Tri-White Corporation announces normal
course issuer bid
Monday September 19, 3:25 pm ET
TORONTO, Sept. 16 /CNW/
- Tri-White Corporation ("Tri-White") today announced that the Toronto
Stock Exchange (the "TSX") has accepted a notice
filed by Tri-White of its intention to make a normal course
issuer bid through the facilities of the TSX.
The notice provides
that Tri-White may, during the twelve-month period commencing
September 20th,
2005 and ending September
19th, 2006 purchase up to 1,146,322 common shares ("Common
Shares") in total, being approximately 5% of the issued
and outstanding Common Shares. The price that Tri-White
will pay for any such Common Shares will be the market
price at the time of acquisition. Management of Tri-White
will determine the actual number of Common Shares that
may be purchased and the timing of any such purchases.
Tri-White purchased 32,500 Common Shares
for cancellation during the last twelve months at an average
cost per share
of $7.00. As of August 31, 2005 there were 22,926,449 Common
Shares outstanding.
Tri-White believes that its Common Shares
have been trading in price ranges which do not adequately
reflect their value
in relation to the business of Tri-White and its future
business prospects. As a result, depending upon future
price movements and other factors, Tri-White believes that
its outstanding Common Shares may represent an attractive
investment. Furthermore, the purchases are expected to
benefit all persons who continue to hold Common Shares
by increasing their proportionate interest in Tri-White.
All Common Shares purchased by Tri-White under the normal
course issuer bid will be cancelled.
Tri-White Corporation
holds a diverse merchant-banking portfolio. Tri-White
is presently the largest shareholder
of ClubLink, Canada's leading owner, operator and developer
of high quality member golf clubs, daily fee golf clubs
and golf resorts with 33 properties in Canada. As well,
Tri-White is the largest shareholder of Clearlink Capital
Corporation ("Clearlink"). Clearlink provides
customized financing, asset management and equipment trading
services to large organizations through the acquisition
of technology and related equipment. In addition, Tri-White
owns a 100% interest in the historic White Pass & Yukon
Route Railway, with strategic holdings in the port operations
and supporting excursions, based in Skagway, Alaska.
For
further information
Don Turple, Chief
Financial Officer
Tel: (416) 367-6877
Fax: (416) 637-6890
e-mail:
dturple@morguard.com
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