Ivaco to Buy Back up to 1,208,437 of its Class A Shares

26 November 1999

Ivaco to Buy Back up to 1,208,437 of its Class A Shares

    MONTREAL--Nov. 25, 1999--Ivaco Inc. (TSE:IVA.) (ME:IVA.) announced today that The Toronto Stock Exchange has accepted a notice filed by Ivaco of its Intention to Make a Normal Course Issuer Bid for 1,208,437 of its Class A Subordinate Voting Shares.
    The Notice provided that Ivaco may, during the 12-month period commencing Nov. 29, 1999, and ending Nov. 28, 2000, purchase on The Toronto Stock Exchange up to 1,208,437 Class A Subordinate Voting Shares in total, being approximately 5% of the outstanding Class A Subordinate Voting Shares.
    The price which Ivaco will pay for such shares will be the market price at the time of acquisition. The actual number of Class A Subordinate Voting Shares which may be purchased and the timing of any such purchases will be determined by Ivaco. There are approximately 24,168,745 Class A Subordinate Voting Shares of Ivaco outstanding.
    All repurchased shares will be cancelled.
    Paul Ivanier, president and chief executive officer, said, "Ivaco believes that its Class A Subordinate Voting Shares have been trading in a price range which is substantially below their book value and does not adequately reflect their value in relation to Ivaco's business and its future business prospects."
    As a result, depending upon future price movements and other factors, Ivaco believes that its outstanding Class A Subordinate Voting Shares represent an attractive investment and a desirable use of a portion of its available funds.
    Ivaco is a Canadian corporation and is a leading North American producer of steel, fabricated steel products and precision machined components. Ivaco has operations in Canada and the United States. Shares of Ivaco are traded on The Toronto Stock Exchange and The Montreal Exchange (IVA).