UNITY — North West Terminal Ltd.’s board of directors has announced plans to proceed with an issuer bid for its shares.
They plan to buy back approximately $800,000 in Class A and Class B shares from shareholders, pursuant to an issuer bid. The announcement came Friday in a news release.
The Unity-based company plans to pursue the necessary approvals including from senior lenders before providing shareholders the details of the buyback, including the offer price. Any buyback offer would be made to all shareholders and participation would be voluntary.
In a statement, NWT president John Leier said the board of directors “feels it’s important to offer shareholders a mechanism for redeeming their shares in NWT.”
He adds, “from time to time, we have shareholders that are exiting farming. We would like to be in a position to offer a liquidity option to those shareholders.”
According to the release the original shares had been issued at a price of $3.33 per share in 1995, and additional shares were issued in 2000 at $3.67 and 2007 at $5.63 per share.
The expectation from the company is that management will proceed with the share buyback this coming spring.
