Quebecor World Repurchases 10,000,000 Shares at CDN$24.00
Press release from the issuing company
MONTREAL--June 3, 2003-- Quebecor World Inc. announced today that it has taken up and will repurchase for cancellation a total of 10,000,000 Subordinate Voting Shares pursuant to its Substantial Issuer Bid dated April 24, 2003, as amended on May 23, 2003, at a purchase price of CDN$24.00. The Substantial Issuer Bid expired at midnight (Montreal time) on the evening of June 2, 2003 and was oversubscribed by 23,084,971 number of shares.
Computershare Trust Company of Canada, depositary under the offer, reported that 9,101,166 Subordinate Voting Shares were validly deposited by way of Letter of Transmittal and 23,983,805 Subordinate Voting Shares using the guaranteed delivery procedure. As the number of shares deposited at the purchase price as at the expiration date of the offer, namely 10,248,044, exceeded 10,000,000, Quebecor World has determined that a pro ration factor of 1.0263 would apply to shares deposited at the purchase price and that all shareholders who deposited their Subordinate Voting Shares at the purchase price of CDN$24.00 will have 97.44% of the number of shares deposited by them bought back at the purchase price, except for odd lot deposits, which are not subject to pro ration and for adjustments to avoid the purchase of fractional shares. Payment for shares properly deposited and accepted will be made by June 6, 2003. Return of shares not purchased because of pro ration or because they were deposited at a price above CDN$24.00 or because they were determined to be invalidly deposited, will be made as promptly as possible.
Excluding the 10,248,044 shares deposited at the purchase price of CDN$24.00, the remaining shares were deposited at an average weighted price of CDN$25.92.
The shares repurchased represent approximately 10.6% of Quebecor World's outstanding Subordinate Voting Shares. After giving effect to the repurchase and cancellation of such shares, Quebecor World will have 84,674,250 Subordinate Voting Shares outstanding.
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