ROCKY MOUNTAIN DEALERSHIPS INC. ANNOUNCES SHARE REPURCHASE PROGRAM
CALGARY, Sept. 29 /CNW/ - TSX Symbol: RME
Rocky Mountain Dealerships Inc. ("Rocky Mountain" or the "Company") announced today that it has received final acceptance from the Toronto Stock Exchange to implement a normal course issuer bid ("NCIB") to purchase existing common shares.
Under the NCIB program Rocky Mountain will have the ability to repurchase up to a maximum of 1,152,952 common shares during the next 12 months which represents ten percent of its 11,529,521 outstanding public float of common shares as of September 29, 2010. The Company currently has 18,332,849 issued and outstanding common shares. Subject to the specified exceptions, the maximum daily purchases under the NCIB shall not exceed 9318 common shares of the Company. The NCIB will begin on October 1, 2010 and will end when the Company has purchased the maximum allowable number of shares, unless it provides earlier notice of termination. If not previously terminated, the NCIB will end on September 30, 2011. All purchases pursuant to the NCIB will be made through the facilities of the Toronto Stock Exchange and all shares purchased under the NCIB will be cancelled.
The Company is of the view that having the capability to repurchase common shares increases the investment alternatives that can be undertaken for the benefit of all shareholders.
For further information:
Rocky Mountain Dealerships Inc.
M.C. (Matt) Campbell, Chairman and Chief Executive Officer;
Brian Taschuk, Chief Operating Officer; or
Garrett Ganden, Chief Financial Officer
828 - 46th Avenue S.E.
Calgary, Alberta T2G 2A6
Telephone: (403) 243-8600, Fax (403) 243-2264
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