Gildan Activewear today confirmed that it has renewed, subject to regulatory approval, a normal course issuer bid for a maximum of 200,000 Class A Subordinate Voting Shares, representing approximately 0.85% of the total outstanding Class A Subordinate Voting Shares as at December 12, 2003. A similar bid which has been in effect since December 20, 2002 expires on December 19, 2003. No shares were purchased pursuant to this bid.
Any purchases under the renewed bid will be made during the period from
December 22, 2003 to December 21, 2004, and will be made on the open market
through the facilities of the Toronto Stock Exchange, in compliance with its
rules and policies. Shares purchased under the bid will be cancelled. As at
December 12, 2003, there were 23,427,335 Class A Subordinate Voting Shares and
6,094,000 Class B Multiple Voting Shares of the Corporation issued and
In the event that, during the course of the normal course issuer bid, the
Class A Subordinate Voting Shares trade at a price range that does not
adequately reflect their value in relation to Gildan's assets, business and
future business prospects, the Corporation believes that the purchase of up to
200,000 of its outstanding Class A Subordinate Voting Shares made under the
normal course issuer bid would represent an appropriate use of the
Corporation's corporate funds, without significantly impacting its financing
flexibility to pursue potential growth opportunities.