to make a normal course issuer bid (the "Notice") to repurchase some of its outstanding common shares through the facilities of the TSX for a period of twelve months ending December 17, 2009. Up to 984,417 common shares, representing approximately 5% of the 19,688,358 common shares of Uni-Select issued and outstanding on December 5, 2008, may be purchased under the normal course issuer bid. Daily repurchases will be limited to 4,366 common shares, other than block purchase exemptions. The common shares will be repurchased by Uni-Select for cancellation.
The number of common shares that Uni-Select intends to repurchase and the time of such repurchases will be determined by Uni-Select, at its discretion. The repurchase period will begin December 18, 2008 and will end on the earlier of December 17, 2009 or the date on which Uni-Select will have either acquired the maximum number of common shares pursuant to the Notice or otherwise decided not to make any further repurchases. All the common shares acquired under the bid will be repurchased at their market price at the time of acquisition.
The Board of Directors of Uni-Select has concluded that the repurchase of up to 984,417 common shares is a desirable use of funds for Uni-Select and, therefore, would be in the best interests of Uni-Select and its shareholders. During the last twelve months, Uni-Select has repurchased 48,200 common shares at an average purchase price of $21.24 per common share under a normal course issuer bid which commenced on December 18, 2007 and will expire on December 17, 2008.
Uni-Select is Canada's second largest distributor of automotive replacement parts, equipment, tools and accessories and through Uni-Select USA, Inc.; the company also provides service to customers in the United States where it is the 7th largest distributor. Its subsidiary, Palmar Inc., sells replacement parts, tools and accessories for heavy-duty vehicles and wheels in Canada. The Uni-Select Network includes over 2,400 independent jobbers and services over 3,500 points of sale in Canada and the United States. Uni-Select is headquartered in Montreal. Uni-Select shares (UNS) are traded on the Toronto Stock Exchange (TSX).
Certain statements made in this press release contain forward-looking statements which, by their very nature, include risks and uncertainties, such that actual results could differ from those indicated in those forward-looking statements. For additional information with respect to the risks and uncertainties, refer to the Annual Report filed by Uni-Select with the Canadian securities commissions. Unless required to do so pursuant to applicable securities legislation, Uni-Select assumes no obligation as to the updating or revision of the forward-looking statements as a result of new information, future events or other changes.
For more information, please contactUni-Select Inc.