CALGARY, Sept. 7, 2017 /CNW/ - Genesis Land Development
Corp. (the "Company" or "Genesis") (TSX:GDC) is pleased to announce
that the Toronto Stock Exchange (TSX) has accepted a notice filed
by Genesis to renew its prior Normal Course Issuer Bid which
terminates on September 11, 2017,
for a one year period. The Bid will commence on
September 12, 2017 and will terminate
on the earlier of: (i) September 11,
2018; and (ii) the date on which the maximum number of
common shares in the capital of Genesis ("Common Shares") are
purchased pursuant to the Bid. Purchases of Common Shares
under the Bid will be effected through the facilities of the TSX or
alternative Canadian trading systems at the market price at the
time of purchase.
Genesis has arranged to renew its automatic purchase program
under which a designated broker would purchase Common Shares
pursuant to the Bid based on parameters established by Genesis.
Renewal of such program will be subject to approval by the TSX.
The Company's board of directors and management believe that the
market prices of the Common Shares do not properly reflect the
underlying value of the Company's assets and business and,
accordingly, the purchase by the Company of Common Shares pursuant
to the Bid constitutes an appropriate investment of corporate funds
which will benefit both the Company and its shareholders.
Pursuant to the Bid, Genesis may purchase for cancellation up to
2,163,022 Common Shares, which is 5% of Genesis' issued and
outstanding Common Shares as at August 31,
2017. Pursuant to the rules of the TSX, the maximum number
of Common Shares that the Company may purchase in any one day is
1,375 Common Shares or 25% of the Company's average daily trading
volume of 5,501 Common Shares on the TSX in the six months ended
August 31, 2017. Genesis may also
make one block purchase per calendar week which exceeds the daily
purchase restriction in accordance with TSX rules. Any Common
Shares purchased pursuant to the Bid will be cancelled by the
Company.
Pursuant to a previous notice of intention to conduct a normal
course issuer bid under which the Company sought and received
approval from the TSX to purchase up to 2,194,320 Common Shares for
the period of September 12, 2016 to
September 11, 2017, the Company has
purchased, as of August 31, 2017,
548,881 Common Shares on the open market, through the facilities of
TSX or alternative Canadian trading systems, at an average purchase
price of $2.9507 per share. As
of August 31, 2017, the issued and
outstanding number of Common Shares is 43,260,451.
About Genesis
Genesis Land Development Corp. is a land developer and
residential home builder in the Calgary Metropolitan Area. The Corporation's
common shares are listed on the Toronto Stock Exchange (TSX:
GDC).
Cautionary Statement Regarding Forward Looking
Information
This press release contains certain statements which
constitute forward looking statements or information
("forward-looking statements") within the meaning of applicable
securities legislation. This information includes, but is not
limited to Genesis' intentions with respect to the normal course
issuer bid and purchases thereunder and the effects of purchases
under the bid. Although Genesis believes that the anticipated
future results, performance or achievements expressed or implied by
the forward-looking statements are based upon reasonable
assumptions and expectations, the reader should not place undue
reliance on forward-looking statements because they involve
assumptions, known and unknown risks, uncertainties and other
factors many of which are beyond the Company's control, which may
cause the actual results, performance or achievements of Genesis to
differ materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking
statements. Accordingly, Genesis cannot give any assurance that it
will complete any purchases under the normal course issuer
bid.
Factors that could cause actual results to differ materially
from those set forth in the forward-looking statements include, but
are not limited to: a change in Genesis' intention to purchase
shares; the impact or unanticipated impact of general economic
conditions in Canada, the United States and globally; the impact of
contractual arrangements and incurred obligations on future
operations and liquidity; local real estate conditions, including
the development of properties in close proximity to
Genesis‟ properties; timely leasing of
newly-developed properties and re-leasing of occupied square
footage upon expiration; dependence on tenants' financial
condition; the uncertainties of real estate development and
acquisition activity; the ability to effectively integrate
acquisitions; fluctuations in interest rates; ability to access and
raise capital on favourable terms; the impact of newly-adopted
accounting principles on Genesis' accounting policies and on
period-to-period comparisons of financial results; not realizing on
the anticipated benefits from transactions or not realizing on such
anticipated benefits within the expected time frame; labour
matters, governmental regulations, stock market volatility and
other risks and factors described from time to time in the
documents filed by Genesis with securities regulators in
Canada available at
www.sedar.com., including the Genesis' Annual Information Form
under the heading "Risk Factors" and in Genesis' most recent
interim report under the heading "Management's Discussion and
Analysis." Furthermore, the forward-looking statements contained in
this press release are made as of the date of this press release
and, except as required by applicable law, Genesis does not
undertake any obligation to publicly update or to revise any of the
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOURCE Genesis Land Development Corp.