URBANA CORPORATION – NORMAL COURSE ISSUER BID PURCHASES
Toronto, Ontario – August 30, 2010 – In connection with a Notice of Intention to make a Normal Course Issuer Bid, accepted by the Toronto Stock Exchange (the “TSX”) on August 26, 2009 for the period of August 28, 2009 to August 27, 2010, Urbana Corporation purchased 3,083,920 of its own Class “A” shares (TSX: URB.A).
The URB.A shares were purchased on the open market at significant discounts from the company’s net asset value per share.
The shares purchased were cancelled and as a result the outstanding number of Urbana Class A shares was reduced to 74,442,400 as at August 27, 2010.
On August 26, 2010 the TSX accepted a new Notice of Intention to make a Normal Course Issuer bid from Urbana (“NCIB”). Urbana intends to act upon this NCIB which permits Urbana to purchase up to 7,431,323 of its non-voting Class A shares, representing 10% of the public float pursuant to TSX rules, during the period of August 28, 2010 to August 27, 2011. Urbana’s Net Asset Value (“NAV”) per share is $1.81, as of August 27th, 2010.
To the knowledge of Urbana, no director, senior officer or other insider of Urbana currently intends to sell any Class A shares under the bid. However, sales by such persons through the facilities of the TSX may occur if the personal circumstances of any such person change or if any such person makes a decision unrelated to the bid. The benefits to any such person whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased.
Urbana believes that the market price of its Class A Shares at certain times may be attractive and that the purchase of Class A Shares from time to time would be an appropriate use of corporate funds in light of potential benefits to remaining shareholders.
Please contact Elizabeth Naumovski, Investor Relations at 416-595-9106 for further information.
Elizabeth Naumovski, Investor Relations at 416-595-9106 for further information.
Forward Looking Statements
Certain statements in this press release constitute “forward-looking” statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Urbana to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There is no assurance that the membership purchase announced will be completed, or that if completed, such membership purchase will be a profitable investment for Urbana. Unless required by applicable securities law, Urbana does not assume any obligation to update these forward-looking statements.