Goodfellow Inc.

Goodfellow Inc.

March 20, 2008 15:27 ET

Goodfellow Inc. Announces the Reinstatement of its Program to Acquire Common Shares

DELSON, QUEBEC--(Marketwire - March 20, 2008) - Goodfellow Inc. ("Goodfellow") (TSX:GDL) announces that it has received the required regulatory approvals to reinstate its program to acquire Common Shares listed on the Toronto Stock Exchange (the "TSX") for the period between March 26, 2008 and March 25, 2009 at the latest. Goodfellow's program had previously expired in 2003. Pursuant to its reinstated program, Goodfellow intends to acquire, through the facilities of the TSX and in accordance with the requirements of the TSX, up to 331,993 Common Shares, representing 10% of such shares held by non-insiders of Goodfellow as of March 15, 2008.

The average daily trading volume of Goodfellow's Common Shares over the last six complete calendar months was 1,255 shares (the "ADTV"). Accordingly, under TSX rules and policies, Goodfellow is entitled on any trading day to purchase up to 1,000 Common Shares. Once a week, Goodfellow may also purchase, in excess of the daily 1,000 Common Shares repurchase limit, a block of Common Shares not owned by an insider (i) having a purchase price of $200,000 or more, (ii) of at least 5,000 Common Shares having a purchase price of at least $50,000, or (iii) of at least 20 board lots of Common Shares which total 150% or more of the ADTV in accordance with TSX rules. Goodfellow has retained ScotiaMcLeod Inc. as the broker to manage the program.

As of March 15, 2008, there were 8,585,554 Common Shares issued and outstanding. Common Shares may be acquired at the market price at the time of the acquisition. The Common Shares acquired through the program will be cancelled. Goodfellow Inc. considers that the acquisition of such Common Shares that it may effect from time to time in the course of the program is a sound use of its funds.

Goodfellow is Eastern Canada's largest independent re-manufacturer and distributor of lumber products and the largest distributor of hardwood flooring products in Canada.

Contact Information

  • Goodfellow Inc.
    Mr. Richard Goodfellow