Premium Brands Holdings Corporation

Premium Brands Holdings Corporation

November 11, 2009 07:00 ET

Premium Brands Holdings Corporation Announces Intention to Make Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 11, 2009) - Premium Brands Holdings Corporation (the "Company") (TSX:PBH) announced today acceptance by the Toronto Stock Exchange (the "TSX") of its Notice of Intention to Make a Normal Course Issuer Bid through the facilities of the TSX.

The Company is proposing to purchase, for cancellation, up to 880,878 common shares, which represents 5% of the issued and outstanding common shares of the Company for a period commencing November 13, 2009 to November 12, 2010. As at the close of business on November 9, 2009 the total number of issued and outstanding common shares of the Company was 17,617,560. The maximum number of common shares that the Company may purchase pursuant to the Issuer Bid in any single day (unless other exemptions are available) is 8,827 common shares.

Premium Brands Income Fund (the "Fund"), the predecessor of Premium Brands Holdings Corporation, purchased 25,600 units of the Fund under and pursuant to a Normal Course Issuer Bid during the period October 10, 2008 to October 9, 2009.

The Company is proceeding with this Issuer Bid because its board of directors believes that, from time to time, the market price of the Company's common shares may not adequately reflect the current value of, or prospects for, the Company's business. Accordingly, the Company's board of directors believes that the Company's common shares may, at such times, represent an attractive opportunity to realize additional shareholder value, and that the purchase of common shares at such times would be an appropriate use of the Company's available funds.

The Company may commence purchases of common shares on November 13, 2009, at times and in quantities determined by it. All purchases will be made on the open market through the facilities of the TSX in accordance with its policies. The price to be paid for the common shares will be the market price at the time of acquisition.

Premium Brands owns a broad range of leading branded specialty food businesses with manufacturing and distribution facilities located in British Columbia, Alberta, Saskatchewan, Manitoba and Washington. In addition, it owns proprietary food distribution and wholesale networks through which it sells both its own products and those of third parties to approximately 25,000 customers.

Premium Brands' family of brands includes Grimm's, Harvest, McSweeney's, Bread Garden, Hygaard, Hempler's, Quality Fast Foods, Gloria's Best of Fresh, Harlan's, Centennial Foodservice, and B&C Foods.

Contact Information

  • Premium Brands Holdings Corporation
    George Paleologou
    CEO and President
    (604) 656-3100
    Premium Brands Holdings Corporation
    Will Kalutycz
    (604) 656-3100