Clairvest Group Inc.

Clairvest Group Inc.

February 26, 2007 17:46 ET

Clairvest Announces New Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Feb. 26, 2007) - Clairvest Group Inc. (TSX:CVG) today announced the Toronto Stock Exchange has accepted a notice filed by Clairvest of its intention to make a new normal course issuer bid.

Clairvest's current normal course issuer bid expires on March 5, 2007. The notice provides that the Corporation may, during the 12 month period commencing March 6, 2007 and ending March 5, 2008, purchase on the TSX up to 795,178 common shares in total, being approximately 5% of the outstanding common shares, subject to a maximum aggregate expenditure by the Corporation of approximately $11 million. Any shares purchased will be cancelled.

The price the Corporation will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares that may be purchased and the timing of any such purchases will be determined by the Corporation.

In total, 2,544,424 common shares at a cost of approximately $21.86 million have been purchased under previous normal course issuer bids, 54,200 of which were purchased in the last 12 months at an average cost of $10.50 per share. There were approximately 15,903,566 common shares of the Corporation outstanding on March 1, 2007.

The Corporation believes, depending upon future price movements and other factors, that its outstanding common shares may represent an attractive investment and a desirable use of a portion of its available funds.

Clairvest Group Inc. is a Canadian merchant bank that invests its own capital, and that of third parties through Clairvest Equity Partners Limited Partnership and Clairvest Equity Partners III Limited Partnership, in businesses that have the potential to generate superior returns. In addition to providing financing, Clairvest contributes strategic expertise and execution ability to support the growth and development of its investee partners. Clairvest realizes value through investment returns and the eventual disposition of its investments.

Contact Information

  • Clairvest Group Inc.
    Cameron Williamson
    Chief Financial Officer and Corporate Secretary
    (416) 925-9270
    (416) 925-5753 (FAX)