FOR: FIRSTSERVICE CORPORATION
President & Chief Executive Officer
FOR IMMEDIATE RELEASE
FIRSTSERVICE ANNOUNCES NORMAL COURSE ISSUER BID
TORONTO, Ontario (February 3, 2000) -- FirstService Corporation ("FirstService") announced today that The Toronto Stock Exchange (the "Exchange") has accepted a notice filed by FirstService of its intention to make a normal course issuer bid.
The notice provides that FirstService may, during the 12 month period commencing February 7, 2000 and ending February 6, 2001, purchase on the Exchange for cancellation up to 309,068 subordinate voting shares in total being approximately 2.5% of the outstanding subordinate voting shares. The price which FirstService will pay for any such shares will be the market price at the time of acquisition. The actual number of subordinate voting shares which may be purchased and the timing of any such purchases will be determined by management of FirstService. There are approximately 12,362,733 subordinate voting shares and 662,847 multiple voting shares outstanding.
Except for the purchase of 61,800 subordinate voting shares at an average price per share of $18.03 pursuant to its normal course issuer bid which expired on August 10, 1999, FirstService has not purchased any of its subordinate voting shares within the past twelve months.
Depending upon future price movements and other factors, FirstService may wish to repurchase its outstanding subordinate voting shares. Any such purchases are expected to benefit all persons who continue to hold subordinate voting shares by increasing their equity interest in FirstService.
FirstService Corporation is a leading provider of specialty services throughout North America with annual customer level revenue of US $800 million. Markets served include residential property management, consumer services, security and business services. Common characteristics of FirstService operations are: recurring revenue; strong cash flows; high returns on invested capital, and the ability to be leveraged through consolidation, cross-selling and margin enhancement.