Toronto, Ontario-based Toromont Industries last week announced the regular quarterly dividend of 10 cents per share on outstanding common shares, payable Oct. 2, to shareholders of record on Sept. 15.
The company also announced that it 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 3,196,389 of its common shares during the 12-month period commencing Aug. 31, 2006 and ending Aug. 30, 2007.
Toromont currently has 63,927,799 common shares issued and outstanding. The shares that may be purchased under this issuer bid represent approximately 5 percent of Toromont's issued and outstanding common shares. 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.
Toromont Industries operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes Stoney Creek, Ontario-based Battlefield Equipment Rentals, No. 23 on the RER 100. 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.