Toronto-based Horsham (TSE) recently filed a normal course issuer bid with the Toronto and Montreal stock exchanges allowing it to purchase up to five million of the company’s subordinate voting shares. The notices provide that Horsham may during the 12 months between Dec. 17 and ending Dec. 16, 1991, purchase approximately 9.6% of the public float of its subordinate voting shares.
The notice is subject to a maximum aggregate expenditure by Horsham of about $40 million and the company has agreed to pay market price for the shares. There are 77.2 million subordinate voting shares currently outstanding with a public float of about 52.2 subordinate shares.
According to Horsham, its subordinate voting shares have been trading in a price range which does not adequately reflect their value in relation to Horsham’s business and its future business prospects. They include a controlling stake in gold producer American Barrick Resources (TSE) and 60% of Clark Oil and Refining.
The number of subordinate voting shares which may be purchased and the timing of any such purchases will be determined by Horsham.
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