TWC Enterprises Limited

September 16, 2015 10:19 ET

TWC Enterprises Limited Announces Renewal of Normal Course Issuer Bid

KING CITY, ONTARIO--(Marketwired - Sept. 16, 2015) - TWC Enterprises Limited ("TWC") (TSX:TWC) today announced that the Toronto Stock Exchange (the "TSX") has accepted a notice filed by TWC of its intention to make a normal course issuer bid through the facilities of the TSX or alternative Canadian trading platforms.

The notice provides that TWC may, during the twelve-month period commencing September 20th, 2015 and ending September 19th, 2016 purchase up to 1,337,900 common shares ("Common Shares") in total, being approximately 5% of the issued and outstanding Common Shares. The price that TWC will pay for any such Common Shares will be the market price at the time of acquisition. Management of TWC will determine the actual number of Common Shares that may be purchased and the timing of any such purchases.

Under the current normal course issuer bid due to expire September 19, 2015, no Common Shares were purchased for cancellation during the last twelve months. As of September 10, 2015 there were 26,759,182 Common Shares outstanding. TWC average daily trading volume for the prior six months is 2,592. Daily purchases will be limited to 1,000 common shares, other than block purchase exceptions.

TWC believes that its Common Shares have been trading in price ranges which do not adequately reflect their value in relation to the business of TWC and its future business prospects. As a result, depending upon future price movements and other factors, TWC believes that its outstanding Common Shares may represent an attractive investment. Furthermore, the purchases are expected to benefit all persons who continue to hold Common Shares by increasing their proportionate interest in TWC. All Common Shares purchased by TWC under the normal course issuer bid will be cancelled.

Corporate Profile

TWC is engaged in golf club operations under the trade mark, "ClubLink One Membership More Golf." TWC is Canada's largest owner and operator of golf clubs with 54.5 18-hole equivalent championship and six 18-hole equivalent academy courses at 44 locations in Ontario, Quebec and Florida.

TWC is also engaged in rail, tourism and port operations based in Skagway, Alaska, which operate under the trade name "White Pass & Yukon Route." The railway stretches approximately 177 kilometres (110 miles) from Skagway, Alaska, to Whitehorse, Yukon. Presently, approximately 110 kilometres (67.5 miles) of the railway is in active service from Skagway, Alaska, to Carcross, Yukon. In addition, White Pass operates three docks, primarily for cruise ships.

Contact Information

  • TWC Enterprises Limited
    Andrew Tamlin
    Chief Financial Officer
    905-841-1134 (FAX)