VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2008) - Finning International Inc. ("Finning") (TSX:FTT) today announced that the Toronto Stock Exchange (the "TSX") has accepted Finning's notice to renew its normal course issuer bid. Under the renewed issuer bid, Finning is entitled to purchase, if deemed appropriate, up 17,230,534 common shares during the 12 month period commencing on July 9, 2008 and ending on July 8, 2009.
Finning had 172,692,068 common shares issued and outstanding at June 30, 2008. The shares that may be repurchased under this issuer bid represent 10% of Finning's public float, which is estimated to be 172,305,345 common shares. In accordance with the TSX rules, Finning will not purchase more than more than 103,682 common shares during any trading day, subject to certain exemptions. The actual number of shares to be purchased and the timing of these purchases will be determined by Finning. All shares purchased under this issuer bid will be purchased through the facilities of the TSX at market prices and will be cancelled.
Finning intends to use this normal course issuer bid program to acquire common shares in order to mitigate the dilutive effect of stock options issued under its management stock option plan. Finning also believes that, from time to time, the market price of its shares may not reflect their underlying value. At such times, the purchase of shares for cancellation will be advantageous to shareholders by increasing the value of shares remaining.
Under the terms of its prior normal course issuer bid, Finning purchased an aggregate of 7,272,900 common shares between March 30, 2007 and March 26, 2008 at an average price of $27.50.
Finning International Inc. is the world's largest Caterpillar equipment dealers. The Company sells, rents and provides customer support services for Caterpillar equipment and engines in Western Canada, the U.K., and parts of South America. Headquartered in Vancouver, British Columbia, Canada, Finning International Inc. is a widely held, publicly traded corporation, listed on the Toronto Stock Exchange (symbol FTT). For additional information please visit www.finning.com.
This release may contain forward-looking statements and information, which reflect the current view of Finning International Inc. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and Finning's actual results of operations could differ materially from historical results or current expectations. Finning assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein do not materialize.
Refer to Finning's annual report, management information circular, annual information form and other filings with the Ontario Securities Commission and Toronto Stock Exchange for further information on risks and uncertainties that could cause actual results to differ materially from forward-looking statements contained in this report.
FOR FURTHER INFORMATION PLEASE CONTACT:
Finning International Inc.
Vice President, Investor Relations
(604) 691-6440 (FAX)