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Yellow Media gets approval to make issuer bid for stock, preferreds
By Jennifer Chiou
New York, May 11 - Yellow Media Inc. announced that it has obtained authorization from the Toronto Stock Exchange for its planned normal course issuer bid for its common shares, series 3 first preferred shares and series 5 first preferred shares.
The bid will take place from May 13 until no later than May 12, 2012.
The Montreal media and marketing company also said it intends to renew its normal course issuer bid for its series 1 and series 2 first preferred shares for the period from June 13 to no later than May 12, 2012.
Under the bids, Yellow Media said it plans to purchase for cancellation up to 51,782,537 of its common shares, 1,127,882 of its series 1 first preferreds, 684,028 of its series 2 first preferreds, 830,000 of its series 3 first preferreds and 500,000 of its series 5 first preferreds, representing 10% of the public float of each of the securities outstanding on May 5.
According to a company news release, the average daily trading volumes were 2,567,396 common shares, 20,992 series 1 first preferreds, 12,536 series 2 first preferreds, 12,274 series 3 first preferreds and 5,542 series 5 first preferreds from Nov. 1, 2010 to April 20.
Under the rules of the Toronto Stock Exchange, the maximum numbers of securities that can be purchased on a daily basis are 641,849 common shares, 5,248 series 1 preferreds, 3,134 series 2 preferreds, 3,068 series 3 preferreds and 1,385 series 5 preferreds.
Yellow Media said that it believes the trading price of these securities may from time to time not adequately reflect the business fundamentals and future prospects for its business.
Over the 12 months ended May 5, the company said it had acquired 509,460 series 1 first preferreds and 359,716 series 2 first preferreds via open-market transactions at a weighted average price of C$24.82 and C$21.31, respectively.
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