Spar Aerospace Limited today announced that it
had received regulatory approval from The Toronto Stock Exchange to commence
of a normal course issuer bid through the facilities of The Toronto Stock
Exchange. Spar may purchase up to 752,000 of its common shares by way of the
normal course issuer bid. The 752,000 common shares represent approximately
10% of the public float of 7,524,726. Spar has a total of 14,328,796 common
shares issued and outstanding.
Spar believes that its common shares are undervalued at current market
prices based on Spar’s current earnings and future prospects and that it is an
appropriate use of corporate funds and beneficial to shareholders to
repurchase common shares from time to time if Spar considers the common shares
to be undervalued based on then current market prices.
The issuer bid will commence on January 4, 2001 and will terminate on
January 3, 2002 or on such earlier date as Spar may complete its purchases
pursuant to the issuer bid or provides notice of termination. Any such
purchases will be made at the prevailing market price at the time of such
purchases in accordance with the requirements of TSE. Any shares so purchased
by Spar will be cancelled.
During the 12 months prior to the date of this press release, Spar
purchased 810,000 common shares through the facilities of the TSE pursuant to
a normal course issuer bid commenced December 31, 1999. The average price paid
for these shares was approximately $7.30 per common share.
With approximately 900 employees, Spar is a leading aviation services
company specializing in the maintenance, repair and overhaul of military and
commercial aircraft. Spar services customers from Canada, the United States,
Europe, South America, Asia, Africa, Australia and the Middle East. Spar is
listed on The Toronto Stock Exchange. Stock symbol: SPZ. Website address:
www.spar.ca.
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For further information:
Elspeth Gaukrodger (416) 682-7644
egaukrod@spar.ca
