Toronto, March 17, 2022 (GLOBE NEWSWIRE) — Dundee Corporation (TSX: DC.A, DC.PR.B, DC.PR.D) (“Dundee” or “Company”) today approved the regulator’s notice of its intention to renew the bids of regular course issuers. Announced receipt (“Bid”) For its Class A Dependent Voting Shares (“Class A Shares”), Cumulative 5-Year Interest Rate Reset Preferred Stock Series 2 (“Series 2 Shares”) and Cumulative Variable Interest Rate Preferred Stock Series 3 (“From 22 March 2022 to 21 March 2022 through the Toronto Stock Exchange (” TSX “) or the facilities of the Alternative Canadian Trading System (” Securities “). 2023.
Jonathan Goodman, President and CEO of Dundee Corporation, commented:
“Repurchasing shares for cancellation at the current price is a good long-term investment for the company and a cautious capital allocation. This decision not only further streamlines Dundee’s capital structure, but also surpluses as needed. This is in line with our goal of returning cash to shareholders. Reducing the number of issued shares of Series 2 and Series 3 shares will also reduce future dividend payments.
“We continue to work to reduce overall costs and G & A costs, streamline our legacy investment portfolio and monetize our non-core assets. We are an active and long-term mining investor. As we implement our strategic plan to return to our roots, we will continue to consider capital allocation options that bring additional value to our shareholders. “
Dundee can bid for up to 7,465,298 Class A shares, 114,916 Series 2 shares and 201,692 Series 3 shares. This represents approximately 10% of our public floats for each class of security. As of March 15, 2022, Dundee has issued and issued 84,697,363 Class A shares, 1,149,162 shares in the Series 2 and 2,016,922 shares in the Series 3. The average daily trading volume for the six calendar months recently completed before TSX accepted the bid was 57,586 Class A shares, 379 Series 2 shares, and 1,491 Series 3 shares. In bidding, Dundee may purchase up to 14,396 Class A shares, 1,000 Series 2 shares, and 1,000 Series 3 shares on any trading day, with the exception of block purchases.
The price paid to the securities acquired by bidding will be the market price at the time of purchase, and all securities purchased based on the bid will be cancelled. We have a designated broker and automatic purchase plan to allow Dundee to purchase under bid during periods when due to regulatory restrictions or customary voluntary power outage periods, Dundee is not normally allowed to purchase securities. Will be concluded. Other than automated purchase plans, you may continue to purchase securities on a bid basis, at the discretion of management in accordance with TSX rules and applicable securities law.
Based on Dundee’s previous regular course issuer’s bid, which expired on February 23, 2022, we received up to 6,418,929 Class A shares, 114,916 Series 2 shares, and 201,692 Series 3 shares from TSX. I received it asking for approval of the purchase. We purchased a total of 1,071,714 Class A shares at an average price of $ 1.42 under the bid of the previous regular course issuer.
About DUNDEE CORPORATION
Dundee Corporation is a public independent holding company in Canada and is listed on the Toronto Stock Exchange under the “DC.A” symbol. Through its operating subsidiaries, Dundee Corporation is an aggressive investment focused on providing long-term and sustainable value as a trusted partner in the mining sector with over 30 years of additional mining investment experience. It’s home.
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Dundee Corporation updates bids for regular course issuers for three stock classes, Canadian Business Journal
Source link Dundee Corporation updates bids for regular course issuers for three stock classes, Canadian Business Journal