TORONTO, ONTARIO--(Marketwire - Dec. 23, 2008) - Counsel Corporation (TSX:CXS) ("Counsel") announced today that the Toronto Stock Exchange (the "Exchange") has accepted Counsel's notice of its intention to renew its normal course issuer bid for its common shares. Counsel's normal course issuer bid will be made in accordance with the rules and policies of the Exchange. Counsel's current normal course issuer bid for its common shares expires on December 24, 2008. Counsel may begin purchasing common shares on December 29, 2008 and will end such purchases on December 28, 2009, or on such earlier date as Counsel completes its purchases.
Pursuant to the notice, Counsel may, over the next 12 months, acquire for cancellation up to 5 percent of the total of its common shares outstanding. Based on a total of 44,819,412 common shares outstanding on December 11, 2008, Counsel could acquire 2,240,970 common shares under its normal course issuer bid. Purchases will be made at market prices through the facilities of the Exchange. Daily purchases will be limited to 7,556 common shares until March 31, 2009 and 3,778 common shares thereafter, other than block purchase exceptions.
Counsel believes that, on occasion, common shares become available at prices which make their purchase an appropriate use of the Corporation's funds. As of December 11, 2008, Counsel had purchased 2,286,100 of the 2,389,113 common shares, at an average price of $1.24 per share, approved for purchase under its current normal course issuer bid which expires December 24, 2008.
About Counsel Corporation
Counsel Corporation (TSX:CXS) is an international asset management firm that actively partners with businesses to achieve shared success and to unlock value through leveraging our relationships, our access to capital and our strategic market experience. For further information, please visit Counsel's website at www.counselcorp.com.
This release involves forward-looking statements with respect to business plans, acquisition prospects, development of relationships with third parties and other plans and expectations on the part of the Company. The accuracy of these statements involve a number of risks and uncertainties, including but not limited to the availability of acquisition prospects and financing for such prospects, changing economic and market conditions that would impact such prospects or financing related thereto, changes in governmental regulations and laws, as well as other risk factors detailed in the securities filings of Counsel Corporation (TSX:CXS) to which recipients of this release are referred for additional information concerning the Company and its prospects.
FOR FURTHER INFORMATION PLEASE CONTACT:
Executive Vice President, Secretary & CFO