ClubLink Corporation

ClubLink Corporation

March 05, 2009 14:05 ET

ClubLink Renews Normal Course Issuer Bid for Common Shares

KING CITY, ONTARIO--(Marketwire - March 5, 2009) - ClubLink Corporation ("ClubLink") (TSX:LNK) announced today acceptance by the Toronto Stock Exchange (the "TSX") of ClubLink's Notice of Intention to Make a Normal Course Issuer Bid (the "NCIB"). Pursuant to the NCIB, ClubLink proposes to purchase, from time to time, if it is considered advisable, up to 834,700 Common Shares of ClubLink, being approximately 5% of its 16,695,007 issued and outstanding Common Shares as of the date hereof, through the facilities of the TSX. Any such purchases would be made during the period from March 7, 2009 to March 6, 2010. The Board of Directors of ClubLink believes that such purchases are in the best interests of ClubLink and are a desirable use of corporate funds. All Common Shares purchased pursuant to the NCIB will be made by ClubLink at the prevailing market price at the time of acquisition in accordance with the requirements of the TSX. All Common Shares purchased by ClubLink pursuant to the NCIB will be cancelled. Except as permitted under the TSX rules, ClubLink will not purchase on any given day under the NCIB more than the greater of 25% of the average daily trading volume of its Common Shares for the six months prior to the date of this notice through the TSX and 1,000 shares. The average daily trading volume for this period though the TSX was 1,364 and, in accordance with the requirements, a maximum daily repurchase of 1,000 shares may be made.

On February 29, 2008, ClubLink announced it was making a Normal Course Issuer Bid, which commenced March 4, 2008, to purchase up to 850,700 of its outstanding Common Shares through the facilities of the TSX. Under the bid, which expired on March 3, 2009, an aggregate of 320,700 Common Shares were repurchased and cancelled at an average price of $7.85 per Common Share, excluding commissions.

ClubLink is Canada's largest owner and operator of member golf clubs.

Contact Information

  • ClubLink Corporation
    Mr. Robert Visentin
    Chief Financial Officer
    (905) 841-5360