John Buhler announced today that he has completed the sale of 3 million shares as approved by the TSX bulletin 2004-0080 dated January 30, 2004.
In January 2004, the Board of Directors approved options for John Buhler to purchase 2 million shares. These options were immediately exercised at an average price of $6.06 and the proceeds of $12.1 million were used to reduce bank debt. Institutions and retail investors purchased the optioned shares at an average price of $6.11.
In addition, approximately one million shares were sold by Highland Park Financial Inc. and the proceeds will be temporarily loaned to the Company to further reduce bank debt. The Highland Park loan is interest free.
Consequently, there are now a total of 25 million shares outstanding and John Buhler has reduced his direct and beneficial ownership to 56%.
Phone: (204) 654-5700
Trading symbol: BUI