TORONTO, Ontario (June 4, 2004) – MDC Partners Inc. (“MDC Partners”) announced today that The Toronto Stock Exchange (the “Exchange”) has accepted a notice filed by MDC Partners of its intention to make a normal course issuer bid for its Class A subordinate voting shares.
The notice provides that MDC Partners may, during the 12 month period commencing June 7, 2004 and ending June 6, 2005, purchase through the facilities of the Exchange for cancellation up to a total of 1,816,822 Class A subordinate voting shares being 10% of the public float of 18,168,227 Class A subordinate voting shares, as of June 2, 2004. The price which MDC Partners will pay for any such shares will be the market price at the time of acquisition. The actual number of Class A subordinate voting shares which may be purchased and the timing of any such purchases will be determined by management of MDC Partners. As of June 2, 2004, there are approximately 22,511,466 Class A subordinate voting shares outstanding.
MDC Partners purchased 1,223,716 of its Class A subordinate voting shares within the twelve months preceding the date of the notice for the normal course issuer bid which is expected to commence on June 7, 2004. In addition, MDC Partners purchased 220,000 Class A subordinate voting shares in the last 12 months outside the normal course issuer bid.
Management of MDC Partners believes that its Class A subordinate voting shares may from time to time trade in a price range that does not adequately reflect the value of such shares in relation to the business of MDC Partners and its future business prospects. As a result, depending upon future price movements and other factors, MDC Partners believes that its outstanding Class A subordinate voting shares may represent an attractive investment to MDC Partners.
About MDC Partners Inc.
MDC Partners is one of the world’s leading marketing communications firms. Through its partnership of entrepreneurial firms, MDC Partners provides advertising and specialized communication services to leading brands throughout the United States, Canada and the United Kingdom. MDC Partners Class A shares are publicly traded on the Toronto Stock Exchange under the symbol MDZ.A and on the NASDAQ under the symbol MDCA.