August 18, 2009 11:49 ET

Sceptre Investment Counsel Limited Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Aug. 18, 2009) - Sceptre Investment Counsel Limited ("Sceptre") (TSX:SZ) announced today that it has filed with the Toronto Stock Exchange a notice of its intention to make a normal course issuer bid for its common shares ("Common Shares") through the facilities of the Toronto Stock Exchange.

Sceptre may, during the twelve-month period commencing August 22, 2009 and ending on August 21, 2010, purchase on the Toronto Stock Exchange up to 1,308,095 Common Shares in total, being approximately 10% of the outstanding public float of 13,080,947 Common Shares of Sceptre (shares held by persons other than senior officers, directors and principal shareholders of Sceptre) as at the date hereof. The price that Sceptre will pay for any such shares will be the market price at the time of acquisition and any shares acquired shall be cancelled. The actual number of Common Shares that may be purchased and the timing of any such purchases will be determined by Sceptre. As at the date hereof, there are 14,044,590 Common Shares of Sceptre outstanding. The Corporation has purchased 8,800 Shares during the past 12 months through BMO Nesbitt Burns at an average price of $6.294 per share. Subject to any block purchases made in accordance with TSX rules, Sceptre will be subject to a daily repurchase restriction of 3,465 common shares (the average daily trading volume for the six months prior to the date hereof was 13,863).

Sceptre continues to believe that there will be times over the course of the year when its Common Shares may trade in a price range that does not adequately reflect their value in relation to Sceptre's business and its future business prospects. As a result, depending upon future price movements and other factors, Sceptre believes that its outstanding Common Shares may represent an attractive investment and a desirable use of a portion of its available funds.

Contact Information

  • Sceptre Investment Counsel Limited
    David B. Pennycook
    President and Chief Executive Officer
    (416) 866-2479