OAKVILLE, ON, Jan. 28, 2013 /CNW/ - Vicwest Inc. (the "Company") (TSX: VIC, VIC.DB) announced today that the Toronto Stock Exchange ("TSX") has accepted
its notice of intention to make a normal course issuer bid ("NCIB").
The NCIB is substantially similar to the NCIB the Company commenced
last year on January 27, 2012 which has expired on January 26, 2013. No
purchases were made under the Company's previous NCIB.
The notice provides that the Company may, during the 12-month period
commencing January 30, 2013 and ending January 29, 2014, purchase on
the TSX up to 850,000 common shares in total, being approximately 4.8%
of the Company's outstanding common shares. As of the date hereof,
17,578,341 common shares of the Company are outstanding. The aggregate number of
common shares that the Company may purchase during any trading day will
not exceed 5,927 common shares, being 25% of the average daily volume
of the common shares based on the trading volume of the TSX for the
most recently completed six calendar months preceding the date of the
Company's notice of intention, subject to the Company's ability to make
block purchases through the facilities of the TSX in accordance with
the TSX rules. Any common shares purchased pursuant to this NCIB will
be cancelled by the Company.
Purchases will be made at market prices through the facilities of the
TSX as appropriate opportunities arise from time to time. The Company
intends to fund the purchases out of its available cash and credit
facility. The Company believes that the purchase of its common shares
represents an investment opportunity and a worthwhile use of its
resources.
The Company will also continue the pre-defined plan (the "Automatic
Purchase Plan") with its designated broker to allow for the repurchase
of common shares at times throughout its NCIB when it ordinarily would
not be permitted to repurchase common shares in the market due to its
own internal trading blackout periods, insider trading rules or
otherwise. Subject to certain parameters and restrictions, the
Company's broker may purchase common shares under the Automatic
Purchase Plan, during such times referred to above, provided that the
Broker is not, at such times, in possession of undisclosed material
information about the Company.
ABOUT VICWEST INC.
Vicwest Inc. is a leading manufacturer and distributor of building
construction products, and steel containment products for agricultural
grain, fertilizer and liquid storage. Through its Vicwest Building
Products division, the Company fabricates and markets metal roofing,
siding and other metal building products under the trade names Vicwest,
Mercury Metals, Valley Truss & Metal, RCA Metal and AWIP-Vicwest USA.
The Company's Westeel Storage Solutions division manufactures storage
solutions for agricultural grain and fertilizer, as well as liquid
storage tanks and accessories. These products are manufactured and
distributed under the trade names Westeel, Northern Steel Industries
and NSI. In 2011, Westeel established its first branch in Europe as
part of the Company's strategy to serve growing international demand
for agricultural grain storage and handling equipment. In Canada,
Westeel also represents Skandia, Europe's most advanced elevator and
conveyor grain handling systems. With approximately 1,200 dedicated
employees and strategically located manufacturing facilities, the
Company delivers superior quality products and excellent service to
customers in chosen markets. Vicwest Inc. is a member of the S&P/TSX
SmallCap Index. For more information, visit www.vicwestinc.com.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release constitute forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements include, but are not limited to,
management's beliefs, plans, estimates, and intentions, and similar
statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical
facts. Forward-looking statements generally can be identified by the
use of forward-looking terminology such as "outlook", "objective",
"may", "will", "expect", "intend", "estimate", "anticipate", "believe",
"should", "plans" or "continue", or similar expressions suggesting
future outcomes or events. Such forward-looking statements reflect
management's current beliefs and are based on information currently
available to management. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those contemplated by such statements. Readers are encouraged to
review the most recently filed Management's Discussion and Analysis and
other disclosure documents filed by the Company with Canadian
securities regulatory agencies and commissions. Readers are cautioned
not to place undue reliance on the Company's forward-looking
statements. The forward-looking statements contained herein are made
as of the date of this press release and except as required by
applicable law, the Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE: Vicwest Inc.
