MANKATO, MINNESOTA and WINNIPEG, MANITOBA--(Marketwire - Dec. 13, 2012) - Ridley Inc. (TSX:RCL) announced today that the Toronto Stock Exchange (the "TSX") has accepted notice of the Company's intention to make a normal course issuer bid through the facilities of the TSX. The bid will permit the Company to purchase for cancellation up to 639,499 common shares of the Company, representing approximately 5% of the Company's issued and outstanding common shares (being 12,789,978 shares as at December 11, 2012). Daily purchases will be limited to 1,000 common shares, other than block purchases.
Purchases pursuant to the normal course issuer bid may commence on December 15, 2012 and will terminate on December 14, 2013 or on such earlier date as the Company may complete its purchases or otherwise terminate the bid. The Company will pay market price at the time of acquisition for any shares purchased under the normal course issuer bid. To the knowledge of the Company, no director, senior officer or other insider of the Company currently intends to sell any common shares under the bid. Pursuant to the Company's normal course issuer bid which commenced on December 15, 2011, the Company did not purchase shares in the previous twelve month period. The average daily trading volume for the prior six months was 601.
The Company believes that the purchase of the common shares by the Company will enhance the liquidity of the common shares. In addition, the Company believes that the current market conditions provide opportunities for the Company to acquire common shares at attractive prices and that the purchases are an appropriate use of funds.
Ridley Inc. (www.ridleyinc.com), headquartered in Mankato, Minnesota and Winnipeg, Manitoba, is one of North America's leading commercial animal nutrition companies.
Certain statements in this press release may constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligations to update or revise them to reflect new events or circumstances.