EDMONTON, ALBERTA – Imperial Equities Inc. (TSX-V:IEI) today announced that it intends to make a Normal Course Issuer Bid through the facilities of and in accordance to the by-laws and rules of the Toronto Venture Exchange.
Imperial Equities Inc. currently has 9,100,342 outstanding common shares. The bid will allow Imperial to purchase up to 455,017 common shares, representing 5% of those outstanding. The bid will commence August 24, 2009 and terminate August 23, 2010, or earlier if the bid is complete. Purchases pursuant to the bid will be made through Blackmont Capital Inc.
Imperial’s management team believes that the current share price does not reflect the real value of the Company. “Imperial Equities shares have been trading thinly and at values less than breakup, despite the fact that real estate prices are at an all time high. It is cheaper to buy the stock that holds the property than it is to buy the property” said Sine Chadi, President and CEO of Imperial Equities.
Imperial Equities Inc. will purchase the common shares for cancellation which ultimately will result in increasing the proportionate interest of all remaining shareholders.