AQM Announces Normal Course Issuer Bid To Commence August 31, 1998
21 August 1998
AQM Announces Normal Course Issuer Bid To Commence August 31, 1998
WOODBRIDGE, Ontario--Aug. 21, 1998--AQM Automotive Corporation announced today that the Toronto Stock Exchange has accepted the Company's notice to make a normal course issuer bid to purchase, from time to time as it considers advisable, up to 500,000, or 4.4 percent, of its issued and outstanding Common Shares. These purchases will be made on the open market, through the facilities of the Toronto Stock Exchange. The price which AQM will pay for any shares purchased by it will be the prevailing market price of such shares on the Toronto Stock Exchange at the time of such purchase. Subsequent to any purchases, the shares will be cancelled.
There are currently 11,338,868 Common Shares of the Corporation outstanding. 390,000 Common were purchased by the Corporation over the prior year under a Normal Course Issuer Bid at an average price of $0.297 per Common Share.
The Bid will commence on August 31st, 1998 and will terminate on August 30, 1999 or such earlier time as the Bid is completed or terminated at the option of AQM.
The company believes that the current and recent market prices of its common shares may not reflect their underlying value and that, at such times, the purchase of common shares will increase the proportionate interest of, and be advantageous to, all remaining shareholders. Any normal course purchases made by AQM will also afford an increased degree of liquidity to those shareholders of AQM who wish to dispose of their common shares.
AQM Automotive Corporation, through its wholly owned subsidiaries, manufactures, packages and distributes automotive fuel filters, breather elements and automatic transmission filter kits exclusively to the automotive aftermarket. Its clients include some of the largest automotive parts suppliers, distributors and retailers in Canada, the USA and Latin America.
Please visit us at our web site: www.aqmcorp.com