Wilmington Capital Management Inc.
TSX : WCM

Wilmington Capital Management Inc.

August 23, 2006 16:16 ET

Wilmington Announces Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Aug. 23, 2006) - Wilmington Capital Management Inc. (TSX:WCM) announced today that it has received approval from the Toronto Stock Exchange for its proposed normal course issuer bid to purchase up to 533,000 Class A shares, representing approximately 10% of the public float of its currently outstanding Class A shares (WCM.A) and up to 49,000 Class B shares (WCM.B), representing approximately 5% of the currently outstanding Class B shares. As of this date, there are 7,100,572 Class A shares and 998,944 Class B shares outstanding.

Purchases pursuant to the bid will be made through the facilities of the Exchange. The period of the normal course issuer bid will be from August 25, 2006 to August 24, 2007, or such earlier date as Wilmington may complete its purchases. The price which the company will pay for any Class A or Class B shares purchased through the facilities of the TSX will be the market price of such shares at the time of acquisition. Any Class A and Class B shares acquired by the company will be cancelled.

Under its current normal course issuer bid that commenced on August 25, 2005 and expires on August 24, 2006, Wilmington purchased, through open market purchases on the TSX, 8,300 Class A shares and 4,200 Class B shares at an average price per share of $12.54 and $13.00, respectively.

Wilmington believes that, from time to time, the repurchase of its Class A and Class B shares can represent an attractive investment opportunity and provide additional liquidity to its shareholders.

Wilmington is a Canadian investment company whose principal objective is to acquire and hold assets which are capable of providing stable cash flows and value creation over the longer term.

Brian D. Lawson, President and Chief Executive Officer, will be available at 416-867-9370 to answer any questions on this issuer bid.

This news release contains forward-looking statements concerning the company's business and operations. The company cautions that, by their nature, forward-looking statements involve risk and uncertainty and the company's actual results could differ materially from those expressed or implied in such statements. Reference should be made to the most recent Annual Information Form for a description of the major risk factors.

Contact Information

  • Wilmington Capital Management Inc.
    Brian D. Lawson
    President and Chief Executive Officer
    (416) 867-9370