Acklands Limited files Notice of Intention.TORONTO--(BUSINESS WIRE)--July 12, 1995--ACKLANDS LIMITED (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ACK (ACKnowledgment code) The communications code sent from a receiving station to a transmitting station to indicate that it is ready to accept data. It is also used to acknowledge the error-free receipt of transmitted data. Contrast with NAK. 1. ) Acklands Limited announced today that it has filed a Notice of Intention to make a normal course issuer bid with the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (the "Exchange") and that the Exchange has accepted the Notice of Intention. Under the bid, the Company will have the right to purchase, beginning on July 14, 1995, up to a maximum of 1,300,000 of its issued and outstanding common shares (representing approximately 10 percent of its public float being 13,788,121 of the 17,355,883 common shares issued and outstanding as of June 27, 1995) of the Company over the following twelve months through the facilities of the Exchange. The normal course issuer bid will remain in effect until the earlier of July 13, 1996, or until the Company has purchased the maximum number of shares permitted under the bid. Management and the directors of the Company believe that its common shares are presently undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. and may become available during the proposed purchase period at prices which would make them an attractive use of Company funds. The acceptance for the filing of the Notice of Intention to make a normal course issuer bid is subject to compliance with the regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. of the Toronto Stock Exchange. CONTACT: K. (Rai) Sahi Chairman and C.E.O Phone: (416) 631-5200 |
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