Normal Course Issuer Bid
Posted: Jul 16,2009
Guelph, Ontario, – Hammond Power Solutions Inc.’s (“HPS”) (TSX: HPS.A) Board of Directors has authorized the repurchase of up to 400,000 of its Class A Subordinate Voting Shares (“Class A Shares”), representing 4.47% of the 8,948,000 Class A Shares outstanding as of July 14, 2009, by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange (the “TSX”). Daily purchases will be limited to 2,582 Class A Shares, other than block purchase exceptions, which is 25% of the average daily trading volume of 10,327 Class A Shares of HPS on the TSX in the preceding six calendar months.
The purchases may commence on July 21, 2009, and will terminate no later than July 20, 2010. Purchases will be made in open market transactions on the TSX.
Decisions regarding the timing of future repurchases will be based on market conditions, share price and other factors. HPS may elect to suspend or discontinue the bid at any time. Class A Shares repurchased under the bid will be cancelled.
The board of directors of HPS has authorized the NCIB as it believes that current market conditions provide opportunities for HPS to acquire Class A Shares at attractive prices and are an appropriate use of the HPS’s funds and will enhance shareholder value.