The Forzani Group Ltd. announced that the Toronto Stock Exchange has accepted its application to renew its Bid program to purchase, from April 14, 2009 to April 13, 2010, certain of its outstanding Class “A” shares. The share repurchases will not exceed 2,406,506 common shares, which is approximately 10% of the public float of the company.
As at April 9, 2009, there were 30,468,045 Common Shares issued and outstanding. During the most recent normal course issuer bid, which commenced March 28, 2008 and expired March 27, 2009, the company purchased 2,694,376 Common Shares, at an average price of $16.35.
Except as permitted under the TSX rules, the company will not purchase on any given trading day under the Bid more than 17,026 Common Shares, being 25% of the average daily trading volume of the common shares on the TSX for the previous six calendar months of 68,106 common shares per day.
The buyback program has been put in place “because the company believes that the Common Shares are a good investment for the company in the context of equity market conditions.”
All common shares purchased through the Bid will be returned to treasury for cancellation.
Forzani's corporate and franchise banners include: Sport Chek, Coast Mountain Sports, Sport Mart, National Sports, Athletes World, Sports Experts, Intersport, Econosports, Atmosphere, Tech Shop/Pegasus, Nevada Bob's Golf, Hockey Experts, S3 and Fitness Source.