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Brick launches buy-back plan PDF Print E-mail
Written by Michael J. Knell   

EDMONTON (05 September 2011) - The Brick has announced it has received approval from the Toronto Stock Exchange (TSX) to launch a ‘normal course issue bid' (NCIB) to buy back up to 5% of its outstanding shares and warrants.

The NCIB period began on August 30 and will run until August 29, 2012.

Under the scheme, the Brick will be allowed to purchase up to 6.1 million of its existing Class ‘A' common shares - about 5% of the 122.1 million outstanding. It will also be able to purchase up to 558,423 out its outstanding warrants, once again, about 5% of the 11.2 million warrants outstanding.

Under the terms of the refinancing deal the Brick entered into in 2009, warrants were issued to the company's debt holders and can be converted to ordinary Class ‘A' on a one-for-one basis until May 27, 2014 at an exercise price of $1.

All of the NCIB purchases will be made through the TSX at the prevailing trading price.

In late May, the Brick announced it has repurchased for cancellation some 2.7 million share as well as 5.9 million warrants under the NCIB that began in August 2010. Repurchasing that 5% of shares and warrants cost approximately $16 million, at an average price of $2.62 for the shares and $1.47 for the warrants.

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