MBN ANNOUNCES NORMAL COURSE ISSUER BID
10 Mai 2011 - 3:35PM
PR Newswire (Canada)
TORONTO, May 10 /CNW/ -- TORONTO, May 10 /CNW/ - MIDDLEFIELD
BANCORP LIMITED ("MBN") announced today its intention to make a
normal course issuer bid for its common shares through the
facilities of the Toronto Stock Exchange (the "TSX"). This
normal course issuer bid is intended to commence on May 12, 2011
and will terminate on May 11, 2012. The price that MBN will
pay for any securities purchased will be the prevailing market
price of such securities on the TSX at the time of such purchase.
At May 3, 2011 there were 8,847,648 common shares issued and
outstanding. MBN may, during the 12 month period commencing
May 12, 2011, purchase on the TSX up to 442,382 common shares,
being 5% of the common shares outstanding. MBN may not
however purchase more than 1,000 common shares on any given day,
other than block purchases in accordance with the rules of the
TSX. MBN will cancel all common shares purchased pursuant to
the bid. MBN has purchased and subsequently cancelled 55,300
common shares since May 12, 2010 at an average price of $1.16 per
common share under its previously approved normal course issuer
bid. MBN believes that the current and recent market price of its
common shares does not reflect its underlying value. As a
result, depending on future movements and other factors, MBN
believes that its common shares may represent an attractive
investment for MBN and a desirable use of its available
funds. Any normal course purchases made by MBN will also
afford an increased degree of liquidity to those shareholders of
MBN who wish to dispose of their common shares. MBN is a Canadian
merchant bank managed by Middlefield Group. The Company's
principal objective is to create long term shareholder value
through a twofold strategy of strategic investing in businesses
with strong management and exceptional prospects for longer term
earnings growth and special situation investing where there is
excellent potential for significant capital appreciation. Our
aim is to produce a steady stream of growing earnings from
strategic investments supplemented by earnings from special
situation activities. MBN trades on the Toronto Stock Exchange
under the symbol "MBN". To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/May2011/10/c3031.html p
visit our website at a font-weight="bold"
href="http://www.middlefield.com/"www.middlefield.com/ab /bor
contact: /p p align="justify" W. Garth Jestleybr/ President and
Chief Executive Officerbr/ (416) 847-5346 /p
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