Toronto, Ontario – March 14, 2011: Aecon Group Inc. (TSX: ARE) announced today that it is commencing a normal course issuer bid that will enable it to purchase up to 5,527,277 common shares of Aecon over a 12 month period, representing up to 10% of Aecon’s “public float” as of March 14, 2011, determined in accordance with the rules of the Toronto Stock Exchange (the “TSX”). As of March 14, 2011, the public float and the issued and outstanding shares were 55,272,768 and 57,047,049 shares, respectively.
Aecon believes that its common shares are undervalued in relation to its current and future business prospects and that the acquisition of shares pursuant to the issuer bid represents an appropriate use of available funds which will enhance shareholder value and reduce the overall cost of capital.
The normal course issuer bid will commence March 16, 2011 and terminate on March 15, 2012, unless earlier terminated by the Company. Common shares purchased under the normal course issuer bid will be cancelled. The price that Aecon will pay for any such common shares will be the market price at the time of acquisition. Management of Aecon will determine the actual number of common shares that may be purchased and the timing of any such purchases, subject to compliance with TSX rules. Daily purchases will be limited to 106,302 common shares, other than block purchase exceptions. The bid has been approved by the TSX, and will be effected through the facilities of the TSX.
The common shares of Aecon trade on the TSX under the symbol “ARE”.
Aecon Group Inc. is Canada's largest, publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and on a selected basis internationally. Aecon is pleased to be recognized as one of the Best Employers in Canada as published by Maclean's Magazine.