High Liner Foods Inc. (TSX:HLF) filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on January 27, 2012. Under the program, the company will repurchase up to 100,000 shares common shares and up to 100,000 Non Voting Equity Shares. The price the company will pay for any common shares or Non-Voting Equity Shares acquired will be the market price at the time of acquisition. Purchases under the normal course issuer bid will be made by the company and the shares so acquired shall be cancelled. The average daily trading volume (ADTV) of the common shares was 11,609 and the ADTV of the Non-Voting Equity Shares was 61 on the TSX over the six months ending December 31, 2011. Under the TSX rules, the company is entitled to purchase up to the greater of 25% of the ADTV of the respective class of shares or 1,000 shares on any trading day, or a larger amount of common shares and Non-Voting Equity Shares per calendar week, subject to the maximum number that may be acquired under the normal course issuer bid, if the transaction meets the block purchase exception under the TSX rules. Accordingly, unless a block purchase meeting the block purchase exception under the TSX rules is made, the company is entitled to purchase up to 2,902 Common Shares and 1,000 Non-Voting Equity Shares on any trading day. The Board of Directors and senior management of High Liner are of the opinion that from time to time the purchase of its shares at the prevailing market price is in the best interest of High Liner and its shareholders. Purchases may commence on January 31, 2012 and will terminate no later than January 30, 2013. As of January 26, 2012, the company has 13,306,284 issued and outstanding common shares and 1,788,062 issued and outstanding Non-Voting Equity Shares.