TORONTO, ONTARIO -- (Marketwire) -- 02/24/11 -- Thirdcoast Limited ('Thirdcoast') is pleased to announce that it will be proceeding with a normal course issuer bid (the 'Bid').
Thirdcoast may, during the 12 month period commencing March 1, 2011 and ending March 1, 2012, purchase on the over-the-counter market up to 15,940 common shares, being less than five percent (5%) of the total number of common shares outstanding. As at February 24, 2011, 318,831 common shares were issued and outstanding. The price which Thirdcoast will pay for any such shares will be the market price at the time of acquisition. The actual number of common shares which may be purchased pursuant to the Bid and the timing of any such purchases will be determined by management of Thirdcoast. All common shares purchased pursuant to the Bid will be cancelled.
Thirdcoast believes that its common shares have been trading in a price range which does not adequately reflect the value of such shares in relation to the business of Thirdcoast and its future business prospects. As a result, depending upon future price movements and other factors, Thirdcoast believes that its outstanding common shares may represent an attractive investment to Thirdcoast. Furthermore, the purchases are expected to benefit all persons who continue to hold common shares by increasing their equity interest in Thirdcoast.
About Thirdcoast Limited
Thirdcoast Limited, a reporting issuer in Ontario, is a company engaged in the storage, conditioning, processing and handling of grain through its facilities at Goderich, Port Colborne, and G.S. Dunn in Hamilton.