Canadian Banc Corp. Announces TSX Acceptance of Normal Course Issuer Bid
May 11 2020 - 6:30AM
Canadian Banc Corp. (the “Company’) announced today that the
Toronto Stock Exchange (the “TSX”) has accepted its notice of
intention to make a Normal Course Issuer Bid (the “NCIB”) to
purchase its Preferred Shares and Class A Shares through the
facilities of the TSX. The NCIB will commence on May 13, 2020
and terminate on May 12, 2021.
Pursuant to the NCIB, the Company proposes to
purchase, from time to time, if it is considered advisable, up to
1,106,971 Preferred Shares and 1,099,482 Class A Shares of the
Company, representing 10% of the public float of 11,069,711
Preferred Shares and 10,994,829 Class A Shares. As of May 1,
2020, there were 11,092,282 Preferred Shares and 11,092,282 Class A
Shares issued and outstanding. Subject to TSX temporary blanket
relief, the Company will not purchase, in any given 30-day period,
in the aggregate, more than 221,845 Preferred Shares or more than
221,845 Class A Shares, being 2% of the issued and outstanding
Preferred Shares and Class A Shares as of May 1, 2020.
The Board of Directors of the Company, on the
advice of Quadravest Capital Management Inc., the Company’s
investment manager, believes that such purchases are in the best
interests of the Company and are a desirable use of its
funds. All purchases will be made through the facilities and
in accordance with the rules and policies of the TSX. All
Preferred Shares or Class A Shares purchased by the Company
pursuant to the NCIB will be cancelled.
The Company invests in a portfolio of six
publicly traded Canadian Banks as follows:
|
Bank of Montreal |
Canadian Imperial Bank of Commerce |
Royal Bank of Canada |
|
The Bank of Nova Scotia |
National Bank of Canada |
The Toronto-Dominion Bank |
Certain statements included in this news release
constitute forward-looking statements, including, but not limited
to, those identified by the expressions “expect”, “intend”, “will”
and similar expressions to the extent they relate to the Company.
The forward-looking statements are not historical facts but reflect
the Company’s current expectations regarding future results or
events. These forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results or events
to differ materially from current expectations. Although the
Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking
statements are not guarantees of future performance and,
accordingly, readers are cautioned not to place undue reliance on
such statements due to the inherent uncertainty therein. The
Company undertakes no obligation to update publicly or otherwise
revise any forward-looking statement or information whether as a
result of new information, future events or other such factors
which affect this information, except as required by law.
Investor Relations: 1-877-478-2372Local:
416-304-4443www.canadianbanc.cominfo@quadravest.com
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