Temple Hotels Inc. (TSX:TPH) announces a share repurchase program. Under the bid, the company will repurchase up to 3,002,833 common shares, representing 10% of public float and 7.33% of its issued share capital. The company will pay the market price at the time of acquisition.

The shares will be purchased through the facilities of the Toronto Stock Exchange. Shares purchased by the company will be cancelled. Under bid, the maximum number of shares that the company may purchase on a daily basis is 25,759 shares, other than block purchase.

The company sought approval of the bid because it believes that, from time to time, the market price of its securities may not fully reflect their value. The company believes that, in such circumstances, the purchase of such shares represents an attractive investment for the company. The bid will expire on February 1, 2016, or an earlier date in respect of a particular bid in the event that Temple purchases the maximum number of shares available under such bid.

As of January 26, 2015, the company had 40,993,223 shares issued and outstanding and 30,028,337 shares in public float.