Kingsey Falls, Quebec, Canada, 11 March 2010 -- Cascades Inc.announces that the Toronto Stock Exchange accepted its notice of intention to begin a normal course issuer bid in respect of its common shares. Purchases pursuant to the normal course issuer bid will commence on 15 March 2010, and will not continue beyond 14 March 2011. The common shares purchased shall be cancelled.
The notice will enable Cascades to acquire up to 4,848,540 common shares, which represents approximately 5% of the 96,970,815 issued, and outstanding common shares as of 05 March 2010. During the last 12 months, Cascades purchased 1,031,836 common shares at an average weighted cost of CAD 4.55.
The average daily trading volume of Cascades' common shares was 255,054 on the Toronto Stock Exchange over the last six completed calendar months (the ADTV). Accordingly, Cascades is entitled to purchase up to 25% of the ADTV on any trading day being 63,763 common shares.
All purchases will be made through the facilities of the Toronto Stock Exchange in accordance with its requirements. Cascades considers that the shares to be acquired may, from time to time, be undervalued in the market and represent an excellent opportunity to enhance shareholder value.
Founded in 1964, Cascades produces, converts, and markets packaging and tissue products composed mainly of recycled fibers. Cascades employs close to 12,500 employees who work in more than 100 production units located in North America and Europe. Cascades' management philosophy, its 45 years of experience in recycling, and its continued efforts in research and development are strengths which enable the company to create new products for its customers. The Cascades' shares trade on the Toronto Stock Exchange under the ticker symbol CAS.