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TORONTO, Nov. 18, 2011 /CNW/ - Tricon Capital Group Inc. (TSX: TCN) ("Tricon" or the "Company") announced today that the Toronto Stock Exchange (the "TSX") has approved its notice of intention to make a normal course issuer
bid for a portion of its common shares ("Common Shares"). The normal course issuer bid will be made in accordance with the
requirements of the TSX. Tricon may begin to purchase Common Shares on
November 22, 2011.
As of November 17, 2011, 18,240,871 Common Shares were outstanding.
Pursuant to the normal course issuer bid, Tricon is permitted to
acquire up to a maximum number of Common Shares equal to the lesser of
912,043 Common Shares, being 5% of the issued and outstanding Common
Shares, and that number of Common Shares that can be purchased under
the normal course issuer bid for an aggregate purchase price not to
exceed $500,000 in the 12-month period commencing November 22, 2011 and
ending on November 21, 2012. Purchases under the normal course issuer
bid will be made by Tricon through the facilities of the TSX and in
accordance with applicable regulatory requirements. The price that
Tricon will pay for any Common Shares will be the market price of such
Common Shares at the time of acquisition. Under the normal course
issuer bid, Tricon may purchase up to 1,000 Common Shares on the TSX
during any trading day. This limitation does not apply to purchases
made pursuant to block purchase exemptions. Any Common Shares that are
purchased under the normal course issuer bid will be cancelled upon
their purchase by Tricon.
Tricon will fund the purchases through available cash. Tricon believes
that the repurchase by Tricon of a portion of outstanding Common Shares
is an appropriate use of available cash and is in the best interests of
Tricon and its shareholders.
This press release may contain forward-looking statements relating to
expected future events and financial and operating results and
projections of the Company, including statements regarding future
plans, objectives or economic performance that involve risks and
uncertainties. Forward-looking information and statements are based on
management's expectations, intentions and assumptions. If unknown
risks arise, or if any of the assumptions underlying the
forward-looking statements prove incorrect, actual results may differ
materially from management expectations as projected in such
forward-looking statements. Examples of such risks include, but are not
limited to, the risks disclosed in the Company's final prospectus dated
May 14, 2010, as available at www.sedar.com, and the risks described in the Company's continuous disclosure
materials from time-to-time. The Company disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, unless
required by applicable law.
About Tricon Capital Group Inc.
Founded in 1988, Tricon is one of North America's pre-eminent asset
managers focused on the residential real estate development industry
with approximately $1 billion of assets under management. Tricon
participates in the development of residential properties in Canada and
the United States by acting as the manager of limited partnerships that
provide financing, typically in the form of participating loans, to
developers, with a specific focus on residential land development,
single-family homebuilding, multi-family construction and retail
developed in conjunction with residential projects. Since inception,
Tricon has invested in over 140 transactions for development projects
valued at approximately $9 billion. More information about Tricon is
available at www.triconcapital.com.
SOURCE Tricon Capital Group Inc.
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