Dundee Corporation Renews Normal Course Issuer Bids on Three Share Classes
17 Mars 2022 - 10:01PM
Dundee Corporation (TSX: DC.A, DC.PR.B, DC.PR.D)
(“Dundee” or the “Company”) announced today receipt of regulatory
approval for its notice of intention to renew its normal course
issuer bids (“Bids”) in respect of its class A subordinate voting
shares (“Class A Shares”), cumulative 5-year rate reset first
preference shares, series 2 (“Series 2 Shares”) and cumulative
floating rate first preference shares, series 3 (“Series 3
Shares”), and collectively with Class A Shares and Series 2 Shares,
the (“Securities”) through the facilities of the Toronto Stock
Exchange (“TSX”) or alternative Canadian trading systems from March
22, 2022 to March 21, 2023.
Jonathan Goodman, President and CEO of
Dundee Corporation, commented:
“Buying back shares for cancellation at current
prices is a good long-term investment for the Company and a prudent
allocation of capital. Not only does this decision further
streamline Dundee’s capital structure, it aligns with our goal of
returning excess cash to shareholders when appropriate. Reducing
the number of Series 2 Shares and Series 3 Shares outstanding also
lowers future dividend payments.
“We remain committed to reducing our overall
costs and G&A expenses, rationalizing our legacy investment
portfolio, and monetizing non-core assets. We will continue to
review options for capital allocation that deliver further value to
our shareholders as we execute on our strategic plan of bringing
the Company back to its roots as an active, long-term mining
investor.”
Dundee may purchase up to a maximum of 7,465,298
Class A Shares, 114,916 Series 2 Shares and 201,692 Series 3 Shares
under the Bids, representing approximately 10% of the Company’s
public float on each class of Security. As of March 15, 2022,
Dundee had 84,697,363 Class A Shares, 1,149,162 Series 2 Shares and
2,016,922 Series 3 Shares issued and outstanding. The average daily
trading volume for the most recently completed six calendar months
prior to TSX acceptance of the Bids is 57,586 Class A Shares, 379
Series 2 Shares and 1,491 Series 3 Shares. Under the Bids, Dundee
may purchase up to 14,396 Class A Shares, 1,000 Series 2 Shares and
1,000 Series 3 Shares during any trading day, other than pursuant
to a block purchase exception.
The price paid for Securities acquired under the
Bids will be the market price at the time of purchase and all
Securities purchased under the Bids will be cancelled. The Company
intends to enter into an automatic purchase plan with its
designated broker to allow for purchases under the Bids during
periods when Dundee would ordinarily not be permitted to purchase
Securities due to regulatory restrictions or customary self-imposed
blackout periods. Outside of the automatic purchase plan, the
Securities may continue to be purchased under the Bids based on
management’s discretion in compliance with the rules of the TSX and
applicable securities laws.
Under Dundee’s prior normal course issuer bids
which expired on February 23, 2022, the Company sought and received
approval from the TSX to purchase up to 6,418,929 Class A Shares,
114,916 Series 2 Shares and 201,692 Series 3 Shares. The Company
purchased a total of 1,071,714 Class A Shares at an average price
of $1.42 under the prior normal course issuer bids.
ABOUT DUNDEE CORPORATION
Dundee Corporation is a public Canadian
independent holding company, listed on the Toronto Stock Exchange
under the symbol “DC.A”. Through its operating subsidiaries, Dundee
Corporation is an active investor focused on delivering
long-term, sustainable value as a trusted partner in the mining
sector with more than 30 years of experience making accretive
mining investments.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Investor and Media Relations T: (416) 864-3584 E:
ir@dundeecorporation.com
Dundee (TSX:DC.A)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Dundee (TSX:DC.A)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024