Toromont Industries Ltd. last week announced that it has filed with the Toronto Stock Exchange a notice of intention to make a normal course issuer bid for certain of its common shares through the facilities of the Toronto Stock Exchange. Under this notice, Toromont is entitled to purchase up to 4,638,854, representing 10 percent of its common shares in the public float during the 12-month period commencing Aug. 31 and ending Aug. 30, 2009. Toromont currently has 46,388,538 common shares in the public float. The actual number of shares that may be purchased and the timing of any such purchases will be determined by Toromont. All shares purchased under this issuer bid will be cancelled.
Toromont believes that from time-to-time the purchase of its common shares at prevailing market prices may be a worthwhile investment and in the best interests of both Toromont and its shareholders. During the past 12 months, there were no common shares purchased for cancellation by Toromont.
Toronto-based Toromont Industries Ltd. operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes Battlefield Equipment Rentals, one of the world’s largest Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. The Compression Group is a North American leader specializing in the design, engineering, fabrication, and installation of compression systems for natural gas, coal bed methane, fuel gas and carbon dioxide in addition to process systems and industrial and recreational refrigeration systems.
Battlefield Equipment Rentals is No. 23 on the RER 100.