Corus Entertainment Inc. today announced that the
Toronto Stock Exchange has accepted the notice filed by Corus of its
intention to make a Normal Course Issuer Bid for its Class B Non-Voting
Participating Shares through the facilities of the TSX. Corus Entertainment
will also file the necessary documents with the applicable securities
regulatory authorities to permit share purchases through the facilities of the
New York Stock Exchange.
Pursuant to the terms of its Normal Course Issuer Bid, Corus
Entertainment may, during the 12-month period commencing January 1, 2006 and
ending December 31, 2006, purchase for cancellation up to a total of
3,000,000 Class B Non-Voting Participating Shares, which represent
approximately 7.5% of the “public float” of the Class B Non-Voting
Participating Shares. The price that Corus Entertainment will pay for shares
purchased pursuant to the bid will be the market price at the time of
acquisition.
Corus believes that its Class B Non-Voting Participating Shares have been
trading in a price range which may not fully reflect the value of these
shares. As a result, the Company believes that its outstanding Class B
Non-Voting Participating Shares represent an attractive investment to Corus.
As at December 15, 2005, the date that Corus announced its intention to
make a Normal Course Issuer Bid, there were 41,084,867 Class B Non-Voting
Participating Shares outstanding, with a public float of 39,571,893 Class B
Non-Voting Participating Shares.
