Quebecor Announces Normal Course Issuer Bid To Boost Stock Price
Press release from the issuing company
Montreal, Quebec 4/3/01Quebecor World Inc. announced today that, subject to regulatory approval, its Board of Directors had authorized a normal course issuer bid for a maximum of 8,800,000 Subordinate Voting Shares, which constituted 88,047,111 Subordinate Voting Shares representing approximately 9.99% of the public float for the Subordinate Voting Shares, as of March 26, 2001.
Purchase will be made during the period from April 6 2001 to April 5 2002, such purchases to be made on the open market through the facilities of The Toronto Stock Exchange and the New York Stock Exchange. Shares purchased under the bid will be cancelled. The Corporation may enter into equity derivatives including forward contracts with respect to its shares under the bid. As at March 26, 2001, there were 88,230,831 Subordinate Voting Shares and 54,885,496 Multiple Voting Shares of the Corporation issued and outstanding. As of today, the Corporation has purchased a total of 4,940,000 Subordinate Voting Shares at an average cost per share of $35.26 under its Normal Course Issuer Bid that was instituted as of April 6, 2000 and will expire on April 5, 2001. It was funded through the sale of non-core businesses and other assets.
Quebecor World believes that its shares have been trading at a price range that does not adequately reflect their value in relation to the Corporation’s assets, business and future business prospects. As a result, depending on the future trading prices and other factors, Quebecor World believes that the purchase of up to 8,800,000 of its outstanding Subordinate Voting Shares in connection with the Normal Course Issuer Bid will represent an appropriate use of the Corporation’s corporate funds.
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