Anthony Clark prepares for share buy-back

Alberta-based Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) says it has received approval to buy-back up to 397,758, or 5%, of its issued and outstanding common shares. The shares, which can be bought between May 20, 2004 and May 19, 2005, will be cancelled.
“The directors of the corporation are of the view that if the current market price of the common shares of the corporation does not reflect the inherent value of the corporation the directors may utilize a normal course issuer bid to repurchase some of its common shares through the exchange which represents an appropriate use of funds and will also improve the liquidity in the corporation’s common shares,” a statement notes.
The company last purchased its own common shares in April, 2003.