The Forzani Group Ltd./Le Groupe Forzani Ltee
TSX : FGL

The Forzani Group Ltd./Le Groupe Forzani Ltee

March 26, 2008 05:00 ET

The Forzani Group Ltd. Renews Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - March 26, 2008) - The Forzani Group Ltd. (TSX:FGL) (the "Company") today announced that the Toronto Stock Exchange (the "TSX") has accepted its application for a normal course issuer bid (the "Bid") to purchase, from March 28, 2008 to March 27, 2009, certain of its outstanding Class "A" shares (the "Common Shares"). All purchases will be made through the facilities of the TSX.

As at March 24, 2008, there were 32,940,021 Common Shares issued and outstanding. During the current normal course issuer bid, which commenced March 27, 2007 and will expire March 26, 2008, the Company has purchased 1,832,900 Common Shares to date, at an average price of $18.44. The average daily trading volume of the Common Shares of the Company on the Toronto Stock Exchange (the "TSX") for the previous six calendar months was 204,837 per day.

The number of Common Shares which may be purchased during the period of the Bid will not exceed 2,664,376 Common Shares, which is approximately 10% of the public float of the Company.

The Bid has been put in place because the Company believes that the Common Shares are undervalued in the market and are a good investment for the Company at current and recent prices. All Common Shares purchased through the Bid will be returned to treasury for cancellation.

The Forzani Group Ltd. is Canada's largest national retailer of sporting goods, offering a comprehensive assortment of brand-name and private-brand products, operating stores from coast to coast, under the following corporate and franchise banners: Sport Chek, Coast Mountain Sports, Sport Mart, National Sports, Sports Experts, Intersport, Econosports, Atmosphere, Tech Shop, Pegasus, Nevada Bob's Golf, Hockey Experts, The Fitness Source and Athletes World. The Company also has websites for several of its corporate and franchise banners which can be accessed through its main website at www.forzanigroup.com.

Contact Information

  • The Forzani Group Ltd.
    Richard Burnet, C.A.
    Chief Financial Officer
    (403) 717-1442
    Website: www.forzanigroup.com