Stock Symbol: (TSX: CLK)
KING CITY, ON, Sept. 18, 2012 /CNW/ - ClubLink Enterprises Limited
("ClubLink") today announced that the Toronto Stock Exchange (the
"TSX") has accepted a notice filed by ClubLink of its intention to make
a normal course issuer bid through the facilities of the TSX or
alternative Canadian trading platforms.
The notice provides that ClubLink may, during the twelve-month period
commencing September 20th, 2012 and ending September 19th, 2013 purchase up to 1,317,000 common shares ("Common Shares") in
total, being approximately 5% of the issued and outstanding Common
Shares. The price that ClubLink will pay for any such Common Shares
will be the market price at the time of acquisition. Management of
ClubLink will determine the actual number of Common Shares that may be
purchased and the timing of any such purchases.
ClubLink purchased 1,355,800 Common Shares for cancellation during the
last twelve months with a weighted average price per share of $6.97
including commissions. As of September 18, 2012 there were 26,360,406
Common Shares outstanding. ClubLink average daily trading volume for
the prior six months is 2,996. Daily purchases will be limited to
1,000 common shares, other than block purchase exceptions.
ClubLink believes that its Common Shares have been trading in price
ranges which do not adequately reflect their value in relation to the
business of ClubLink and its future business prospects. As a result,
depending upon future price movements and other factors, ClubLink
believes that its outstanding Common Shares may represent an attractive
investment. Furthermore, the purchases are expected to benefit all
persons who continue to hold Common Shares by increasing their
proportionate interest in ClubLink. All Common Shares purchased by
ClubLink under the normal course issuer bid will be cancelled.
ClubLink is engaged in golf club operations under the trade name
"ClubLink One Membership More Golf®". ClubLink is Canada's largest
owner and operator of golf clubs with 53.5 18-hole equivalent
championship and six 18-hole academy courses at 44 locations, primarily
in Ontario, Quebec and Florida.
ClubLink is also engaged in rail, tourism and port operations based in
Skagway, Alaska, which operates under the trade name "White Pass &
Yukon Route." The railway stretches approximately 177 kilometres (110
miles) from Skagway, Alaska, through British Columbia to Whitehorse,
Yukon. In addition, ClubLink operates three docks primarily for cruise
ships.
SOURCE: ClubLink Enterprises Limited