Till Capital Announces Normal Course Issuer Bid
25 Septembre 2015 - 3:00PM
Till Capital
Ltd. (Nasdaq:TIL) (TSX.V:TIL) (the
"
Company" or "
Till"), announces
that it has initiated a new normal course issuer bid
("
NCIB"). Under the new NCIB, Till Capital intends
to bid for up to 265,502 common shares, representing 10% of the
2,655,025 shares forming Till's public float. As at September 16,
2015 there were 3,429,284 shares of Till outstanding.
The board of directors of the Company believes that the current
and recent market prices for the Company's common shares do not
give full effect to their underlying value and that, accordingly,
the purchase of common shares under the NCIB will increase the
proportionate share interest of, and be advantageous to, all
remaining shareholders. The Company also believes the NCIB
purchases will provide increased liquidity to current shareholders
who would like to sell their shares. Purchased shares will be
returned to treasury and cancelled. The bid will commence no
earlier than three trading days following receipt of approval of
the TSXV and will terminate one year from such date, or such
earlier time as the applicable bid is completed or at the option of
the Company. Purchases subject to the bid will be carried out
pursuant to open market transactions through the facilities of the
TSXV/Nasdaq by Canaccord Genuity on behalf of Till.
Under a prior normal course issuer bid, which commenced on
September 23, 2014 and expired on September 23, 2015, Till
purchased 183,400 common shares through open market purchases, all
of which have been returned to treasury and cancelled.
Reported by:
John T. Rickard Director
(208) 635-5415
Till Capital Ltd.
Till Capital Ltd. is a Bermuda-domiciled company with two
wholly-owned subsidiaries, Omega Insurance Holdings Inc. and
Resource Re Ltd. Omega Insurance Holdings Inc. owns Omega
General Insurance Company, a Canadian insurance company offering
innovative and customized insurance industry solutions, including
fronting and run-off services for insurers/reinsurers, within the
Canadian marketplace. Omega Insurance Holdings Inc. also
operates Focus Group Inc., a consulting and project management
company servicing the local and international needs of its Property
Casualty Insurance clients. Resource Re Ltd. is a Bermuda-domiciled
reinsurance company regulated by the Bermuda Monetary Authority
with a Class 3A insurance license directed to underwrite
reinsurance policies within a long term investment strategy.
Through its regulated subsidiaries, the Company has been structured
to produce underwriting profits as well as above average returns on
assets under management.
Cautionary Note
At this time, the Company has no current plans to provide
earnings guidance due to the volatility of investment returns.
The Till Capital shares are restricted voting shares, whereby no
single shareholder of Till Capital is able to exercise voting
rights for more than 9.9% of the voting rights of the total issued
and outstanding Till Capital shares (the "9.9%
Restriction"). However, if any one shareholder of Till
Capital beneficially owns, or exercises control or direction over,
more than 50% of the issued and outstanding Till Capital shares,
the 9.9% Restriction will cease to apply to the Till Capital
shares.
This news release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities of Till Capital or
any other securities, and shall not constitute an offer,
solicitation or sale in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful. Trading in the
securities of Till Capital should be considered speculative.
Neither the TSX Venture Exchange nor its Regulatory Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) nor the Bermuda Monetary Authority accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking
Information
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities laws. These forward-looking statements are
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995, and
generally can be identified by phrases such as "plan", "except",
"project", "intend", "believe", "anticipate", "estimate", "will",
"could" and other similar words, or statements that certain events
or conditions "may" occur. Such forward-looking
statements are subject to risks and uncertainties that may cause
actual results, performance or developments to differ materially
from those contained in the statements. These and all subsequent
written and oral forward-looking information are based on estimates
and opinions of management on the dates they are made and are
expressly qualified in their entirety by this notice. Except as
required by law, Till Capital assumes no obligation to update
forward-looking information should circumstances or management's
estimates or opinions change.
CONTACT: For additional information:
Till Capital Ltd.
Monique Hayes
(208) 699-6097
info@tillcap.com
www.tillcap.com
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