LUNENBURG, NS, Nov. 19 /CNW/ - High Liner Foods Incorporated (TSX: HLF;
TSX: HLF.A) today announced that it has filed a notice with the Toronto Stock
Exchange and received approval to purchase through the facilities of the
Toronto Stock Exchange up to 673,000 of the 13,460,109 issued and outstanding
common shares, representing just under 5% of the issued and outstanding common
shares as of November 14, 2008, up to 253,000 of the 5,062,650 issued and
outstanding Non-Voting Equity Shares, representing just under 5% of the issued
and outstanding Non-Voting Equity Shares as of November 14, 2008. The price
the Company will pay for any common shares or Non-Voting Equity Shares
acquired will be the market price at the time of acquisition. Purchases under
the normal course issuer bid will be made through a wholly-owned subsidiary of
the Company. Purchases may commence on November 21, 2008 and will terminate no
later than November 20, 2009.
The average daily trading volume (the ADTV) of the common shares was 681
on the TSX over the six months ending October 31, 2008, and the ADTV of the
Non-Voting Equity Shares was 221 on the TSX since their listing in August 2008
through November 14, 2008. Under the TSX rules, the Company is entitled to
purchase up to the greater of 25% of the ADTV of the respective class of
shares or 1,000 shares on any trading day, or a larger amount of common shares
and Non-Voting Equity Shares per calendar week, subject to the maximum number
that may be acquired under the normal course issuer bid, if the transaction
meets the block purchase exception under the TSX rules. Accordingly, unless a
block purchase meeting the block purchase exception under the TSX rules is
made, the Company is entitled to purchase up to 1,000 common shares and 1,000
Non-Voting Equity Shares on any trading day.
The Board of Directors and Senior Management of High Liner are of the
opinion that from time to time the purchase of its shares at the prevailing
market price is a worthwhile use of funds and in the best interests of High
Liner and its shareholders. In the last 12 months, High Liner has not acquired
any of its common shares or Non-Voting Equity Shares.
About High Liner Foods Incorporated
High Liner Foods Incorporated is a leading North American processor and
marketer of prepared, value-added frozen seafood. High Liner's branded
products are sold throughout the United States, Canada and Mexico under the
High Liner®, Fisher Boy®, Mirabel® and Sea Cuisine® labels, and are
available in most grocery and club stores. The Company also sells its High
Liner®, FPI® and Mirabel® food service products to restaurants and
institutions, and is a major supplier of private label seafood products to
North American food retailers and food service distributors. High Liner Foods
is a publicly traded Canadian company. Its common shares trade under the
symbol HLF and its Non-Voting Equity Shares trade under the symbol HLF.A on
the Toronto Stock Exchange.
For further information about the company, please visit our Internet site
at www.highlinerfoods.com or send e-mail to investor@highlinerfoods.com.
%SEDAR: 00001789E
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