Toronto, Ontario-based Toromont Industries last week announced that it has filed a notice of intention with the Toronto Stock Exchange 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 3.2 million of its common shares during the 12-month period commencing Aug. 31, and ending August 30, 2008.
Toromont currently has 64.7 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. All shares purchased under this issuer bid will be cancelled.
In other company news, Toromont announced the regular quarterly dividend of CA $0.12 (about U.S. $0.11) per share on outstanding common shares, payable Oct. 1 to shareholders of record on Sept. 14.
Toromont Industries Ltd. operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes one of the world's largest Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations, Battlefield Equipment Rentals, which is No. 22 on the RER 100.
