Canadian Magazine Industry News
25 September 2009,     VANCOUVER
Glacier announces plan to renew normal course issuer bid
Earlier this week Glacier Media, owner of the Business Information Group, Western Producer Publications, Farm Business Communications, The Glacier Newspaper Group and The Business In Vancouver Media Group announced it filed a notice of intention to renew its normal course issuer bid to purchase common shares. According to a company press release, the bid, which is subject to regulatory approval would allow it to buy up to 2,500,000 common shares during the next 12 months.

As of Sept. 14, there were 92,874,125 common shares issued and outstanding. The proposed purchases may begin on Monday, Sept. 28 and end no later than Sept. 27, 2010. The shares will be purchased for cancellation through the facilities of the TSX at market price. In accordance with TSX policies, daily purchases made by Glacier Media can not exceed 15,656 common shares, subject to prescribed exceptions.

“Glacier is monitoring risk levels in the context of the recession and is using free cash flow to maintain debt at manageable levels while evaluating acquisitions, share buy-backs and operating investment opportunities within the context of expected returns and related risk profiles,” said a company press release. “These investments can only be undertaken if debt and operating levels are deemed prudent within the context of the increased risks entailed in a recessionary environment.”

Glacier Media reported their second quarter revenue was down 7.8 percent from the same quarter last year in mid-August. A company press release said the decrease was due to the continuing effects of the recession on advertising revenue. 

— V.M.
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Wow, Torstar really seems to be on a mission to bankrupt one magazine after another....
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