Defense News:
MONTREAL, QUEBEC--(Marketwire - 04/01/10) - (TSX:BBD.A -News)(TSX:BBD.B - News) - With the approval of the Toronto Stock Exchange, the Board of Directors of Bombardier Inc. ("Bombardier" or the "Corporation") has authorized the Corporation to purchase, in the normal course of its activities, from April 9, 2010 to April 8, 2011, up to 3,000,000 Class B shares (subordinate voting), representing approximately 0.21% of its Class B shares (subordinate voting) issued and outstanding on March 25, 2010, and up to 660,000 Class A shares (multiple voting), representing approximately 0.21% of its Class A shares (multiple voting) issued and outstanding on March 25, 2010. As of March 25, 2010, the Corporation had 1,438,615,906 Class B shares (subordinate voting) issued and outstanding and 316,133,737 Class A shares (multiple voting) issued and outstanding.Under this authorization, the purchases will be made through the facility of the Toronto Stock Exchange in accordance with its requirements, at market price at the time of acquisition, plus brokerage fees. The Class B shares (subordinate voting) and Class A shares (multiple voting) thereby purchased will be cancelled. Certain insiders of Bombardier may sell securities of Bombardier during the course of the normal course issuer bid.
The average daily trading volume of the Corporation's shares on the Toronto Stock Exchange over the last six completed calendar months (the ADTV) was equal to 5,971,410 Class B shares (subordinate voting) and 81,169 Class A shares (multiple voting). Accordingly, since the Corporation is entitled, under the Toronto Stock Exchange requirements, to purchase up to 25% of the ADTV of each such class of shares on any trading day, it can purchase 1,492,852 Class B shares (subordinate voting) and 20,292 Class A shares (multiple voting) per day. In excess of the daily 1,492,852 Class B shares (subordinate voting) and 20,292 Class A shares (multiple voting) repurchase limit, the Corporation may also purchase, once a week, a block of Class B shares (subordinate voting) and a block of Class A shares (multiple voting) not owned by an insider, which may exceed such daily limit, in accordance with the Toronto Stock Exchange requirements.
Bombardier believes that the purchase of its Class B shares (subordinate voting) and Class A shares (multiple voting) would represent an effective use of its funds and would be in the best interests of the Corporation and its shareholders.
Under normal circumstances, the Corporation plans to use its normal course issuer bid to minimize any dilutive effect caused by the issuance of Class B shares (subordinate voting) under certain of its security based compensation arrangements.
The Corporation may, subject to obtaining the prior written approval of the Toronto Stock Exchange, enter into derivative transactions in the normal course of business, including forward contracts, pursuant to which it may acquire its Class B shares (subordinate voting) and Class A shares (multiple voting).
Shareholders may obtain a free copy of the documents filed with the Toronto Stock Exchange concerning this normal course issuer bid by writing to the Corporate Secretary of Bombardier.
About Bombardier
A world-leading manufacturer of innovative transportation solutions, from commercial aircraft and business jets to rail transportation equipment, systems and services, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended Jan. 31, 2010, were $19.4 billion US, and its shares are traded on the Toronto Stock Exchange (BBD). Bombardier is listed as an index component to the Dow Jones Sustainability World and North America indexes. News and information are available at www.bombardier.com.
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Every company has to have tender and bid writers in their employees if they want to improve their business. Nowadays most of the companies are outsourcing their tender writing needs.
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