Intrawest Corporation today announced its intention to effect a normal course issuer bid through the facilities of The Toronto Stock Exchange (the “TSE”) for up to 465,000 Non-Resort Preferred Shares, or no greater than 10% of the “public float” (as defined in the General By-law of the TSE) of its Non-Resort Preferred Shares. A normal course issuer bid for up to 1,022,000 of the NRP Shares expired on December 28, 2000. Under such bid, Intrawest purchased 393,500 NRP Shares at an average price of $1.81 per share.
There are currently 6,483,936 Non-Resort Preferred Shares issued and outstanding, of which 4,697,395 constitute the “public float” as of today`s date. Intrawest has today filed with the TSE, and the TSE has accepted, a Notice of Intention to make a Normal Course Issuer Bid in accordance with the rules of the TSE and will be in a position to commence purchases of the Non-Resort Preferred Shares on January 10, 2001. The bid will terminate on the earlier of January 9, 2002, being the expiry of 12 months from the commencement of the bid, and the date upon which Intrawest has acquired the maximum number of Non-Resort Preferred Shares permitted under the bid. Purchases will be made from time to time at the then current market price of the Non-Resort Preferred Shares as traded on the TSE and Non-Resort Preferred Shares purchased will be cancelled.
Purchases of Non-Resort Preferred Shares under the bid will be subject to the provisions of the rights and restrictions of the Non-Resort Preferred Shares which provide, among other things, that the Company may purchase Non-Resort Preferred Shares only to the extent of “Available Cumulative NRP Net Cash Flow” (as defined in the share rights, generally speaking, being the net cash flow from the non-resort related business operations of the company) on the date of purchase and may purchase such shares provided that the aggregate purchase price of all Non-Resort Preferred Shares purchased during any fiscal quarter of the company does not exceed $1,000,000 and any such purchase shall be made at a price per share not exceeding $2.38.
Intrawest does not believe that current market prices of Intrawest`s Non-Resort Preferred Shares reflect the underlying value of the non-resort assets of the company and accordingly believes that share purchases at current prices would provide value and should increase liquidity to shareholders.
Intrawest is the leading developer and operator of mountain resorts across North America. The company owns ten mountain resorts, including Whistler/Blackcomb, rated North America`s #1 resort. Intrawest also owns Sandestin, a golf and beach resort in Florida, and has a premier timeshare business. The company has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits and a 45% interest in Alpine Helicopters Ltd., owner of the largest heli-skiing operation in the world.
Intrawest`s Non-Resort Preferred Shares are traded on The Toronto Stock Exchange (ITW1N). The company is headquartered in Vancouver, British Columbia and is located online at www.intrawest.com.
The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. Intrawest`s actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company`s filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.