Great Canadian Gaming Corp. (TSX:GC) has announced plans to buy up to 10% of its outstanding shares within the next year.
The Richmond-based company said it will buy back up to 6.4 million of its common shares reducing the total number of shares outstanding to roughly 80.2 million.
The share buyback is expected to strengthen long-term shareholder value by increasing the company's per-share earnings.
Shares will be bought at market prices through the TSX between July 23, 2007, and July 22, 2008. According to the company, daily purchases will not exceed 70,103 shares or 25% of the average daily trading volume of 280,414 common shares.
Great Canadian's share price range during the past week: between $13.78 and $14.10; 52-week high: $14.42; 52-week low: $9.94.