MONTREAL, QUEBEC--(Marketwired - April 10, 2014) - Transcontinental Inc. (TSX:TCL.A)(TSX:TCL.B)(TSX:TCL.PR.D) has been authorized to purchase for cancellation on the open market, between April 15, 2014 and April 14, 2015, up to 4,742,369 of its Class A Subordinate Voting Shares, representing 10% of the 47,423,698 public float Class A Subordinate Voting Shares as of April 2, 2014 (63,188,951 issued and outstantding Class A Subordinate Voting Shares as of April 2, 2014), and up to 741,640 of its Class B Shares, representing 5% of the 14,832,816 issued and outstanding Class B Shares as of April 2, 2014. The average daily trading volume on the Toronto Stock Exchange of Class A Subordinate Voting Shares for the past six months was 214,267 and the average daily trading volume on the Toronto Stock Exchange of Class B Shares for the past six months was 548. In accordance with the Toronto Stock Exchange requirements, a maximum daily purchase of the greater of 25% of these averages or 1,000 shares may be made, which represent a total of 53,566 Class A subordinate Voting Shares and a total of 1,000 Class B Shares. The purchases will be made in the normal course of business at market prices through the facilities of the Toronto Stock Exchange and/or alternative Canadian trading platforms in accordance with the requirements of the exchange and/or, subject to the approval of any securities authority by private agreements. If necessary, purchases through private agreements will be executed at a price that is less than the prevailing market price on the Toronto Stock Exchange at the time of the purchase.
The Corporation believes that the purchase of the Class A subordinate Voting Shares and Class B Shares would constitute an economically worthwhile use by the Corporation of its funds and is in the best interest of the Corporation and its shareholders. During the period from April 15, 2013 to April 10, 2014, Transcontinental Inc. did not purchase Class A Subordinate Voting Shares or Class B Shares.
In connection with the program, the Corporation established an automatic securities purchase plan to provide standard instructions regarding how the Corporation's shares are to be repurchased under the program. Accordingly, the Corporation may repurchase its shares under the automatic plan on any trading day during the program including during self-imposed trading blackout periods. The automatic plan will commence and should terminate together with the program. It constitutes an "automatic plan" for purposes of applicable Canadian securities legislation and has been reviewed by the Toronto Stock Exchange.
About TC Transcontinental
Largest printer and leading provider of media and marketing activation solutions in Canada, TC Transcontinental creates products and services that allow businesses to attract, reach and retain their target customers. The Corporation specializes in print and digital media, the production of magazines, newspapers, books and custom content, mass and personalized marketing, interactive and mobile applications, and door-to-door distribution.
Transcontinental Inc. (TSX:TCL.A)(TSX:TCL.B)(TSX:TCL.PR.D), including TC Transcontinental, TC Media and TC Transcontinental Printing, has over 9,000 employees in Canada and the United States, and revenues of C$2.1 billion in 2013. Website www.tc.tc.