Guardian Capital Group Limited

Guardian Capital Group Limited

November 12, 2009 09:27 ET

Guardian Capital Group Limited Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2009) - Guardian Capital Group Limited ("Guardian") (TSX:GCG)(TSX:GCG.A) announced today that it intends to purchase by means of a Normal Course Issuer Bid, during the period from November 16, 2009 to November 15, 2010, up to 111,900 or 2% of its outstanding Common Shares, entitled to one vote per share, and up to 2,465,953 or 10% of its Public Float of non-voting Class A Shares. These shares will be purchased at market prices, on the Toronto Stock Exchange. There were 5,594,998 Common Shares and 30,376,319 Class A Shares outstanding at November 6, 2009. Guardian intends to purchase the shares for cancellation because it believes that, from time to time, the shares are undervalued at prevailing market prices, based on Guardian's earnings and prospects and accordingly, the directors are of the opinion that the purchase of shares is an appropriate use of corporate funds to increase shareholder value.

In the last 12 months under its previous Normal Course Issuer Bid, in effect during the period from November 14, 2008 to November 13, 2009, Guardian purchased for cancellation no Common Shares and 2,483,307 Class A Shares, at an average price of $4.47 per Class A Share. All of these shares were purchased prior to October 31, 2009.

The average daily trading volume for Guardian's shares on the Toronto Stock Exchange during the period of May 1, 2009 to October 31, 2009, excluding purchases made by Guardian under its previous Normal Course Issuer Bid during the same period, was as follows: Common Shares – 231 shares; and Class A Shares – 28,181 shares. Except as otherwise permitted by the Toronto Stock Exchange, the maximum aggregate daily purchase under the bid will be 1,000 Common Shares and 7,045 Class A Shares.

Guardian has filed a Notice of Intention in this regard, with the Toronto Stock Exchange, which Notice has been accepted by the Exchange.

Contact Information

  • Guardian Capital Group Limited
    C. Verner Christensen
    (416) 947-4093
    Guardian Capital Group Limited
    Sam Greiss
    (416) 947-3743