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Published in House and Home on Thursday, March 8th 2012 at 9:35 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
March 08, 2012 12:27 ET
CCL Industries Inc.-Normal Course Issuer Bid
TORONTO, ONTARIO--(Marketwire - March 8, 2012) - CCL Industries Inc. (TSX:CCL.A)(TSX:CCL.B), a world leader in the development of labelling solutions and specialty packaging for the consumer products and healthcare industries, announced today that it intends to commence a normal course issuer bid ("the Bid") to acquire up to 13,000 of its outstanding Class A voting shares and 2,100,000 Class B non-voting shares, being approximately 10% of the public float of each class of shares.
As at February 29, 2012, CCL had 2,374,025 Class A shares and 31,329,821 Class B shares issued and outstanding. All purchases will be made through the facilities of and in accordance with the rules of the Toronto Stock Exchange and all shares purchased will be cancelled. Except where reliance is placed on the Exchange's block purchase exemption, the maximum number of shares that could be purchased under the Bid on any trading day will be limited to 1,000 Class A voting shares and 6,637 Class B non-voting shares. The average daily trading volumes for the six-month period ended February 29, 2012, were 26 Class A voting shares and 26,548 Class B non-voting shares.
The Bid will commence on March 12, 2012, and end no later than March 11, 2013. CCL's management believe that such purchases are an appropriate and desirable use of available funds.
With headquarters in Toronto, Canada, CCL Industries now employs approximately 6,400 people and operates 69 production facilities globally located to meet the sourcing needs of large international customers. CCL Label is the world's largest converter of pressure sensitive and film materials for label applications and sells to leading global customers in the consumer packaging, healthcare, automotive and consumer durable markets. CCL Container and CCL Tube are leading producers of aluminum aerosol cans, bottles and extruded plastic tubes for consumer packaged goods customers in the United States, Canada and Mexico.
For more details on CCL, visit our website - [ www.cclind.com ].
