Great Canadian Gaming Corporation [TSX:GC] ('Great Canadian' or the 'Company') announced today the final results of its offer to purchase up to 10 million of its common shares at a fixed purchase price of $10.00 per share under the Company's substantial issuer bid dated July 6, 2012 (the 'Issuer Bid').
Shareholders had the opportunity under the terms of the Issuer Bid to tender shares until 5:00 pm (Toronto time) on August 15, 2012 (the 'Expiration Date').
Great Canadian confirmed that all of the terms and conditions of the Issuer Bid have been complied with or waived and that a total of 19,153,421 common shares were validly tendered to the Issuer Bid.
In accordance with the terms of the Issuer Bid, the Company has accepted for purchase 10 million of the validly tendered common shares at a purchase price of $10.00 per common share for a total of $100,000,000. The shares being repurchased represent approximately 12.6% of the Company's common shares outstanding. After giving effect to the cancellation of the repurchased shares, there would have been 69,093,847 common shares outstanding on the Expiration Date.
Since the Issuer Bid was oversubscribed, shareholders who have validly tendered common shares will have approximately 52.2% of their tendered shares purchased by the Company, except for odd lot deposits that are not subject to proration. In addition, adjustments will be made to avoid the creation of fractional shares.
The depositary will promptly issue payment for the shares accepted for purchase in compliance with the terms of the Issuer Bid. Common shares not validly deposited under the Issuer Bid or not taken up because of pro ration will be returned to the applicable shareholders as promptly as possible.
As of the Expiration Date, the Company estimates that the paid-up capital per common share for purposes of the Income Tax Act (Canada) (the 'Tax Act') was approximately $3.79.
This press release is for information purposes only and is not an offer to buy or a solicitation of an offer to sell any securities of the Company. The Toronto Stock Exchange has neither approved nor disapproved the form or content of this press release.
(Great Canadian)