Calgary-Agrium Inc. said Oct. 1 that it has received approval from the Toronto Stock Exchange to repurchase up to five percent of the number of its currently issued and outstanding common shares (being 7,899,116 common shares) through a normal course issuer bid. The bid will commence on Oct. 6, 2008, and terminate on Oct. 5, 2009. The shares purchased under the bid will be cancelled. Agrium presently has a total of 157,982,323 shares outstanding. The timing and exact number of shares purchased will be determined at Agrium’s discretion. All repurchases will be on the open market and are expected to be funded from existing cash. Agrium has not repurchased any of its shares for cancellation within the last twelve months. “We believe the current price of our shares does not reflect Agrium’s achievements nor our strong future prospects,” said Mike Wilson, president and CEO. “Although we are announcing a buyback of up to five percent of our outstanding shares, that amount could be increased depending on our share price performance, future financial position and growth opportunities. This announcement demonstrates our commitment to build and strengthen shareholder value for all of Agrium’s stakeholders.”
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