Toromont Industries Ltd. last week announced that it has filed with the Toronto Stock Exchange a notice of intention to make a normal course issuer bid for certain of its common shares through the facilities of the Toronto Stock Exchange. Under this notice, Toromont is entitled to purchase up to 4,689,677 shares, representing 10 percent of its common shares in the public float during the 12-month period beginning Aug. 31, and ending Aug. 30, 2010.
Toromont currently has 46,896,772 common shares in the public float. The actual number of shares that may be purchased and the timing of any such purchases will be determined by Toromont. All shares purchased under this issuer bid will be cancelled.
Toromont believes that from time to time the purchase of its common shares at prevailing market prices may be a worthwhile investment and in the best interests of both Toromont and its shareholders. During the past 12 months, 639,000 common shares were purchased for cancellation by Toromont at an average price of $21.34.
Toromont is headquartered in Toronto. Its equipment rental unit, Battlefield Equipment Rentals, based in Stoney Creek, Ontario, is No. 24 on the RER 100.