Altus Group Announces C$150 Million Bought Deal Financing
September 14 2021 - 3:43PM
Altus Group Limited (“Altus Group” or the “Company”) (TSX: AIF), a
leading provider of software, data solutions and independent
advisory services to the global commercial real estate industry,
announced today that it has entered into an agreement with a
syndicate of underwriters (the “Underwriters”) led by bookrunners
TD Securities Inc. and BMO Capital Markets, under which the
Underwriters have agreed to buy on a bought deal
basis 2,420,000 common shares in the capital of the Company
(the “Common Shares”), at a price of $62.00 per Common Share (the
“Offering Price”) for gross proceeds of approximately $150 million
(the “Offering”). The Company has granted the Underwriters an
option, exercisable at the Offering Price for a period of 30 days
following the closing of the Offering, to purchase up to an
additional 15% of the Offering to cover over-allotments, if any.
The Offering is expected to close on or about October 4, 2021 and
is subject to Altus Group receiving all necessary regulatory
approvals.
The Company intends to use the net proceeds of
the Offering to fund the Company’s growth initiatives and for
working capital and other general corporate purposes.
The Common Shares to be issued under the
Offering will be offered by way of a short form prospectus in each
of the Provinces and Territories of Canada and may be offered for
sale in the United States to Qualified Institutional Buyers (as
defined in Rule 144A under the United States Securities Act of
1933, as amended (the "1933 Act") by way of private placement
pursuant to an exemption from the registration requirements of the
1933 Act.
The securities offered have not been and will
not be registered under the 1933 Act, as amended, or applicable
state securities laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements. This news release shall not constitute
an offer to sell or the solicitation of an offer to buy any
securities in any jurisdiction.
About Altus Group
Altus Group Limited is a leading provider of
software, data solutions and independent advisory services to the
global commercial real estate industry. Our businesses, Altus
Analytics and Altus Commercial Real Estate Consulting, reflect
decades of experience, a range of expertise, and technology-enabled
capabilities. Our solutions empower clients to analyze, gain
insight and recognize value on their real estate investments.
Headquartered in Canada, we have approximately 2,600 employees
around the world, with operations in North America, Europe and Asia
Pacific. Our clients include many of the world’s largest commercial
real estate industry participants. Altus Group pays a quarterly
dividend of $0.15 per share and our shares are traded on the
Toronto Stock Exchange under the symbol AIF.
For more information, please visit
www.altusgroup.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Camilla BartosiewiczVice President, Investor
Relations(416) 641 – 9773camilla.bartosiewicz@altusgroup.com
Forward-Looking Information
Certain information in this press release may
constitute “forward-looking information” within the meaning of
applicable securities legislation. All information contained in
this press release, other than statements of current and historical
fact, is forward-looking information. Generally, forward-looking
information can be identified by use of words such as “may”,
“will”, “expect”, “believe”, “plan”, “would”, “could” and other
similar terminology. All of the forward-looking information in this
press release is qualified by this cautionary statement.
Forward-looking information includes, but is not
limited to, information that relates to Altus Group’s objectives,
growth initiatives, strategies and intentions, and future financial
and operating performance and prospects, including the intention to
complete the proposed Offering and expectations as to the use of
proceeds from the Offering. Forward-looking information is not, and
cannot be, a guarantee of future results or events. Forward-looking
information is based on, among other things, opinions, assumptions,
estimates and analyses that, while considered reasonable by Altus
Group at the date the forward-looking information is provided,
inherently are subject to significant risks, uncertainties,
contingencies and other factors that may cause actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking information. The
material factors or assumptions that Altus Group identified and
applied in drawing conclusions or making forecasts or projections
set out in the forward-looking information include, but are not
limited to: the successful execution of its business strategies and
growth initiatives; consistent and stable economic conditions or
conditions in the financial markets; consistent and stable
legislation in the various countries in which Altus Group operates;
no disruptive changes in the technology environment; the
opportunity to acquire accretive businesses; the successful
integration of businesses; and the continued availability of
qualified professionals. The risks, uncertainties, contingencies
and other factors that could cause actual results to differ
materially from the forward-looking information include, but are
not limited to: the general state of the economy; the continuing
impacts of the COVID-19 pandemic; competition in the industry;
ability to attract and retain professionals; integration of
acquisitions; dependence on oil and gas sector; dependence on
Canadian multi-residential market; customer concentration; currency
risk; interest rate risk; reliance on larger software transactions
with longer and less predictable sales cycles; success of new
product introductions; ability to respond to technological change
and develop products on a timely basis; ability to maintain
profitability and manage growth; revenue and cash flow volatility;
credit risk; protection of intellectual property or defending
against claims of intellectual property rights of others; weather;
fixed-price and contingency engagements; operating risks;
performance of obligations/maintenance of client satisfaction;
appraisal mandates; legislative and regulatory changes; the risk of
future legal proceedings; insurance limits; income tax matters;
ability to meet solvency requirements to pay dividends; leverage
and restrictive covenants; unpredictability and volatility of
Common Share price; capital investment; and the issuance of
additional Common Shares diluting existing shareholders’ interests,
as well as those described in Altus Group’s publicly filed
documents, including the most recent annual information form dated
March 30, 2021, which are available on SEDAR at www.sedar.com.
These risks, uncertainties, contingencies or other factors should
be considered carefully and readers of this press release should
not place undue reliance on forward-looking information. Should one
or more risk, uncertainty, contingency or other factor materialize
or should any factor or assumption prove incorrect, actual results
could vary materially from those expressed or implied in the
forward-looking information. The timing and completion of the
proposed Offering are subject to customary conditions, termination
rights and other risks and uncertainties. Accordingly, there can be
no assurance that the proposed Offering will occur, or that it will
occur on the timetable or on the terms and conditions contemplated.
The proposed Offering could be modified, restructured or
terminated. The information in this press release, including such
forward-looking information, is made as of the date of this press
release and Altus Group does not assume any obligation to update or
revise any forward-looking information after the date of this press
release or to explain any material difference between subsequent
actual events and any forward-looking information, except as
required by applicable law. Additionally, Altus Group undertakes no
obligation to comment on analyses, expectations or statements made
by third parties in respect of Altus Group, its financial or
operating results, or its securities, or the proposed
Offering.
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