Business News
Intertape Polymer Group Announces Start of Normal Course Issuer Bid
Wednesday 27. August 2008 - Intertape Polymer Group Inc. (TSX:ITP) (NYSE:ITP) announces that the Toronto Stock Exchange has approved Intertape's normal course issuer bid. Under the normal course issuer bid, Intertape is entitled to repurchase for cancellation up to 2,947,817 common shares over the twelve-month period starting on August 28, 2008 and ending on August 27, 2009, representing 5% of Intertape's issued and outstanding common shares.
The purchases by Intertape will be effected through the facilities of the Toronto Stock Exchange and New York Stock Exchange and will be made at the market price of the common shares at the time of the purchase. As at August 13, 2008, there were 58,956,350 Intertape common shares issued and outstanding.
During the most recently completed six months, the average daily trading volume for the common shares of Intertape on the TSX was 34,115 shares. Consequently, under the policies of the TSX, Intertape will have the right to repurchase, during any one trading day, a maximum of 8,528 common shares, representing 25% of the average daily trading volume. In addition, Intertape may make, once per calendar week, a block purchase (as such term is defined in the TSX Company Manual) of common shares not directly or indirectly owned by insiders of Intertape, in accordance with the policies of the TSX.
The Board of Directors of Intertape considers that the repurchase of shares at certain market prices constitutes an appropriate use of financial resources and will be beneficial to Intertape and its shareholders.
Any purchases made pursuant to the normal course issuer bid will be made in accordance with the policies of the Toronto Stock Exchange. Intertape will make no purchases of common shares other than open market purchases during the period of the normal course issuer bid. To the knowledge of Intertape, no director or officer of Intertape intends to sell Intertape shares while the normal course issuer bid is in effect.