Global Alumina Announces Normal Course Issuer Bid
22 11월 2008 - 4:32AM
PR Newswire (US)
TORONTO, Nov. 21 /PRNewswire/ -- Global Alumina Corporation (TSX:
GLA.U) (the "Company" or "Global Alumina"), a corporation
participating in a joint venture to develop an alumina refinery,
mine and associated infrastructure in the bauxite-rich region of
the Republic of Guinea, announced today that it has received
approval from the Toronto Stock Exchange ("TSX") of the notice of
its intention to conduct a normal course issuer bid to repurchase
up to 10,000,000 of its common shares through the facilities of the
TSX. Global Alumina currently has 206,543,394 common shares
outstanding. Subject to the Company's ability to make "block"
purchases through the facilities of the TSX, the maximum number of
shares that the Company may purchase on any trading day is up to
56,818 shares during any trading day on or before March 31, 2009
and up to 28,409 shares during any trading day thereafter. The
normal course issuer bid will commence on November 25, 2008 and
will terminate on November 24, 2009. The price paid for any common
shares acquired by Global Alumina will be the market price of the
shares at the time of acquisition. All shares acquired by Global
Alumina under the bid will be cancelled. Purchases pursuant to the
bid will be conducted by GMP Securities L.P. ("GMP Securities") in
accordance with the policies of the TSX. Global Alumina has entered
into a pre-defined plan with GMP Securities to allow for the
repurchase of shares at times when Global Alumina ordinarily would
not be active in the market due to its own internal trading
blackout periods, insider trading rules or otherwise. The plan
entered into with GMP Securities complies with and has been adopted
in accordance with the requirements of applicable Canadian
securities laws. Global Alumina is engaging in a normal course
issuer bid because it believes that, from time to time, the market
price of its common shares may not fully reflect the underlying
value of its business and its future business prospects. As a
result, depending upon future price movements and other factors,
Global Alumina believes that its outstanding common shares may
represent an attractive investment. About Global Alumina Global
Alumina and its joint venture partners are developing a 3.6 million
metric tons per annum nominal capacity alumina refinery located in
the bauxite-rich region of the Republic of Guinea (the "Project").
The joint venture partners in the Project are Global Alumina
International, Ltd., a wholly owned subsidiary of the Company, BHP
Billiton, Dubai Aluminium Company Limited and Mubadala Development
Company PJSC. The Project is one of the most advanced new projects
in Guinea with the refinery already in feasibility stage and
critical path infrastructure and site work already underway. Global
Alumina is positioned to be one of the only companies focused
solely on alumina production and sales. The Company offers a first
mover advantage over other projects in the region and an
opportunity for socially responsible investing in a country that
holds over one-third of the world's bauxite resources. Global
Alumina is headquartered in Saint John, New Brunswick with
operations in Boke, Guinea and has administrative offices in New
York, London, Montreal and Conakry, Guinea. For further information
visit the company's website at http://www.globalalumina.com/.
Forward Looking Information Certain information in this release is
"forward looking information", which reflects management's
expectations regarding the Company's future actions, growth,
results of operations, performance and business prospects and
opportunities. In this release, the words "may", "would", "will",
"intend", "plan", "believe", "seek" and "expect" and similar
expressions, as they relate to the Company and the Project, are
often, but not always, used to identify forward looking
information. Such forward looking information reflects management's
current beliefs and is based on information currently available to
management. Forward looking information involves significant risks
and uncertainties, should not be read as a guarantee of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at, or by which, such
performance or results will be achieved. In particular, this
release contains forward looking information pertaining to the
intention of the Company to conduct a normal course issuer bid and
the possibility that certain officers may sell common shares of the
Company during the course of the bid. A number of factors could
cause actual results to differ materially from the results
discussed in the forward looking information. The forward looking
information contained in this discussion is based on the following
principal assumptions: that the joint venture partners will agree
on a final schedule for development of the Project and will make a
decision to proceed with the Project upon approval of the
development plan; that issues relating to the Mining Concession
will be resolved to the satisfaction of the joint venture partners
and Project lenders; that general economic conditions will not
become adverse to the completion of financing for the Project and
will have no material adverse impact on the Project; that the
development plan for the Project is conducted according to
schedule; that general economic factors and trends relating to
construction costs remain constant or improve; and that the future
political and economic climate in Guinea has no material adverse
effect on the Project. Although the forward looking information
contained in this discussion is based upon what management of the
Company believes are reasonable assumptions, Global Alumina cannot
assure investors that actual results will be consistent with this
forward looking information. If the assumptions underlying forward
looking information prove incorrect or if other risks or
uncertainties materialize, actual results may vary materially from
those anticipated in this release. This forward looking information
is made as of the date of this release, and the Company assumes no
obligation to update or revise it to reflect new events or
circumstances, except as required by applicable law. DATASOURCE:
Global Alumina Corporation CONTACT: Michael Cella of Global
Alumina, +1-212-351-0010, ; or Barbara Cano of Breakstone Group,
+1-646-452-2334, Web Site: http://www.globalalumina.com/
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