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Allana Announces Intention to Make a Normal Course Issuer Bid for 2012
"ALLANA POTASH CORP. is pleased to announce its intention to make a Normal Course Issuer Bid ("NCIB"), subject to TSX ("Exchange") approval, to buy back its common shares through the facilities of the Exchange.
The maximum number of common shares that may be purchased for cancellation pursuant to the NCIB is that number of common shares that represents 10% of the common shares in the public float. Based on the 193,148,621 common shares in the public float as at April 16, 2012, the maximum number of shares would be 19,314,862.
The Board of Directors of Allana believes that the underlying value of the Company is not reflected in the current market price of its common shares, and may not be so reflected at certain times during the course of the NCIB, and has thus concluded that the repurchase of common shares pursuant to the proposed NCIB presently constitutes an appropriate use of financial resources and would be in the best interest of Allana shareholders.
Purchases under the NCIB are permitted to commence on April 18, 2012"