KING CITY, ONTARIO--(Marketwired - Sept. 18, 2013) - ClubLink Enterprises Limited (TSX:CLK) ("ClubLink") today announced that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by ClubLink of its intention to make a normal course issuer bid through the facilities of the TSX or alternative Canadian trading platforms.
The notice provides that ClubLink may, during the twelve-month period commencing September 20th, 2013 and ending September 19th, 2014 purchase up to 1,305,000 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares. The price that ClubLink will pay for any such Common Shares will be the market price at the time of acquisition. Management of ClubLink will determine the actual number of Common Shares that may be purchased and the timing of any such purchases.
Under the current normal course issuer bid due to expire September 19, 2013, no Common Shares were purchased for cancellation during the last twelve months. As of September 16, 2013 there were 26,107,871 Common Shares outstanding. ClubLink average daily trading volume for the prior six months is 5,953. Daily purchases will be limited to 1,488 common shares, other than block purchase exceptions.
ClubLink believes that its Common Shares have been trading in price ranges which do not adequately reflect their value in relation to the business of ClubLink and its future business prospects. As a result, depending upon future price movements and other factors, ClubLink believes that its outstanding Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in ClubLink. All Common Shares purchased by ClubLink under the normal course issuer bid will be cancelled.
ClubLink is engaged in golf club operations under the trade name "ClubLink One Membership More Golf®". ClubLink is Canada's largest owner and operator of golf clubs with 52.5 18-hole equivalent championship and six 18-hole academy courses at 43 locations, in Ontario, Quebec and Florida.
ClubLink is also engaged in rail, tourism and port operations based in Skagway, Alaska, which operates under the trade name "White Pass & Yukon Route." The railway stretches approximately 177 kilometres (110 miles) from Skagway, Alaska, through British Columbia to Whitehorse, Yukon. In addition, ClubLink operates three docks primarily for cruise ships.