VANCOUVER, BC, March 17, 2021 /CNW/ - Wall Financial Corporation
(the "Company") announced today that it has signed an agreement
with a former director of the Company to repurchase 1,500,000
common shares of the Company (the "Common Shares") or approximately
4.42% of the 33,953,365 Common Shares that are currently
issued and outstanding. The purchase price is a total of
$24 million, or $16.00 per Common Share.
The Common Shares purchased by the Company will be canceled. The
purchase and cancellation is being made as an exempt issuer bid
pursuant to section 4.7 National Instrument 62-104 Take-Over
Bids and Issuer Bids ("NI 62-104"). The price per Common Share
has been calculated to comply with the requirements of section 1.11
of NI 62-104.
The Company believes that the current market price of the shares
does not fully reflect the value of its business and its future
business prospects and represents an attractive investment
opportunity, and consequently, that this purchase will enhance
long-term value for its remaining shareholders.
Subsequent to this repurchase and cancellation, the Company will
have 32,453,365 Common Shares issued and outstanding.
About Wall Financial Corporation
Wall Financial Corporation is a B.C. based real estate company
active in the development and management of residential rental
apartments, development and construction of residential housing for
resale, and the development and management of hotel properties.
Forward-Looking Statements
Certain statements contained in this news release constitute
forward looking statements. The use of any words such as "will" and
similar expressions are intended to identify forward-looking
statements. Forward-looking statements in this news release include
that the Common Shares will be canceled and subsequent to
the repurchase and cancellation, the Company will
have 32,453,365 Common Shares issued and outstanding.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements are based on reasonable assumption but no assurance can
be given that these expectations will prove to be correct and the
forward-looking statements included in this news release should not
be unduly relied upon.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as required by
law, the Company disclaims any intention and assumes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
SOURCE Wall Financial Corporation